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Prosper Gold Corp. Acquires Extensive Land Position Surrounding Recently Optioned High Grade Ashley Gold Mine & Young Davidson Mine Area-Ontario

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Prosper Gold Corp. Acquires Extensive Land Position Surrounding Recently Optioned High Grade Ashley Gold Mine & Young Davidson Mine Area-Ontario

 

 

 

 

 

Prosper Gold Corp. (TSX-V:PGX) is pleased announce that it has entered into a definitive agreement with Alexandria Minerals Corporation (TSX-V:AZX) whereby Alexandria has granted the Company the option to acquire a 90% interest in the Wydee and Matachewan claims in central Ontario which cover approximately 30 km of strike of the Cadillac fault system, extending west and east of the Young Davidson Gold Mine.

 

 

The western parcel, the Wydee Claims, surrounds the Historic Ashley Mine and covers 4,795 ha. The Matachewan Claims, 2235 Ha, are contiguous to the Eastern edge of the Young Davidson claims. The two optioned parcels are at the southwestern part of the Abitibi Greenstone Belt and the west part of the Cadillac-Larder Lake fault system. Historically the Abitibi belt produced 160 million ounces of gold with about one third from the Cadillac Larder Lake system.

 

 

The Matachewan option has known gold showings, gold intersections in several drill holes, a large area of anomalously high gold-in-soil, and a three kilometer section of the Cadillac-Larder Lake covered under Cobalt Group Proterozoic sedimentary rocks.

 

 

The Wydee option has several syenite bodies that resemble the Young-Davidson host rocks. A number of syenite bodies have been identified with coincident magnetic lows and will be systematically tested.

 

 

Acquisition Highlights:

 

  • Large prospective area (7,030 hectares) at west of Cadillac-Larder Lake trend in two blocks straddling Young-Davidson mine
  • Wydee block surrounds the high grade Ashley Gold Mine with historic production recently optioned by Prosper Gold
  • Two styles of gold targets: high grade gold veins and bulk gold in syenite
  • Young-Davidson gold occurs in syenite: a number of untested syenite bodies are known on the claims
  • Aggressive exploration program, including drilling, planned for 2016

 

 

Pete Bernier, President and CEO, comments. “Prosper Gold has identified a regional gold target area, west and east of the producing Young Davidson Mine. We have greatly expanded our land position in the area surrounding the Ashley Gold Mine and look forward to exploring the bulk tonnage targets in the region.”

 

 

The Option Agreement on the Properties calls for the Company to issue up to 750,000 Prosper Gold shares and for work expenditures totaling $5,000,000 over 5 years in order for the Company to earn a 75% interest in the Properties. Upon the Company acquiring a 75% interest in a Property, the Company and Alexandria will enter into a joint venture for the exploration and development of the Property. The Company may earn a further 15% interest in a Property upon completion of a National Instrument 43-101 resource calculation of 1.5M oz Au. Details of the Option Agreement will be available on the Company’s SEDAR profile at www.sedar.com.

 

Posted March 1, 2016

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