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Prosper Gold Extends Length of Gold-bearing System at Golden Corridor to 2.8 km, Intercepts Include 22.7 g/t Gold over 0.55 m – Golden Sidewalk Project, Red Lake, ON

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Prosper Gold Extends Length of Gold-bearing System at Golden Corridor to 2.8 km, Intercepts Include 22.7 g/t Gold over 0.55 m – Golden Sidewalk Project, Red Lake, ON

 

 

 

 

 

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.

 

Hole ID From (m) To (m) Interval (m) Au (g/t)
DD21GC001 46.5 48 1.50 1.15
and 213 214.5 1.50 1.74
         
DD21GC004 362.7 364.7 2.00 2.36
         
DD21GC005 272.5 273.6 1.10 5.07
         
DD21GC011 162.5 164 1.50 3.89
         
DD21GC014 49 50 1.00 1.46
         
DD21GC020 120.5 121.8 1.30 1.79
and 249 252 3.00 2.03
         
DD21GC023 127 128.5 1.50 1.05
and 340 353.5 13.50 0.46
         
DD21GC030 156.65 157.15 0.50 5.63
and 191.5 192.7 1.20 1.73
         
DD21GC031 89 100 11.00 0.35
         
DD21GC033 266.39 267.39 1.00 1.19
         
DD21GC035 51.4 52.2 0.80 7.81
         
DD21GC036 299 300 1.00 4.82
         
DD21GC038 104.5 105.6 1.10 1.95
         
DD21GC039 76.55 77.1 0.55 22.70
         
DD21GC042 91.5 93.5 2.00 0.94
         
DD21GC044 206.93 208.88 1.95 1.99
         
DD21GC046 105.31 112 6.69 0.25
and 139.5 140.5 1.00 1.25
and 202.5 204 1.50 2.04
and 285 286 1.00 1.36
         
DD21GC049 65 66 1.00 1.11
and 137 138.5 1.50 1.13
         
DD21GC050 77 78.5 1.50 1.73
and 207.5 209 1.50 1.30
and 254 255 1.00 1.20
         
DD21GC051 218 221 3.00 1.13
and 256.5 259 2.50 1.49
and 302 303 1.00 3.89
and 306.2 307 0.80 4.50
and 333.9 334.7 0.80 2.43
         
DD21GC052 45 46 1.00 1.59
and 109.5 111.5 2.00 2.76
and 163.15 164.15 1.00 2.14
and 170 173 3.00 1.08
         
DD21GC053 85 86 1.00 2.51
and 168 169.6 1.60 3.03
and 194 196.5 2.50 1.99
and 216.4 217.22 0.82 2.63
         
DD21GC057 122.5 123.5 1.00 1.04
         
DD21GC058 146.5 149.3 2.80 2.06
and 152 153 1.00 1.14
         
DD21GC060 193 193.5 0.50 1.97
         
DD21GC062 167.35 167.85 0.50 1.1
and 174.85 175.7 0.85 1.56
         
DD21GC063 39.85 41.5 1.65 1.69
and 312.5 328 15.5 0.2
         
DD21GC065 51 53 2 1.25
         
DD21GC066 276.5 277 0.5 1.02

** true widths are unknown

 

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

 

Hole ID Easting (m) Northing (m) Azimuth (°) Dip (°) Length (m)
DD21GC001 509052 5672912 355 -46 420
DD21GC004 509150 5672906 354 -45 542
DD21GC005 508900 5672912 2.5 -44 302
DD21GC011 509041 5672950 0 -45 209
DD21GC014 508506 5672741 180 -45 305
DD21GC020 509353 5673275 180 -45 353
DD21GC023 510131 5672924 315 -45 386
DD21GC030 509600 5672921 340 -45 320
DD21GC031 509502 5672915 340 -45 296
DD21GC033 509402 5672918 340 -45 323
DD21GC035 509419 5672870 340 -45 283
DD21GC036 509936 5673286 180 -45 407
DD21GC038 510811 5672735 10 -45 284
DD21GC039 510811 5672735 190 -45 302
DD21GC042 510609 5672793 10 -45 332
DD21GC044 510328 5672891 10 -45 299
DD21GC046 509936 5672925 330 -45 317
DD21GC049 509455 5672906 340 -45 350
DD21GC050 511050 5672657 10 -45 350
DD21GC051 511137 5672610 10 -45 371
DD21GC052 511543 5672417 10 -45 344
DD21GC053 511628 5672364 10 -45 362
DD21GC057 509475 5673193 180 -45 260
DD21GC058 509555 5673153 180 -45 260
DD21GC060 509715 5673153 180 -45 260
DD21GC062 509315 5673193 180 -45 269
DD21GC063 509839 5673170 180 -85 452
DD21GC065 509315 5673194 180 -80 482
DD21GC066 509554 5673185 180 -80 470

 

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.

 

Posted January 17, 2022

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