Prosper Gold Corp. (TSX-V:PGX) is pleased to report that it has now intersected gold mineralization along 2.8 kilometres of the Golden Corridor trend at the Golden Sidewalk Project Red Lake, Ontario. The Company has completed reconnaissance drilling totaling 21,103 metres in 66 diamond drill holes over 4.8 kilometres of the Golden Corridor (Figure 1). Drilling continues to outline a large hydrothermal system, intersecting ankerite ± biotite alteration with gold mineralization (Figure 2).

Highlights:

• Hydrothermal system with gold mineralization along 2.8 kilometres of structural corridor that is parallel and proximal to regional unconformity
• The system remains open to the east
• High grade intervals up to 22.7 g/t gold over 0.55 m
• Vein size, abundance, and degree of alteration increase with depth
• $2.5 M in Company treasury – drilling is ongoing

“Prosper has discovered a large hydrothermal system at the Golden Corridor,” commented Peter Bernier, CEO. “The presence of the unconformity, the geology, scale, alteration, widespread gold in drilling and the high till samples down-ice tells us we are on to something significant.”

The hydrothermal system drilled to date is approximately 2.8 kilometres long and remains open to the east. Mineralization and alteration assemblages are relatively consistent along the mineralized trend. Pyrite ± arsenopyrite ± visible gold occurs in quartz-ankerite ± biotite veins and within silica-ankerite ± biotite altered wallrock.

The Company has planned a series of deeper drill holes in the western portion of the system as vein thicknesses and hydrothermal alteration intensities are increasing at depth. Drill holes designed to test approximately 300 metres down-dip of the mineralized intercepts encountered in shallow drilling to date within the footwall (southern) fault zone at the western structural corridor. Observations in drill core to date have shown that higher temperature alteration, predominantly a silica-biotite assemblage, enveloping larger veins and vein arrays persists in deeper intersections.

Additional drilling is planned for the eastern portion of the system where several gold intercepts were encountered in recent drilling which will be followed up on, including 22.7 g/t gold over 0.55 metres in drill hole DD21GC039 (Table 1). Drilling in late 2021 in the eastern portion of the system at the Golden Corridor was successful in intersecting gold mineralized quartz-ankerite-pyrite veins and wallrock alteration. Drill holes DD21GC050 through DD21GC053 each intersected several intervals of gold mineralization below the footwall fault that coincides with the ultramafic-mafic volcanic contact.

Graphics accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/5076ac90-8411-4b5e-98fa-9d9f480dede2

https://www.globenewswire.com/NewsRoom/AttachmentNg/8ca6bb57-fc66-46b6-bb47-4329aa79c857

Table 1. Significant assays received to date.

** true widths are unknown

Table 2. Drill collar details of specified drill holes (coordinates provided in UTM NAD83, zone 15).

About the Golden Sidewalk

The Golden Sidewalk is a district-scale gold exploration project covering over 160 square kilometres of contiguous mineral claims and mining leases (see the Company’s Aug. 10, Sept. 8, and Sept. 15, 2020 news releases for details) in the western Birch-Uchi Greenstone Belt, approximately 60 km east of Red Lake, Ontario. The vehicle-accessible project straddles 12 kilometres of the Balmer Assemblage – Narrow Lake Assemblage unconformity, a regional-scale feature that has been the Red Lake exploration guide, but which has seen limited exploration in the project area. The “Golden Corridor” lies immediately north of the unconformity and is characterized as a highly prospective trend of coincident favourable magnetic and resistivity lineaments supported by highly anomalous gold-in-till samples covering 7.0 by 0.5 kilometres.

QA/QC Procedures

Quality assurance and quality control measures implemented by the Company include the insertion of certified reference materials in the sample sequence at a rate of 1 in 20 for both blank material and certified reference standards. Analytical results for reference standard and blank samples are scrutinized internally to ensure adequate analytical precision and accuracy in both sample preparation and instrumental procedures. A chain of custody from drilling to laboratory is strictly monitored to ensure sample and analytical integrity and reliability. Half-split core samples are sent to AGAT Laboratories in Thunder Bay, Ontario, where they are analyzed in 50-gram aliquots using Fire-Assay with ICP-OES finish. Any overlimit analyses (>10 g/t Au) are re-analyzed with a pulp metallic screen method designed to give the most accurate representation of gold concentration in each sample. AGAT Laboratories in Thunder Bay, ON, is an accredited testing laboratory having been assessed by the Standards Council of Canada (SCC) and found to conform with the requirements of ISO/IEC 17025:2017.

Qualified Person

The scientific and technical information in this news release has been reviewed by Rory Ritchie, P.Geo., Vice-President of Exploration for Prosper Gold and a Qualified Person under National Instrument 43-101.