VANCOUVER, British Columbia, Feb. 11, 2020 (GLOBE NEWSWIRE) -- Prosper Gold Corp. (“Prosper Gold” or the “Company”) (TSXV: PGX) announces that drilling will commence at the Wydee Project (the “Property”). The first work follows up at the RQ8 target (previously called the Arcuate) with four diamond drill holes.
The RQ8 target, an aeromagnetic low zone over syenite surrounded by mafic and intermediate volcanic rocks, was tested in 2017 with seven holes. Quartz veins up to 3m were intersected with the most notable result 7.74 g/t Au from 247-249m in S042. The intersection is a 2m quartz vein in an 8m section of anomalous gold in syenite quartz porphyry.
“The discovery of mineralized quartz veins at the boundary between syenite and greenstone combined with the geological setting and magnetic data warrants additional drilling at the RQ8 target.” commented Peter Bernier, CEO.
Map showing project locationsis available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fb716288-bbf3-4ad3-92a5-a77be8af6f6c
Map Showing Geology, Airborne Magnetic Data, & 2017 DDHis available at https://www.globenewswire.com/NewsRoom/AttachmentNg/33e692b4-9bc3-4a40-85b1-28b4f1160a90
RQ8 Target
The RQ8 is a 2 km long zone marked by a pronounced low in the total magnetic field and strong gravity, radiometric, and resistivity contrast that runs northeast between the Argyle, McGill and Sunisloe gold occurrences. The feature, roughly orthogonal to the volcanic sequence, terminates at its north over the west margin of a syenite stock. The 2017 drilling showed that the magnetic low reflects northeast trending 2.5 km long syenite terminated abruptly in the southwest by Abitibi greenstone across a sheared zone. The boundary between the syenite and greenstone is interpreted as of a steep dipping northwest trending sheared fault zone that bounds the greenstone. Drilling will test this interpreted faulted shear zone near the 7.74 g/t Au intersection.
Prosper’s current drilling is on claims under option from O3 Mining Inc. (For details see the Company’s March 1, 2016 News Release)
Qualified Person
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.
About Prosper Gold Corp.
Prosper Gold is a mineral exploration company with a portfolio of properties in Ontario and British Columbia. Prosper is currently focused on generating shareholder value through the advancement of its Ontario projects: the Wydee and Matachewan Projects along the Cadillac-Larder Lake Break.
ON BEHALF OF THE BOARD OF DIRECTORS
Per: “Peter Bernier”
Peter Bernier
President & CEO
For further information, please contact:
Peter Bernier
President & CEO
Prosper Gold Corp.
Cell (250) 316-6644
Email: 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 Wydee & Matachewan Projects, 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.
Figure 1
Map showing project locations
Figure 2
Map Showing Geology, Airborne Magnetic Data, & 2017 DDH