Prosper Gold Corp. ("
Prosper Gold" or the
"
Company") (TSXV:PGX) reports results from its
initial drilling program at Skinner North at the Golden Sidewalk
Project in Red Lake, Ontario. The program was successful in
intersecting several paralleling shear zones exhibiting strong
deformation, hydrothermal alteration, and gold mineralization under
cover in an unexplored region. The geological and mineralogical
features in the recent drilling have reaffirmed the exploration
concept in this part of the Project. Given the disseminated nature
of the mineralization the Company will soon be commencing an
Induced Polarization (“IP”) survey covering the 2 by 3-kilometre
Skinner Target area.
“The Fall 2022 drill program represents the only
diamond drilling at the Skinner North Prospect to date,” commented
Peter Bernier, CEO. “We are excited that the exploration concept
has been validated and confirmed the presence of multiple gold
hosting, highly deformed, parallel west-northwest trending shear
zones. The Skinner Target Area presents a sizeable, highly
prospective, exploration opportunity in a completely new and
unexplored region of the project.”
Fall 2022 Skinner Diamond
Drilling
A diamond drilling program totaling 1,252 metres
in 8 drill holes was completed in November of 2022 at the newly
outlined Skinner North Prospect, situated within the 2 by
3-kilometre Skinner Target Area. The drilling program was designed
to test for gold mineralization and structure at depth beneath the
Skinner #1 trench that was exposed and sampled in the summer of
2022 (see the Company's Sept. 7, 2022 news release for details) and
to test additional structural targets interpreted from the summer
2022 ground magnetic survey data.
Table 1. Significant assays from initial
Skinner North diamond drilling.
Hole ID |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
DD22SK001 |
35 |
54.5 |
19.5 |
0.49 |
Incl. |
35 |
41 |
6 |
0.98 |
|
|
|
|
|
DD22SK002 |
16.15 |
18.5 |
2.35 |
3.08 |
Incl. |
16.15 |
25 |
8.85 |
1.00 |
|
|
|
|
|
DD22SK003 |
33.0 |
34.0 |
1.0 |
1.18 |
|
|
|
|
|
DD22SK004 |
18.65 |
26.0 |
7.35 |
1.15 |
|
|
|
|
|
DD22SK005 |
77.0 |
78.5 |
1.5 |
1.60 |
and |
132.5 |
134.0 |
1.5 |
3.10 |
|
|
|
|
|
DD22SK007 |
218.0 |
218.75 |
0.75 |
0.654 |
|
|
|
|
|
DD22SK008 |
8.0 |
9.5 |
1.5 |
0.686 |
** true widths are unknown
Drill holes DD22SK001 through DD22SK004 were
completed in the immediate area of the Skinner #1 trench. The four
holes intersected strongly sheared mafic volcanics cut by felsic to
ultramafic dikes with all lithologies encountered locally
exhibiting moderate to strong ankerite-silica-biotite-chlorite ±
sericite alteration and gold mineralization associated with a
pyrrhotite-pyrite ± chalcopyrite sulphide assemblage.
Drill hole DD22SK005 was a 100-metre step-back
from DD22SK002 designed to test for gold mineralization roughly 80
metres down-dip of that encountered in the surface sampling. Two
discrete gold-bearing intervals were encountered, associated with
moderately to strongly sheared mafic volcanics exhibiting moderate
silica-ankerite ± biotite alteration.
Figure 1. Plan map showing Fall 2022
drill collars relative to greater Skinner Target
Area.https://www.globenewswire.com/NewsRoom/AttachmentNg/2df756dd-8dc6-4843-990c-bc020529a841
Figure 2. Plan map showing November 2022
diamond drill hole locations with interpreted 2022 ground
magnetics.https://www.globenewswire.com/NewsRoom/AttachmentNg/403fddb6-13d8-4ca9-b2f3-732fc7a1d83c
Table 2. Drill collar details of
specified drill holes (coordinates provided in UTM NAD83, zone
15).
Hole ID |
Easting (m) |
Northing (m) |
Azimuth (°) |
Dip (°) |
Length (m) |
DD22SK001 |
506202 |
5676584 |
125 |
-75 |
131 |
DD22SK002 |
506226 |
5676588 |
185 |
-45 |
56 |
DD22SK003 |
506226 |
5676588 |
145 |
-45 |
86 |
DD22SK004 |
506226 |
5676588 |
225 |
-45 |
95 |
DD22SK005 |
506253 |
5676663 |
200 |
-45 |
221 |
DD22SK006 |
506114 |
5676715 |
200 |
-45 |
221 |
DD22SK007 |
506063 |
5676731 |
125 |
-60 |
221 |
DD22SK008 |
506042 |
5676270 |
200 |
-45 |
221 |
Drill hole DD22SK006 was designed to test for
gold mineralization 150 metres to the west-northwest of DD22SK002
as well as to test several subparallel structural features
interpreted from the magnetic data. Several intervals of strongly
sheared and altered (ankerite-chlorite-silica ± biotite ± sericite)
mafic volcanics were encountered, some with felsic to ultramafic
dikes and all with variable amounts of pyrite-pyrrhotite ±
chalcopyrite, with anomalous gold values. The textural and
compositional features of the shear zones intersected in drill hole
DD22SK006 bear similarities with gold-bearing, deformed and altered
intervals encountered in the drilling underneath the Skinner #1
trench (refer to Figure 3).
Drill holes DD22SK007 & 008 were completed
roughly 400 metres to the southwest of the Skinner #1 trench to
test for gold mineralization within sheared mafic volcanics that
were exposed historically through stripping and washing. Both holes
encountered sheared mafic volcanics comprising a structural zone 50
– 60 metres wide, highly deformed and variably silica-carbonate ±
biotite altered (Figure 4).
Figure 3. Photographs showing textural
and composition similarities between gold-bearing core and weakly
anomalous core from drill hole DD22SK006. A)
Silica-ankerite-biotite-chlorite-sericite altered and sheared mafic
volcanics with pyrrhotite-pyrite ± chalcopyrite mineralization. B)
Silica-ankerite-chlorite-biotite altered and sheared mafic
volcanics with pyrrhotite-pyrite-chalcopyrite
mineralization.https://www.globenewswire.com/NewsRoom/AttachmentNg/45beea85-0a5c-4fbc-a45a-5c730fcd44a4
Figure 4. Representative photograph of
drill core from large, west-northwest trending shear zone
encountered in drill holes DD22SK007 & 008 (interval shown is
from 138.7 m to 156.3 m in
DD22SK007).https://www.globenewswire.com/NewsRoom/AttachmentNg/a0cdc354-937c-4c1a-b231-fa5e47611da0
Next phase of Exploration at Skinner
Target Area
The mineralization encountered in the maiden
drill program at the Skinner North Prospect is comprised
predominantly of disseminated sulphides, the nature of which is
conducive to identification through the implementation of Induced
Polarization (“IP”) geophysical surveys. As such, the Company will
commence an IP survey in the coming weeks that will cover the 2 by
3-kilometre Skinner Target Area and provide the Company with drill
targets to evaluate in conjunction with existing geophysical,
geochemical and geological data sets.
About the Golden Sidewalk
The Golden Sidewalk is a district-scale gold
exploration project covering over 160 square kilometres of
contiguous mineral claims and mining leases in the western
Birch-Uchi Greenstone Belt, approximately 60 km east of Red Lake,
Ontario and 60 km northeast of Kinross Gold’s Dixie Project,
acquired from Great Bear Resources in 2022. 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. The “Golden Corridor” lies
immediately north of the unconformity and is characterized as a
highly prospective trend of coincident favourable magnetic and
resistivity lineaments supported by highly anomalous gold-in-till
samples covering 7.0 by 0.5 kilometres. An additional highly
prospective target area was defined in 2021, termed the Skinner
North Target Area, where 2022 channel sampling results include 9.69
gpt gold over 3.0 metres and 13.13 gpt gold over 1.8 metres and
till samples containing up to 1,014 gold grains, was drilled for
the first time in November of 2022. Historical drilling by previous
operators at the Bathurst Mine, Joe Vein, KT vein, Dunkin and
Vihonen prospects reported high-grade gold intercepts which have
yet to be followed up by Prosper Gold.
QA/QC Procedures
Quality assurance and quality control measures
implemented by the Company include the insertion of certified
reference materials in the sample sequence at a rate of 1 in 20 for
both blank material and certified reference standards. Analytical
results for reference standard and blank samples are scrutinized
internally to ensure adequate analytical precision and accuracy in
both sample preparation and instrumental procedures. A chain of
custody from drilling to laboratory is strictly monitored to ensure
sample and analytical integrity and reliability. Half-split core
samples are sent to AGAT Laboratories in Thunder Bay, Ontario,
where they are analyzed in 50-gram aliquots using Fire-Assay with
ICP-OES finish. Any overlimit analyses (>10 g/t Au) are
re-analyzed with a pulp metallic screen method designed to give the
most accurate representation of gold concentration in each sample.
AGAT Laboratories in Thunder Bay, ON, is an accredited testing
laboratory having been assessed by the Standards Council of Canada
(SCC) and found to conform with the requirements of ISO/IEC
17025:2017.
Qualified Person
The scientific and technical information in this
news release has been reviewed by Rory Ritchie, P.Geo.,
Vice-President of Exploration for Prosper Gold and 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 BernierPresident &
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.
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