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
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DDH FROM (m) TO (m) INTERVAL (m) Cu % Au g/t Ag g/t Cu Eq%
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S005 0 242.3 242.3 0.44 0.321 1.38 0.62
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S006 0 190.2 190.2 0.41 0.224 1.46 0.54
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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
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S028 8 152 144 0.45 0.26 0.8 0.60
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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
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incl 30 96 66 0.53 0.30 0.72 0.71
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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
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S048 123 411 288 0.33 0.15 0.56 0.42
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S049 4 328 324 0.44 0.22 0.74 0.57
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incl 4 184 180 0.54 0.29 0.95 0.71
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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.
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