VANCOUVER, British Columbia, Jan. 27, 2021 (GLOBE NEWSWIRE) -- Prosper Gold Corp. ("Prosper Gold" or the "Company") (TSXV:PGX) is pleased to announce that it has fulfilled the 6-month anniversary obligations of the previously announced option agreement for the Golden Sidewalk and Skinner Gold properties (the “Property”) (See the company’s August 10th, 2020 news release).
The Company has issued 50,000 Prosper Gold common shares to Sabina Gold and Silver Corp. (“Sabina”) (TSX:SBB) and incurred over $150,000 in exploration to date on the Property. Prosper Gold intends to fulfill additional obligations as described below with the objective of owning a 100% interest in the Property.
“In our first 6 months with this project, our team has completed surface rock & channel sampling, regional and infill till surveys and a high-resolution helicopter MAG/EM survey. We have identified a number of target areas and the Golden Corridor has become an exciting exploration target on its own with the recently outlined pristine gold grain-in-till anomaly,” commented Peter Bernier, CEO. “We look forward to drill testing and expanding the Golden Corridor to the east toward E-12 as well as following up on other areas identified by our team. We are fully funded for the 2021 exploration season and will announce our exploration plans in the coming weeks.”
Figure 1 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9363ed79-9cc0-4191-acfe-add966ea714d
| Golden Sidewalk- Skinner Option w/ Sabina Gold & Silver | |||||||||
| Date | Cash | PGX Shares | Exploration | % Acquired | Status | ||||
| TSXV Approval | $ | 20,000 | 50,000 | $ | 0 | 0 | % | Complete | |
| February 9, 2021 | $ | 0 | 50,000 | $ | 150,000 | 0 | % | Complete | |
| February 9, 2022 | $ | 10,000 | 250,000 | $ | 500,000 | 0 | % | ||
| February 9, 2023 | $ | 10,000 | 550,000 | $ | 750,000 | 70 | % | ||
| August 9, 2024 | $ | 10,000 | 600,000 | $ | 1,200,000 | 100 | %(1) | ||
| Total | $ | 50,000 | 1,500,000 | $ | 2,600,000 | 100 | % | ||
Note: (1) Subject to a 2% NSR on certain claims/leases in favour of Sabina, 1% of which can be repurchased by the Company upon payment of $1 million to Sabina.
Table 1. Option Agreement Terms with Sabina
For a detailed overview of Prosper Gold visit www.ProsperGoldCorp.com
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 recently identified “Golden Corridor” lies immediately north of the unconformity in the western portion of the property and is characterized as a highly prospective, greater than 5 kilometre trend of coincident favourable magnetic and resistivity lineaments supported by highly anomalous gold-in-till samples covering 3.3 by 0.5 kilometres. Historical drilling programs at the Bathurst Mine, Joe Vein, KT vein, Dunkin and Vihonen prospects reported high-grade gold intercepts which warrant follow-up.
Qualified Person
The scientific and technical information in this news release has been reviewed by Rory Ritchie, P.Geo., a Qualified Person under National Instrument 43-101.
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 and prospectivity of the Golden Sidewalk project, the Company fulfilling additional obligations and acquiring a 100% interest in the Property; and the Company being fully funded for 2021 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.