VANCOUVER, British Columbia, May 11, 2021 (GLOBE NEWSWIRE) -- Prosper Gold Corp. ("Prosper Gold" or the "Company") (TSXV:PGX) is pleased to announce that crews are on site in preparation for the 10,000-meter phase 1 diamond drill program at the Golden Sidewalk Project (the “Project”) in the Birch-Uchi region of Red Lake. Camp and drill trail construction is nearing completion, and the drill will be mobilized to site on May 15th to begin drilling at the newly identified Golden Corridor target area. (for details of the Golden Corridor see the Company’s Dec. 1, 2020 news release). Additional details of the drill program including maps will be released once the drilling has commenced.
“Our crew has worked hard over the past 2 weeks constructing the camp in advance of the first ever drill program at the Golden Corridor,” commented Peter Bernier, CEO. “Additional Prosper personnel including geological staff are heading to site this week to begin drilling next week.”
The Golden Corridor lies immediately north of a regional angular unconformity between the Narrow Lake and Balmer assemblages. Such regional unconformities may localize structural corridors for hydrothermal fluid migration and gold mineralization. At least two linear targets with potential strike lengths of greater than five km have been identified based on the coincidence of induced polarization resistivity-high and linear magnetic-low signatures, and their proximity to the regional unconformity. These targets are now supported by the existence of a significant pristine gold grain-in-till anomaly.
The Company also announces that it has granted an aggregate of 600,000 incentive options (the "Options") to purchase common shares of Prosper Gold to certain directors of the Company. The Options are exercisable at a price of $1.60 per common share until 5 years from the date of grant. The Company also granted 1,513,000 restricted share units (the “RSUs”) to certain officers, employees and consultants of the company. The RSUs are payable in common shares of the Company, or the cash equivalent, on the redemption date, being three years from the date of grant, and vest in three equal instalments over three years. The Options and RSUs were granted pursuant to the Company's stock option plan and restricted share unit plan, respectively.
About the Golden Sidewalk
The Golden Sidewalk is a district-scale gold exploration project covering over 160 square kilometres of contiguous mineral claims and mining leases (see the Company's Aug. 10, Sept. 8, and Sept. 15, 2020 news releases for details) 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. The recently identified “Golden Corridor” lies immediately north of the unconformity in the western portion of the property and is characterized as a highly prospective, greater than 5 kilometre trend of coincident favourable magnetic and resistivity lineaments supported by highly anomalous gold-in-till samples covering 3.3 by 0.5 kilometres.
For a detailed overview of Prosper Gold visit www.ProsperGoldCorp.com
The scientific and technical information in this news release has been reviewed by Rory Ritchie, P.Geo., a Qualified Person under National Instrument 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS
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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