VANCOUVER, British Columbia, Oct. 09, 2019 (GLOBE NEWSWIRE) -- Prosper Gold Corp. (“Prosper Gold” or the “Company”) (TSXV: PGX) is pleased to provide an update on its drill program at the Matachewan Project (the “Property”). The initial program includes prospecting, sampling, and diamond drilling to discover mineralization nature, orientation, and continuity below and next to historic work at the Middleton Target.
“We have outlined a large anomalous area with coincident gold and copper mineralization along the Cadillac-Larder Lake Break.” commented Peter Bernier, CEO. “We are encouraged by the potassically altered syenite we have seen in the core and on surface. With more than half the holes already in the lab we eagerly await assay results.”
Seven diamond drill holes totaling 2,111 meters have been completed at the Middleton target. The holes have been drilled in and nearby the anomalous area defined below. Samples from 4 holes have been sent to Actlabs in Timmins, Ontario, for gold fire assay and multi-element analysis. The remaining drill core is being processed at the Company’s core cutting facility in Matachewan and will be sent for analysis as they are processed.
Most syenite seen in the core is strongly hematized and/or potassically altered, extensively fractured and locally sheared with disseminated and fracture fill chalcopyrite and pyrite. Basalt, seen southeast of the syenite, ranges from massive to fractured or sheared with local chalcopyrite or pyrite. The syenite-basalt contact, on the north side of the Cadillac-Larder Lake Break (CLLB), trends east-northeast and dips steeply. The contact is irregular and wide with the two rock types interlayered in drill core over many tens of metres.
Surface rock sampling was carried out at Middleton target to confirm and expand known historic results and to help guide drilling. The new sampling and the historic data together outline a 250m by 200m area with anomalous gold values. Of a total 108 samples, 8 are above 1 g/t Au (Up to a maximum of 2.6 g/t Au) , and 43 above 0.1 g/t Au. The samples show elevated copper, coincident with gold values, and further support the extent of the anomalous area.
Current drilling is focused on claims under option from O3 Mining Inc. The remainder of the project was 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 (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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