|October 16, 2017|
Prosper Gold Corp. Begins Groundwork at Matachewan Project; Completes Phase 2 Drilling at Ashley Gold Project - Northern Ontario
QUESNEL, BRITISH COLUMBIA--(Marketwired - Oct. 16, 2017) - Prosper Gold Corp. ("Prosper Gold" or the "Company") (TSX VENTURE:PGX) begins testing vein continuity at the Ashley Gold Project and commences groundwork at the Matachewan Project next to the Young-Davidson Mine.
Drill results have been received for Phase 2 at the Ashley Gold Project. Three targets: the Arcuate, Galahad and Ashley-Garvey require further exploration.
Six holes were drilled in syenite porphyry at the Arcuate target. Quartz veins up to 3m were intersected in several holes. The most notable result is 7.74 g/t Au from 247-249m (S042). The intersection is a 2m quartz vein in an 8m section of anomalous gold in syenite quartz porphyry. As these are the first holes at this target follow-up is required to test continuity of this interval and other large quartz veins.
The Ashley-Garvey 2016 high grade drill intersections are believed to connect and ground exploration has begun to test for continuity (A009: 113-114m 9.46 g/t Au, A011: 128-129m 43.3 g/t Au, A025: 27-28m 24.4 g/t Au). Soil samples have been collected on a 25m spaced grid from the area between the Ashley Mine and Garvey Veins. Sampling covers the area with high grade gold intersections from 2016 drilling. The samples are being analyzed by Spatio-Temporal Geochemical Hydrocarbon (SGH). The SGH procedure provides a focused and sensitive method to delineate mineral targets through cover and overburden.
Galahad drilling (3km South West of the Ashley Mine) consisted of 7 holes with the hallmarks of gold deposits near Kirkland Lake, including high strain, green carbonate alteration and high quartz stringer density. 2017 drilling tested a 3x1 km zone. Further sampling and surface work is planned to continue targeting the high strain zone southeastward.
The Matachewan Project (2km East of Young-Davidson Mine) has known gold showings, gold intersections in several drill holes, anomalously high gold-in-soil. A three-kilometer section of the Cadillac-Larder Lake Break (CLLB) projected under Cobalt Group Proterozoic sedimentary rocks underlies the entire Matachewan Project. Exploration was initiated by collecting soil samples at 100m grid spacing over three kilometers of the projected CLLB, for SGH analysis. The results will refine known drill targets. They may also identify gold mineralization associated with vein hosted shear zones (splays off the CLLB) near the contact between Temiskaming sedimentary rocks and syenite.
Information including maps and striplogs of the holes drilled in 2016/2017 are available on the Company's website http://www.prospergoldcorp.com. For option details, please refer to the Company's February 29 & March 1, 2016 news releases.
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.
ON BEHALF OF THE BOARD OF DIRECTORS
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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