QUESNEL, BRITISH COLUMBIA--(Marketwired - May 31, 2016) - Prosper Gold Corp. ("Prosper Gold" or the "Company") (TSX VENTURE:PGX) is pleased announce that ground exploration has commenced targeting the historical Ashley Gold mine area in Ontario.
Four soil grids are planned covering areas where gold vein mineralization is known at surface, where preserved syenite intrusives are exposed, and where thorough OGS till sampling in 1997 returned anomalous gold-in-till targets with high gold grain counts. Outcrop is limited but glacial overburden is generally thin.
The soil grids cover the Ashley Mine, Garvey and Garvey west vein systems, and extends south to cover the Galer Fault. A second grid will cover the Argyle, Sunisloe and McGill showings, an area thought to be underlain by syenite. Grid 3 is planned over the Argyle Lake, Ezra, and McCallum gold vein showings within a syenite plug.
The Powell Lake area is the focus for the largest soil grid with about 3300 samples covering a 15 square km area. It includes the Powell Lake syenite, a substantial plug about 2.5 km across immediately south of the Cadillac-Larder Lake break with several untested gold-in-till anomalies and where grab and channel sampling of a trenched showing returned up to 22.6 g/t across a zone 3 to 4 m wide.
Sampling will be on east-west lines spaced at 100m with a 50m sample interval. B-horizon sampling is planned for areas with relatively dry soil. Samples will be sent to ALS labs for sample prep and analysis using the AUME-TL43 analytical method.
Effective immediately, the Company is pleased to announce that Mr. James Hedalen has been appointed as Prosper Gold's Chief Operating Officer. Mr. Hedalen has been working with Prosper Gold in various roles since the fall of 2013 and brings over 10 years of experience in finance and GIS. Mr. Hedalen has a B.Sc. (Geography) from the University of Calgary, an Advanced Diploma (GIS) from BCIT, and an MBA (Finance) from the University of British Columbia.
The Company has granted an aggregate of 721,104 incentive options (the "Options") to purchase common shares of Prosper Gold to directors, officers, and employees of the Company. The Options are exercisable at a price of $0.24 per common share until five years from the date of grant.
The Options are granted pursuant to the Company's stock option plan. The grant of the Options is subject to the final approval of the TSX Venture Exchange.
The scientific and technical information in this news release has been reviewed by Dirk Tempelman-Kluit, PhD, P.Geo., 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
Peter Bernier, President & CEO
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 Ashley Gold mine, 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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