VANCOUVER, British Columbia, Jan. 08, 2024 (GLOBE NEWSWIRE) -- Prosper Gold Corp. ("Prosper Gold" or the "Company") (TSXV:PGX) is pleased to announce that diamond drilling has commenced at the Golden Sidewalk Project, Red Lake Mining District, Ontario.
Up to 2,500 metres will be drilled at several previously untested targets within the greater Skinner Target Area (see the Company's Dec. 12, 2023 news release for details). The costs of the upcoming drill program will be offset by funding support from the Ontario Junior Exploration Program (“OJEP”), which will cover up to 50% of eligible exploration costs to a maximum of $200,000 in respect of expenditures incurred by the Company.
The Skinner Target Area is a 2.5 by 1.5 kilometre area of coincident high IP chargeability and resistivity under glaciofluvial cover with numerous WNW-trending shear zones with anomalous down-ice gold grain-in-till samples. Preliminary drilling in this area in November of 2022 intersected broad shear zones exhibiting silica-biotite-ankerite alteration and abundant sulphide mineralization which was locally gold-bearing (see the Company's Jan. 9, 2023 news release for details).
Despite glaciofluvial cover in this area till sampling in 2021 by the Company achieved results up to 1,014 gold grains (97% pristine) in sample GST-21-223 and 735 gold grains (95% pristine) in sample GST-21-317 (see the Company’s May 17, 2022 news release for details). Based on geological observations from the field and from the 2022 drilling, the Company believes the area has high-potential for higher-grade gold mineralization, particularly proximal to the contact between Narrow Lake Assemblage volcanics and the Trout Lake Batholith several hundred metres to the west of the 2022 drilling where hornfelsed volcanics are more conducive to brittle fracture. The Company will drill several discrete targets associated with favourable geophysical signatures, highly anomalous till samples and/or historically defined mineralized shear zones.
About the Golden Sidewalk
The Golden Sidewalk is a 100% owned, district-scale gold exploration project covering over 160 square kilometres of contiguous mineral claims and mining leases in the western Birch-Uchi Greenstone Belt, approximately 60 km east of Red Lake, Ontario and 60 km northeast of Kinross Gold’s Dixie Project, acquired from Great Bear Resources in 2022. 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 2022 channel sampling results include 9.69 gpt gold over 3.0 metres and 13.13 gpt gold over 1.8 metres and till samples containing up to 1,014 gold grains, was drilled for the first time in November of 2022. Historical drilling by previous operators at the Bathurst Mine, Joe Vein, KT vein, Dunkin and Vihonen prospects reported high-grade gold intercepts which have yet to be followed up by Prosper Gold.
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 from drilling to laboratory is strictly monitored to ensure sample and analytical integrity and reliability. Half-split core 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.
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 an overview of Prosper Gold please visit www.ProsperGoldCorp.com
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 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.
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