Prosper Gold Corp. ("
Prosper Gold" or the
"
Company") (TSXV:PGX) is pleased to report rock
and till sampling results from the 2020 exploration program at the
Golden Sidewalk Project (the “
Project”) in the
Birch-Uchi region of Red Lake. 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).
Highlights:
- 3 pristine gold grain
anomalies outlined in 32 square kilometre reconnaissance till
survey
- Channel rock sampling at two
discrete zones, results include
1.0 metre grading 15.3 g/t gold
- Rock chip samples up to 16.3
g/t gold at Skinner North prospect, no historical
drilling
“High grade gold in surface rock sampling at the
Dunkin, KT Vein and Skinner North prospects gives us confidence in
existing targets prior to drilling,” commented Peter Bernier, CEO.
“We are excited by the identification of three pristine gold grain
anomalies near the regional unconformity. All three are in areas
with no historical drill programs and are exciting developments in
our regional targeting initiative. The UC anomaly area is our
highest-ranking conceptual target based on available historical
data and crews have infill sampled this target. Results are
expected in the coming weeks.”
Till sampling
The 2020 reconnaissance till sampling program at
the Golden Sidewalk Project was designed to detect anomalous
gold-in-till near a regional angular unconformity between the
Narrow Lake and the Balmer Assemblages. Such regional
unconformities may localize structural corridors for hydrothermal
fluid migration and gold mineralization. Till sampling at 250 m
intervals was conducted along lines spaced at 1 km. Three areas
with anomalously high gold grain counts were detected. A high
proportion of the gold grains are classed as pristine gold. This
suggests a nearby bedrock source.
Figure 1.
Map showing anomalies of pristine gold grains from 2020 till
sampling
survey.https://www.globenewswire.com/NewsRoom/AttachmentNg/5910591e-7202-4bea-ab22-e7421dee054c
The largest anomaly, the UC, has the highest
pristine grain count (samples up to 143 gold grains with 78
pristine grains) directly north of the Narrow Lake / Balmer
unconformity. The E-12 anomaly, also to north of the unconformity,
has the highest gold-grain-in-till sample of 149 gold grains (69
pristine grains). The Balmer anomaly consists of 5 elevated
pristine grain samples, covering 1.25km, over the Balmer Assemblage
rocks to the south of the unconformity. The new till sampling
results bolster the company’s high priority geophysical and
conceptual targets.
Channel
rock sampling
Channel sampling and mapping was completed at the
Joe Vein, Dunkin 2 and KT vein to gain insight into gold
mineralization at these areas. Results from the Joe Vein have been
previously reported (see the Company’s Nov. 16, 2020 news release)
while the comprehensive channel sampling results for the Dunkin 2
and KT vein are provided below.
Table 1.
Channel sampling
results at Dunkin
2 and KT vein
trenches
(center of
trenches at
509,176
E / 5,674,473 N,
and 507,410 E / 5,679,072 N, respectively. Coordinates
within UTM NAD 83 zone
15).
Trench ID |
ChannelID |
From(m) |
To(m) |
Interval(m) |
Gold (g/t) |
Sample type |
Dunkin 2 |
A |
0 |
0.8 |
0.8 |
0.155 |
Saw-cut channel |
Dunkin 2 |
A |
0.8 |
1.6 |
0.8 |
0.045 |
Saw-cut channel |
Dunkin 2 |
A |
1.6 |
2.4 |
0.8 |
0.351 |
Saw-cut channel |
Dunkin 2 |
A |
2.4 |
3.2 |
0.8 |
0.273 |
Saw-cut channel |
Dunkin 2 |
A |
3.2 |
4.2 |
1.0 |
1.22 |
Saw-cut channel |
Dunkin 2 |
A |
4.2 |
5.2 |
1.0 |
1.14 |
Saw-cut channel |
Dunkin 2 |
A |
5.2 |
6.2 |
1.0 |
10.5 |
Saw-cut channel |
Dunkin 2 |
B |
0 |
1.0 |
1.0 |
15.3 |
Saw-cut channel |
Dunkin 2 |
B |
1.0 |
2.0 |
1.0 |
0.281 |
Saw-cut channel |
Dunkin 2 |
B |
2.0 |
3.0 |
1.0 |
0.245 |
Saw-cut channel |
Dunkin 2 |
B |
3.0 |
4.0 |
1.0 |
0.374 |
Saw-cut channel |
Dunkin 2 |
C |
0 |
1.2 |
1.2 |
0.296 |
Saw-cut channel |
KT Vein |
A |
0 |
0.4 |
0.4 |
0.007 |
Saw-cut channel |
KT Vein |
A |
0.4 |
0.8 |
0.4 |
3.1 |
Saw-cut channel |
KT Vein |
A |
0.8 |
1.3 |
0.5 |
BD |
Saw-cut channel |
KT Vein |
B |
0 |
0.3 |
0.3 |
0.014 |
Saw-cut channel |
KT Vein |
B |
0.3 |
0.6 |
0.3 |
27.2 |
Saw-cut channel |
KT Vein |
B |
0.6 |
1.2 |
0.6 |
0.053 |
Saw-cut channel |
KT Vein |
C |
0 |
0.4 |
0.4 |
0.105 |
Saw-cut channel |
KT Vein |
C |
0.4 |
0.7 |
0.3 |
12.3 |
Saw-cut channel |
KT Vein |
C |
0.7 |
1.1 |
0.4 |
0.071 |
Saw-cut channel |
Figure 2.
Plan map of Dunkin 2
Trenchhttps://www.globenewswire.com/NewsRoom/AttachmentNg/98c06df6-477c-4941-9c97-92150b0bf8d6
The Dunkin 2 Trench is described as strongly
sheared massive basalts belonging to the Narrow Lake Assemblage
hosting numerous sulphide-bearing quartz veins up to 1 metre in
width. Sulphides observed within quartz veins and in mineralized
wallrock consist of pyrite and lesser chalcopyrite. Quartz veins
trending west-southwest have been deformed locally suggesting a
relatively early timing on gold mineralization in the context of
the deformational history of the Birch-Uchi greenstone belt.
Figure 3.
Plan map of KT Vein Trench (BD denotes “below
detection
limit”).https://www.globenewswire.com/NewsRoom/AttachmentNg/4ce23fe0-f7f4-4e3e-9c9a-194b3ab22f7e
The KT Vein Trench exhibits a quartz vein near the
contact between sheared massive basalts belonging to the Narrow
Lake Assemblage and a west-northwest trending felsic dike.
Sulphides within the quartz vein include pyrite and lesser
arsenopyrite and chalcopyrite. The west-northwest trend and the
undisturbed nature of the quartz vein suggest timing of the gold
mineralization at the KT vein is related to the later D2
deformational event in the Birch-Uchi greenstone belt.
Rock sampling / prospecting
The season’s exploration included prospecting. A
highlight of this work is the sampling of high-grade gold at
surface at the historical Skinner North prospect, an area that has
seen no drilling to date. The Skinner North prospect is 2.4
kilometres southwest of the historical Bathurst Mine. All 4 rock
samples collected at Skinner North are sheared and silicified mafic
volcanics with fine pyrite and pyrrhotite vein fill. Results of the
sampling are provided below.
Table
2. Rock
sampling results from the Skinner
North prospect
(coordinates within UTM
NAD 83 zone 15).
Area |
SampleID |
Easting(m) |
Northing(m) |
Gold (g/t) |
Sample type |
SkinnerNorth |
707709 |
506,233 |
5,676,570 |
7.55 |
Rock - Grab |
SkinnerNorth |
707710 |
506,233 |
5,676,570 |
16.3 |
Rock - Grab |
SkinnerNorth |
707711 |
506,233 |
5,676,570 |
11.2 |
Rock - Grab |
SkinnerNorth |
707712 |
506,233 |
5,676,570 |
13.7 |
Rock - Grab |
About the Golden Sidewalk
The 16,400-hectare Golden Sidewalk project is 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. Historical drilling programs at the Bathurst Mine,
Joe Vein, KT vein, Dunkin and Vihonen prospects reported high-grade
gold intercepts which warrant follow-up.
QA/QC Procedures
Channel samples were cut with a cut-off saw across
select areas of previously stripped bedrock exposures at medial
widths and depths of 5 cm and 8 cm, respectively. Channel samples
were collected and placed in polyethylene bags, sealed with
zip-ties shipped to Activation Laboratories Ltd. (“ActLabs”) in
Timmins, Ontario, where they were crushed and pulverized to 95%
passing 105-micron mesh. Samples were analyzed using ActLabs 1A2-50
analytical package, whereby 50 g aliquots are subjected to gold
fire assay and finished with Atomic Absorption (“AA”) spectroscopy.
Overlimit samples (> 5 g/t gold) were assayed with ActLabs
1A3-50 fire assay package with a gravimetric finish. Internal
laboratory standards were used and checked upon analysis as a means
of quality assurance.
Till samples were collected from below the
colluvial soil profile at a medial depth of 50 to 75 centimeters
and placed into 5-gallon plastic pails which were sealed and
shipped to Overburden Drilling Management Ltd. in Nepean, Ontario
for processing. The gold grain testing involves extracting an
impure preliminary heavy mineral concentrate from the -2 mm matrix
of each sediment sample by tabling, separating any recovered gold
grains from the table concentrate and measuring each grain and
classifying it according to its degree of physical wear.
Rock grab samples were placed into polyethylene
bags which were sealed and shipped to SGS Laboratories in Red Lake,
ON, where they were crushed then pulverized to 95% passing
105-micron mesh with 50 g aliquots subjected to gold fire assay and
subsequent AA finish. Overlimit samples (> 10 g/t gold) were
subjected to 50 g fire assay with a gravimetric finish. Internal
laboratory standards were used and checked upon analysis as a means
of quality assurance.
Qualified Person
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.
For a detailed overview of Prosper Gold please
visit www.ProsperGoldCorp.com. ON
BEHALF OF THE BOARD OF DIRECTORS
Per: |
“Peter
Bernier” |
|
Peter Bernier |
|
|
President & CEO |
|
For further information, please contact:
Peter BernierPresident & CEOProsper Gold
Corp.Cell: (250) 316-6644Email: Pete@ProsperGoldCorp.com
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.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Prosper Gold (TSXV:PGX)
Historical Stock Chart
From Jun 2024 to Jul 2024
Prosper Gold (TSXV:PGX)
Historical Stock Chart
From Jul 2023 to Jul 2024