QUESNEL, BRITISH COLUMBIA–(Marketwired – Sept. 6, 2016) – Prosper Gold Corp. (“Prosper Gold” or the “Company”) (TSX VENTURE:PGX) is pleased to announce that drilling has commenced at the Ashley Gold Project (the “Project”) in the Abitibi greenstone belt of northern Ontario. The Ashley-Garvey target area will be the focus of initial drilling. (See Targeting Maps at www.ProsperGoldCorp.com)
“We are excited to begin drill-testing the Ashley Gold Project,” commented Peter Bernier, CEO. “The Project is in the heart of one of Canada’s richest gold camps and has not seen adequate modern exploration in decades. Our team has been systematically exploring the Project for new discoveries and we are eager for results from our Phase 1 drill program.”
The Ashley Mine is a high-grade quartz vein system similar to the lodes of the Kirkland Lake gold camps along the western part of the Cadillac-Larder Lake break. The Ashley Mine produced 50,099 ounces of gold from 157,636 tons of ore (0.32 oz. Au/ton) from the main Ashley vein between 1932 and 1937. The Ashley vein, hosted in Archean Tisdale Group basalt, is a sheeted quartz vein with visible gold, telluride and minor pyrite, chalcopyrite, galena and sphalerite. The Project is under option (for further details, refer to the Company’s February 29 & March 1, 2016 news releases).
Six other gold bearing veins are known on the Project (Garvey, McGill, Sunisloe, Ezra, McCollum, Ashley West and Galahad). Of these the Garvey, about 1.3 kilometres northwest of Ashley, and Ashley West, about 1 km west of Ashley, are first priority. A 26 ton bulk sample from Garvey is reported to have yielded 0.86 oz Au/ton.
Airborne surveys were completed in early August and preliminary magnetic, resistivity and gravity results were received. Interpretation of the airborne results has been scrutinized and used in drill targeting for structural definition and stratigraphic refinement. Magnetic and resistivity data from the airborne survey reveal a powerful WNW trending fabric thought to reflect the northwest continuity of the Cadillac Larder Lake break.
Topography was analyzed to identify linear bedrock discontinuities using high resolution aerial imagery collected over the project area this season. Five north trending topographic breaks in bedrock were discovered over 1.5 km of high ground between the Ashley Mine and Garvey showings. These are interpreted as a cross-structural shear array in the general WNW trending sinistral zone of strain represented by the Cadillac Larder Lake break.
Soils from the B-horizon were collected from 6,350 locations in three grids with 50m sample spacing on lines 100 m apart. Analytical results have been received for 3400 samples. The new soil results reveal a strong gold-tellurium-bismuth-in-soil anomaly over the Ashley Mine. The anomaly extends northward and defines a new untested, north trending, multi-element soil anomaly 1750 m long and 300 to 800 m wide.
Drill targeting was focused on structural and regional geology. Structural to identify breaks to control or host mineralization and regional geology to delineate intrusive bodies. This involved geological compilation, supplemented with results from the geophysical and geochemical surveys carried out this summer and with analysis of high resolution aerial imagery.
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
Peter Bernier, President & CEO
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 Ashley Gold 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.
President & CEO
Prosper Gold Corp.