Project Highlights:
- Large, robust low-sulphidation epithermal gold-silver system covering a 4 x 1.5 km area
- Project is permitted for up to 600 drill sites and up to 27 kilometers of access roads
- 619 historical drill holes totaling 23,244 metres - shallow holes averaging 37.5 metres depth with many bottoming in gold mineralization
- Over 40 abandoned mine workings (adits, shafts and declines)
- Large areas of anomalous rock and soil geochemistry and historical mine workings which have not seen any drilling
“The opportunity to acquire the
Exploration to date by historical operators has outlined several mineralized zones through relatively shallow drilling (refer to Table 1) along with additional targets outlined through geochemical and geophysical surveys which have not been drill tested. Extensive alteration and widespread gold mineralization outlines three mineralized trends: the Golden Door, the
Table 1 - Select historical drill intercepts.
Hole ID | From (m) | To (m) | Interval (m) | Gold (gpt) | Prospect |
M80R-028 | 15.3 | 30.5 | 15.2 | 3.97 | |
M87A-117 | 15.2 | 25.9 | 10.7 | 5.63 | |
M88A-158 | 7.64 | 18.74 | 11.1 | 4.76 | |
M90R-313 | 10.7 | 13.7 | 3.0 | 10.3 | |
M81R-035 | 21.4 | 29.0 | 7.6 | 6.75 | |
M80R-144 | 32 | 47.2 | 15.2 | 2.82 | Scout |
M80R-149 | 0 | 35.1 | 35.1 | 1.39 | Scout |
M87A-073 | 7.6 | 15.2 | 7.6 | 3.9 | |
M87A-083 | 13.7 | 18.3 | 4.6 | 8.1 | |
M85A-017 | 3.1 | 6.1 | 3.0 | 8.4 | Jim & Jerry |
M85A-025A | 0 | 15.2 | 15.2 | 2.35 | Jim & Jerry |
M81R-027 | 36.6 | 42.7 | 6.1 | 3.0 | |
M89A-244 | 9.1 | 13.7 | 4.6 | 4.27 | Apex |
* True thicknesses are not known
The first production in the district was from the
Figure 1. Map showing compiled historical rock sampling results (gold) and location of historical workings/prospects.
https://www.globenewswire.com/NewsRoom/AttachmentNg/d57fb77d-70b0-4a56-820a-d19fecc0fd9b
Modern exploration, predominantly Reverse Circulation (“RC”) and Rotary Air Blast (“RAB”) with only 9 diamond drill holes, began in 1975 and continued intermittently to 1995. Various geophysical and geochemical surveys have been completed by several operators in recent years, though the last time drilling activities were completed on the Project was 1995. Select historical drilling results, along with mapped geology and soil geochemistry results are illustrated in Figure 2.
Figure 2. Map showing select historical drill results (gold) and compiled soil geochemistry results (gold), underlain by property geology.
https://www.globenewswire.com/NewsRoom/AttachmentNg/59a929a5-3808-44f5-991f-12bb10537be0
Table 2 - Collar information for select historical drill holes (coordinates are in Datum WGS 84, zone 11N).
Hole ID | Easting (m) | Northing (m) | Azi (°) | Dip (°) | Depth (m) | Hole Type | Prospect |
M80R-028 | 723266 | 3933932 | 0 | -90 | 48.158 | RC | |
M87A-117 | 723260 | 3933934 | 0 | -90 | 28.346 | Air | |
M88A-158 | 723259 | 3934002 | 0 | -90 | 18.745 | Air | |
M90R-313 | 723474 | 3934088 | 0 | -90 | 59.436 | RC | |
M81R-035 | 723642 | 3935500 | 0 | -90 | 45.72 | RC | |
M80R-144 | 723286 | 3935151 | 0 | -90 | 54.254 | RC | Scout |
M80R-149 | 723293 | 3935146 | 0 | -90 | 54.254 | RC | Scout |
M87A-073 | 722858 | 3935278 | 0 | -90 | 18.288 | Air | Golden Door |
M87A-083 | 722884 | 3935276 | 0 | -90 | 32.004 | Air | Golden Door |
M85A-017 | 723749 | 3935203 | 0 | -90 | 18.288 | Air | Jim & Jerry |
M85A-025A | 723721 | 3935142 | 0 | -90 | 18.288 | Air | Jim & Jerry |
M81R-027 | 723862 | 3934687 | 0 | -90 | 53.34 | Air | |
M89A-244 | 723411 | 3934379 | 0 | -90 | 25.908 | Air | Apex |
Key Terms of Option Agreement
The Option Agreement on the Property calls for the Company to pay
Details of the Option Agreement will be available on the Company’s SEDAR profile at www.sedar.com.
Qualified Person
The scientific and technical information in this news release has been reviewed by
For a detailed overview of
ON BEHALF OF THE BOARD OF DIRECTORS
Per: “
President & CEO
For further information, please contact:
President & CEO
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 terms of the Option Agreement, exploration potential of the Property, the planned exploration of the Property and granting the Royalty 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; the Company’s ability to satisfy conditions precedent under the Option Agreement; 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
Neither the
Figure 1
Map showing compiled historical rock sampling results (gold) and location of historical workings/prospects.
Figure 2
Map showing select historical drill results (gold) and compiled soil geochemistry results (gold), underlain by property geology.
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