VANCOUVER, British Columbia, Nov. 16, 2020 (GLOBE NEWSWIRE) -- Prosper Gold Corp. ("Prosper Gold" or the "Company") (TSXV:PGX) is pleased to report assay results from the 2020 channel sampling program at the Joe Vein, located 850 metres south of the historical Bathurst Mine on the Golden Sidewalk Project (the “Project”) in the Birch-Uchi region of Red Lake. The Golden Sidewalk is a district scale gold exploration project covering over 160 square kilometres of contiguous mineral claims, mining leases and patents. (see the company's Aug. 10, Sept. 8 and Sept. 15, 2020, news releases for details).
“The Joe Vein trench is the first of several historical prospects sampled over the course of Prosper Gold’s 2020 reconnaissance program. Several prospects were sampled and mapped, and we look forward to releasing those results in the coming weeks.” commented Peter Bernier, CEO. “We are also awaiting till survey results and are gearing up for an aggressive 2021 exploration season including diamond drilling.”
Table 1. Channel sampling results at Joe Vein trench (center of trench at 377,721 E / 6,106,031 N, UTM NAD 83 zone 15).
|Trench ID||Channel ID||From (m)||To (m)||Interval (m)||Gold (g/t)||Sample type|
|Joe Vein||A||0||0.5||0.5||0.096||Saw-cut channel|
|Joe Vein||A||0.5||1.5||1.0||0.005||Saw-cut channel|
|Joe Vein||A||1.5||2.5||1.0||0.009||Saw-cut channel|
|Joe Vein||A||2.5||3.5||1.0||1.51||Saw-cut channel|
|Joe Vein||A||3.5||4.5||1.0||4.31||Saw-cut channel|
|Joe Vein||A||4.5||5.5||1.0||1.96||Saw-cut channel|
|Joe Vein||A-1||0||1.0||1.0||58.1||Saw-cut channel|
|Joe Vein||A-1||1.0||2.0||1.0||7.17||Saw-cut channel|
|Joe Vein||B||0||1.0||1.0||0.078||Saw-cut channel|
|Joe Vein||B||1.0||2.0||1.0||0.082||Saw-cut channel|
|Joe Vein||B||2.0||3.0||1.0||0.47||Saw-cut channel|
|Joe Vein||B||3.0||4.0||1.0||0.022||Saw-cut channel|
|Joe Vein||B||4.0||5.0||1.0||0.067||Saw-cut channel|
|Joe Vein||B||5.0||6.0||1.0||2.64||Saw-cut channel|
|Joe Vein||B||6.0||7.0||1.0||0.016||Saw-cut channel|
Figure 1 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/990cbf85-8a47-4a83-90ac-5f73a79597be
At the Joe Trench, strongly sheared massive and pillowed basalts belonging to the Narrow Lake Assemblage host numerous sulphide-bearing quartz veins up to 4 metres in width. Sulphides observed include pyrite, pyrrhotite, arsenopyrite and rare galena. Historical exploration in the immediate area has reported localized molybdenum and visible gold. Geological mapping of the trenched area hosting the Joe Vein(s) shows some important features that reflect two significant deformation events in the Red Lake and Birch-Uchi greenstone belts. An early “D1” deformation characterized by eastward to east-northeast directed compression and resultant shortening typically manifests as ENE-WSW trending quartz ± sulphide vein sets. Later “D2” deformation is characterized by south-southeast directed compression and resultant shortening which typically manifests as WNW-ESE trending quartz ± sulphide vein sets. While D2 related veins and structures exists across much of the Golden Sidewalk property, the veins above exhibit a trend more typical of D1 and have subsequently been deformed and/or off-set by D2 associated strain. This supports the potential for both gold bearing D1 and D2 structures and associated vein systems on the Project.
Channel samples were cut with a cut-off saw across select areas of previously stripped bedrock exposures at nominal widths and depths of 5 cm and 8 cm, respectively. Channel samples were collected and placed in polyethylene bags, sealed with zip-ties then shipped to Activation Laboratories Ltd. (“ActLabs”) in Timmins, Ontario, where they were crushed then pulverized to 95% passing 105-micron mesh. Samples were analyzed using ActLabs 1A2-50 analytical package, whereby 50 g aliquots are subjected to gold fire assay and finished with Atomic Absorption spectroscopy. Overlimit samples (> 5 g/t gold) were assayed with ActLabs 1A3-50 fire assay package with a gravimetric finish. Internal laboratory standards were used and checked upon analysis as a means of quality assurance.
About the Golden Sidewalk
The 16,400-hectare Golden Sidewalk project is 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. Historical drilling program at the Bathurst Mine, Joe Vein, KT vein, Dunkin and Vihonen prospects reported high-grade gold intercepts which warrant follow-up.
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
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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