VANCOUVER, British Columbia, June 04, 2018 (GLOBE NEWSWIRE) -- Prosper Gold Corp. (“Prosper Gold” or the “Company”) (TSXV:PGX) will begin initial fieldwork at the Egan Gold Discovery (the “Property”) southwest of Matheson Ontario. Prosper has the option to acquire a 100% interest in the Property (for details see the Company’s January 23, 2018 News Release).
Exploration permits have been received to conduct surface work including stripping, trenching, and drilling.
The Egan was exposed during 2017 logging activity with no historic exploration work having been completed. Regional geological mapping, airborne magnetic surveys and till sampling dating from the 1980-1990’s by the Ontario Geological Survey (OGS) identified a 5km train with elevated gold-in-till.
- A 2m wide alteration zone with a stockwork of quartz veins up to 30cm wide
- Alteration is red to brown iron-carbonate felsic intrusive with up to 5% disseminated pyrite
- 17 Composite grab samples were collected by Prosper Gold over a 25m north-south subcrop
- 14 of 17 samples contain anomalous gold values; eight assayed between 1.2 g/t Au & 22.9 g/t Au
- The gold-bearing quartz-carbonate stockwork zone is within the Bradley Lake Syenite approximately 700m east of its west contact with Abitibi volcanic rocks
- 16 km south of Kirkland Lake Gold’s producing Taylor Gold Mine
Peter Bernier, President and CEO states, “This will be the first ever exploration program at this new gold discovery. We will be on site mid-June to begin exploring this exciting and historically unexplored portion of the Timmins gold camp.”
The technical information in this news release has been reviewed and approved by Dirk Tempelman-Kluit, PhD, P.Geo., VP Exploration and Director of the Company and a Qualified Person under National Instrument 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS
Per: “Peter Bernier”
President & CEO
For further information, please contact:
President & CEO
Prosper Gold Corp.
Cell (250) 316-6644
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 the receipt of requisite regulatory approvals for the transactions contemplated under the Option Agreement 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 risk that the requisite regulatory approvals for the transactions contemplated by the Option Agreement are not obtained; 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.