News

VANCOUVER, British Columbia, Sept. 07, 2022 (GLOBE NEWSWIRE) -- Prosper Gold Corp. ("Prosper Gold" or the "Company") (TSXV:PGX) is pleased to report channel sampling results from the Skinner North prospect and identification of exploration targets at the Skinner Target Area. The Skinner Target Area is 4 kilometres northwest of the Golden Corridor (Figure 1) and was identified by prospecting and 2021-2022 till sampling results. The Company completed stripping, channel sampling, and ground magnetics at the Skinner North for which all results have been received.

Highlights

• Skinner Target Area is 2 x 3 km prospective area with limited outcropping bedrock
• Exposed a 6 to 12 metre wide shear zone for over 40 meters, open to east and west
• Channel sampling results include 9.69 gpt Au over 3 metres and 13.13 gpt Au over 1.8 metres
• Additional exploration targets identified for immediate follow-up

“These channel samples are the highest-grade rock samples found to date by our team at the Golden Sidewalk Project,” commented Peter Bernier, CEO. “Prospecting, till sampling, and geophysics brought us to this area of the project, and we have spent the summer advancing this target to a drill ready state. We will commence drilling in the coming weeks.”

Figure 1. Skinner North location map with 2021 till sampling results.
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Exploration at the Skinner North target area

Beginning in June 2020, the Company has been defining exploration targets at the Skinner North target area. The Skinner North target area is characterized as a series of east-west trending faults and shears with strong alteration and local gold mineralization. The faults and shears are axial planar to kilometre-scale, east-northeast plunging folds. Initial rock sampling results by Prosper Gold at the Skinner North showing in 2020 include 16.3 g/t gold and 13.7 g/t gold from east-west trending quartz veins that were only partially exposed during historical hand pitting.  

The results from till sampling completed in late 2021 outlined a 3-kilometre gold grain-in-till train with individual samples containing up to 1,014 gold grains. The presence of glacially deposited sand covering much of the area in this part of the Project posed a challenge to the collection of representative till samples, with field crews collecting basal till samples where possible.

Stripping and Channel Sampling at the Skinner North Prospect

Stripping, washing and sampling of an area roughly 25 x 50 metres has identified a strongly iron-carbonate ± silica ± biotite altered shear zone with multiple mineralized quartz-carbonate vein sets, with veins measuring up to 1 m in width (Figures 2 & 3). Sulphide mineralization is predominantly pyrite with lesser chalcopyrite, within quartz-carbonate veins and silicified wallrock. Shear-hosted veins trend between 270° and 300° and dip at -80° to -65° to the north.

Figure 2. Plan view photograph of trench at Skinner North showing gold-bearing shear zone with channel sampled gold assay results.
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Figure 3. Photograph showing channel sampling results from larger quartz-carbonate-pyrite vein in strongly sheared mafic volcanics.
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Channel sampling was completed after excavated stripping and high pressure washing of bedrock. The presence of thickening sand overburden to the west and of a water-laden swamp to the east-southeast prevented crews from further exposing the gold-bearing shear zone.

Figure 4. Plan map showing 2022 ground magnetic survey results with structural interpretation and outlining of exploration targets at Skinner.
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Additional Exploration Targets Outlined at Skinner Target Area

A high-resolution ground magnetic survey covering approximately 860 hectares was completed by field crews in July and August of 2022. The objective of the geophysical survey was to identify fault structures that may have played a role in localizing hydrothermal fluid flow which locally may be associated with gold mineralization. The survey was completed at 50-metre line spacings to maximize resolution and definition. Bedrock in this area of the Golden Sidewalk Project is largely obscured by glacial sand and till deposits.

Given the association with the “D2” regional deformation event and gold mineralization in the Red Lake and Birch Uchi greenstone belts, along with field observations, the Company is pleased to recognize a number of east-west to west-northwest interpreted fault structures and systems associated with northwest conjugate faults (Figure 4). As is commonly the case in structurally controlled gold systems, intersection of faults can result in dilatancy which is conducive to hydrothermal fluid flux and can focus gold deposition. A number of exploration targets have been identified where the coincidence of favourable fault trends and/or fault intersections correspond spatially with areas of apparent magnetite destruction, represented as magnetic lows.

Table 1. Significant assays from 2022 channel sampling:

** true widths are unknown

Table 2. Collar details of specified channel cuts (coordinates provided in UTM NAD83, zone 15).

About the Golden Sidewalk

The Golden Sidewalk is a district-scale gold exploration project covering over 160 square kilometres of contiguous mineral claims and mining leases (see the Company's Aug. 10, Sept. 8, and Sept. 15, 2020 news releases for details) in the western Birch-Uchi Greenstone Belt, approximately 60 km east of Red Lake, Ontario. The vehicle-accessible project straddles 12 kilometres of the Balmer Assemblage – Narrow Lake Assemblage unconformity, a regional-scale feature that has been the Red Lake exploration guide, but which has seen limited exploration in the project area. The “Golden Corridor” lies immediately north of the unconformity and is characterized as a highly prospective trend of coincident favourable magnetic and resistivity lineaments supported by highly anomalous gold-in-till samples covering 7.0 by 0.5 kilometres. An additional highly prospective target area was defined in 2021, termed the Skinner North Target Area, where rock samples up to 16.3 g/t gold and till samples containing up to 1,014 gold grains have not been followed up with drilling.

QA/QC Procedures

The location of channel samples was designed by the on-site geologist and were cut in cleaned bedrock with gas powered rock-saws by field personnel. Channel samples were cut to medial depths of 2.5 to 3” and medial widths of 2”. Sample interval lengths were between 0.5 and 1.5 metres. Quality assurance and quality control measures implemented by the Company include the insertion of certified reference materials in the sample sequence at a rate of 1 in 20 for both blank material and certified reference standards. Analytical results for reference standard and blank samples are scrutinized internally to ensure adequate analytical precision and accuracy in both sample preparation and instrumental procedures. A chain of custody is strictly monitored to ensure sample and analytical integrity and reliability. Channel samples are sent to AGAT Laboratories in Thunder Bay, Ontario, where they are analyzed in 50-gram aliquots using Fire-Assay with ICP-OES finish. Any overlimit analyses (>10 g/t Au) are re-analyzed with a pulp metallic screen method designed to give the most accurate representation of gold concentration in each sample. AGAT Laboratories in Thunder Bay, ON, is an accredited testing laboratory having been assessed by the Standards Council of Canada (SCC) and found to conform with the requirements of ISO/IEC 17025:2017.

Qualified Person

The scientific and technical information in this news release has been reviewed by Rory Ritchie, P.Geo., Vice-President of Exploration for Prosper Gold and a Qualified Person under National Instrument 43-101.

For a detailed overview of Prosper Gold please visit www.ProsperGoldCorp.com.

ON BEHALF OF THE BOARD OF DIRECTORS

Per: “Peter Bernier” 
Peter Bernier
President & CEO

For further information, please contact:

Peter Bernier
President & CEO
Prosper Gold Corp.
Cell: (250) 316-6644
Email: Pete@ProsperGoldCorp.com

Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein including, without limitation, statements about the planned exploration of the Golden Sidewalk project, are forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the need for additional financing; operational risks associated with mineral exploration; fluctuations in commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; the potential for conflicts of interest among certain officers, directors or promoters with certain other projects; the absence of dividends; competition; dilution; the volatility of our common share price and volume and the additional risks identified the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.