VANCOUVER, British Columbia, Nov. 27, 2019 (GLOBE NEWSWIRE) -- Prosper Gold Corp. (“Prosper Gold” or the “Company”) (TSXV: PGX) has completed the phase 1 drill program at the Matachewan Project (the “Property”). Seven diamond drill holes totaling 2,111 meters were drilled, logged, and sampled by Prosper Gold at the Middleton target and assays have been received for all 7 holes.
Prosper drilled on the immediate northwest side of the Cadillac-Larder Lake Break (CLLB) and highway 66, in an area underlain by pink to red syenite and massive dark green basalt. Drilling focused where historic work outlines anomalous gold-silver-copper mineralization. It was designed to test the known mineralized zone to confirm historic work. No drilling was done to test beyond the known area laterally or to depth.
New results confirm the older data and augment them. Together they define a robust mineralized system 300m by 200m and about 250 m deep with widely distributed gold-silver-copper values. Inside the broad area a zone with higher metal content, roughly 100m in diameter, 250m long, and followed in drill holes to 250m below surface plunges about 45 degrees WNW. This zone was intersected in M-03, M-04 and is seen in historic holes 91-2, WK-3, and WK-4. Mineralization is largely hosted in the altered red syenite.
The table below demonstrates values in parts of the concentrated zone. The full assay table shows the widespread gold mineralization. Striplogs showing the gold, silver and copper results with lithology and maps showing results in the context of historic drilling are available at www.ProsperGoldCorp.com.
|Hole ID||From||To||Width||Au g/t||Cu %||Ag g/t|
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8709b29f-0652-4863-9b24-1d802c98ad09
The current work confirms the strong mineralized zone, however the zone was not explored laterally or to depth. Phase 2 drilling aims to drill deeper and explore beyond current bounds.
Northeast of Middleton on trend with the geology and the CLLB, about 1.7 km away, are 4 shallow holes drilled in 2008. One of these intersected 2.1 g/t Au over 12m and follow up is required to test the ground between these holes and the Middleton drilling.
Prosper’s current drilling is on claims under option from O3 Mining Inc and on claims acquired through purchase and staking (See the Company’s March 1, 2016 and April 2 & May 7, 2019 news releases). It is a large prospective area (3,860 hectares) of mineral and patent claims covering 15km of the Cadillac-Larder Lake Break (CLLB). The claim block is 3 km east of Alamos Gold’s Young Davidson Mine along the CLLB. Prosper Gold is targeting two styles of gold mineralization seen on the claims: Bulk gold in syenite and high grade gold veins.
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 1 (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 Matachewan 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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