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Prosper Gold Corp. Earns 51% of Star Porphyry Copper Gold Project-Northwestern BC

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Prosper Gold Corp. Earns 51% of Star Porphyry Copper Gold Project-Northwestern BC

 

 

 

 

 

Prosper Gold Corp. (TSX-V:PGX) is pleased announce that the Company has earned a 51% direct interest in the Star Porphyry Copper Gold Project in northwestern British Columbia by fulfilling all conditions precedent of the first option pursuant to its July 15, 2013 option and joint venture agreement with Firesteel Resources Inc. A copy of the option and joint venture agreement is available on www.sedar.com.
 

The Company has paid $200,000 and issued 200,000 Prosper Gold common shares to Firesteel to earn a 51% interest in the Property. Prosper Gold intends to continue to advance the Property with an objective of fulfilling additional obligations that would increase the Company’s interest in the Property to 80%.
 

Star Project Highlights

 

 
 
--  5 confirmed porphyry Cu-Au targets (Star, Star North, Star East, Copper
    Creek, & Pyrrhotite creek) 
--  13,431 meters have been drilled at Star inclusive of historical drilling
    from 2004-7 
--  Multi-year area based (MYAB) notice of work permit for up to 200 drill
    location - Good until March 31, 2019  
--  30.4 line-km I.P. survey refining Star, Star North, and Star East
    targets 
--  3,586 Soil samples adding and expanding surface targets 
--  1,462 line-km airborne multi-parameter survey 
--  Mineralization remains open laterally and to depth
 

 

 

Pete Bernier, President and CEO, commented, “Prosper has now advanced the Star copper gold porphyry system to have vested a 51% interest in the Property and is close to vesting an 80% interest, two and a half years ahead of schedule. The Star discovery remains open for extension in several directions with 4 other confirmed targets to drill. We look forward to advancing the project further.”
 

Selected Drill Result from Star

 

 
 
                                                                            
----------------------------------------------------------------------------
DDH       FROM (m)      TO (m)  INTERVAL (m)    Cu %  Au g/t  Ag g/t  Cu Eq%
----------------------------------------------------------------------------
S005             0       242.3         242.3    0.44   0.321    1.38    0.62
----------------------------------------------------------------------------
S006             0       190.2         190.2    0.41   0.224    1.46    0.54
----------------------------------------------------------------------------
S021          2.74       223.1        220.36    0.42   0.216    1.88    0.55
----------------------------------------------------------------------------
S023          3.04      293.21        290.17    0.41   0.194    1.97    0.52
----------------------------------------------------------------------------
S024          4.88  317.04 EOH        312.16    0.37    0.24    0.69    0.51
----------------------------------------------------------------------------
S025             7         276           269    0.42    0.20    0.61    0.54
----------------------------------------------------------------------------
S026            11     274 EOH           263    0.35    0.15    0.63    0.44
----------------------------------------------------------------------------
S027             7         341           334    0.35    0.11    0.84    0.41
----------------------------------------------------------------------------
S028             8         152           144    0.45    0.26     0.8    0.60
----------------------------------------------------------------------------
S029            11         263           252    0.34    0.21    0.71    0.46
----------------------------------------------------------------------------
S037           3.1     664 EOH         660.9    0.22    0.11    0.42    0.29
----------------------------------------------------------------------------
S040           3.9     472 EOH         468.1    0.26    0.07    0.43    0.29
----------------------------------------------------------------------------
S041          3.73     202 EOH        198.27    0.38    0.19    0.70    0.49
----------------------------------------------------------------------------
S043             7     442 EOH           435    0.24    0.07    0.40    0.28
----------------------------------------------------------------------------
S045         12.02     119 EOH        106.98    0.77    0.41    1.02    1.00
----------------------------------------------------------------------------
incl         12.02          76         63.98    1.12    0.59    1.30    1.47
----------------------------------------------------------------------------
S046         13.85     271 EOH        257.15    0.31    0.17    0.50    0.41
----------------------------------------------------------------------------
incl            30          96            66    0.53    0.30    0.72    0.71
----------------------------------------------------------------------------
incl            20         108            88    0.46    0.27    0.67    0.62
----------------------------------------------------------------------------
S048          2.06          79         76.94    0.78    0.55    1.28    1.10
----------------------------------------------------------------------------
S048           123         411           288    0.33    0.15    0.56    0.42
----------------------------------------------------------------------------
S049             4         328           324    0.44    0.22    0.74    0.57
----------------------------------------------------------------------------
incl             4         184           180    0.54    0.29    0.95    0.71
----------------------------------------------------------------------------
incl           184         328           144    0.32    0.14    0.48    0.40
----------------------------------------------------------------------------
                                                                            
Note: Widths reported are drill widths; true widths are unknown. Assays are 
uncut, length-weighted average values. Copper equivalent (Cu Eq%) values are
given for illustration to express the aggregate content of copper and gold  
as a percent copper. They do not reflect the amount of metal that may be    
recovered should mining eventually occur. The calculation used is CuEq% =   
(Cu% + (Au g/t (i)0.583)) a formula which uses metal prices of US$3.00/lb   
Cu, US$1,200 per troy ounce Au.

 

Posted February 24, 2015

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