VANCOUVER, British Columbia, March 29, 2019 (GLOBE NEWSWIRE) -- Prosper Gold Corp. (“Prosper Gold” or the “Company”) (TSXV: PGX) has completed the Phase 1 drill program at the Currie Project (the “Property”) southwest of Matheson, Ontario. 7 holes, in addition to the previously reported C001 (See the Company’s November 5, 2018 news release), for a total of 2,483.2m were drilled, logged, and sampled by Prosper Gold. With completion of Phase 1 at the Currie Project Prosper is now reviewing, analysing and planning future work at Currie. In addition to Currie, 2019 fieldwork will include compilation and groundwork at the Company’s Cadillac-Larder Lake Break Matachewan project (See the Company’s March 1, 2016 news release for Matachewan Project option details).
Currie drilling targeted the pyrite horizon in the Upper Tisdale Group. The focus was on enlarging and deepening the zone and improving gold grades testing southeast, northwest, and below known mineralization at the Grindstone Creek occurrence.
Mineralization is mostly in the massive to banded pyrite rich sections high in the felsic volcaniclastic unit and the overlying graphitic argillite of the Upper Tisdale Assemblage. Pyrite is commonly banded or layered with banding conformable with foliation. Minor dark sphalerite is disseminated within the massive and semi massive pyrite and makes up 1% of the rock locally. A second type of sphalerite distinguished by it honey colour and by the white calcite stringers within which it occurs is seen rarely. The honey coloured sphalerite with its calcite veinlets cuts the crystalline banded pyrite and appears to be a late metamorphic remobilized mineral phase.
Diabase dykes are commonly intersected in the drilling and are found most commonly directly adjacent to mineralization.
Location and drill hole orientation data are given below.
|HOLE -ID||EASTING*||NORTHING*||ELEVATION||AZIMUTH||DIP||LENGTH (m)|
|*UTM ZONE 17-- NAD 83|
Striplogs for each hole showing gold, silver and zinc results with lithology is available at www.ProsperGoldCorp.com
Currie Project Description
The 2,000 hectare Currie Project, 8 km south of the Destor-Porcupine fault, is underlain by altered volcanic and metasedimentary rocks of the Abitibi greenstone belt. The property hosts the Grindstone Creek occurrence, a Gold-Silver-Zinc zone in massive and semi-massive pyrite-sericite schist (GCZ). The sequence strikes ESE and dips steeply southwest as interpreted from drilling. Rocks are strained and especially the felsic volcanic rocks show a strong SW dipping single phase fabric into which any earlier layering would have been transposed. Diabase, a dyke or sill, dips steeply with the strata. Drill intersection modeling shows it is a branching anastomosing unit or swarm with two or three separate arms. The diabase envelope trends ESE, dips steeply, and is about 70m at its thickest. Overburden thickness is consistently about 50 m as shown by the earlier holes and the geology is inferred from drill results to date and from geophysical data, mainly airborne magnetics. Known mineralization is between 120 m to 300 m below surface and occupies a zone about 300 m long, 100 m wide.
Prosper has the option to acquire a 100% interest in the Property (for details see the Company’s March 5, 2018 News Release).
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 of the Currie 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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