VANCOUVER, British Columbia, Nov. 05, 2018 (GLOBE NEWSWIRE) -- Prosper Gold Corp. (“Prosper Gold” or the “Company”) (TSXV: PGX) has completed their first diamond drill hole at the Currie Project (the “Property”) southwest of Matheson, Ontario. C001 was drilled steeply southwest to test the intersection between a NW striking structure, inferred from earlier drilling results, and the Grindstone Creek zone.
Peter Bernier, President and CEO states, “We are extremely encouraged by the results of this first hole, especially the association of significant gold values with base metal mineralization. We will aggressively target the gold mineralization at diabase margins in this underexplored area of the Timmins Gold Camp.”
|Hole ID – C001||From (m)||To (m)||Interval (m)*||Au g/t||Ag g/t||Zn %|
|Banded Pyritic Phyllite||245||249.5||4.5||1.76||23.8||0.28|
|Banded Pyritic Phyllite||252.5||263||10.5||1.58||25.3||0.59|
*True widths are unknown
Significant gold/silver results are seen in four intervals. The massive pyritic unit, nearest the collar, carries gold, silver, zinc and lead values. The second interval, hosted in argillite, carries the best gold values. The third and fourth intervals, separated by diabase, are in banded pyritic phyllite.
The best gold values are adjacent to the diabase that runs between the argillite and banded pyritic phyllite sections. Further work will focus on the relationship of the diabase to the gold mineralization as well as the massive pyrite unit. (Maps, striplogs, and core photos are 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. The diabase, a dyke or sill, dips steeply with the strata. Drill intersection modeling shows it is a branching anastomosing unit with two or three separate arms, not a simple sheet. The collective diabase intersection envelope trends ESE, dips steeply, and is about 60m thick. 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 magnetic
The 15 holes drilled previously at Currie occupy an ESE trending area about 1 km long and 400m wide. Twelve holes were drilled to the north with dips about -50 degrees, three holes were drilled to the south at similar dips. Seven holes returned encouraging gold and zinc results. They are in about 300m of the 1000m zone at depths between 100m and 300m vertically. Notable is that gold and zinc are concentrated at, or near, diabase contacts in many historic holes.
Prosper has the option to acquire a 100% interest in the Property (for details see the Company’s March 5, 2018 News Release).
Quality Assurance/Quality Control
Prosper Gold has applied a rigorous quality assurance/quality control program at the Currie Project using industry best practices. Drill core was stored in a locked secure building after retrieval from the drill where it was logged and the sample intervals determined. It was then transported to the company’s core logging facility in Matachewan for cutting and sampling. Half of the core is placed in plastic bags, sealed, and shipped to Actlabs in Timmins, Ontario. The remaining half core is retained in core boxes stored in Matachewan. The program includes chain of custody of samples from drill to laboratory.
A standard sample, a blank sample, or a duplicate sample is inserted into the sample stream every tenth sample. Three certified ore assay laboratory standards used in the process. In total, 14 quality control samples (about 9.5% of 148 samples) were analyzed.
Samples, including those for quality control, were shipped to Actlabs in Timmins, Ontario, where they were crushed, ground and analyzed for gold by fire assay (Actlabs code 1A1) and for a suite of elements by optical emission spectrometry following aqua regia partial extraction (Actlabs code 1E3).
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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