QUESNEL, BRITISH COLUMBIA–(Marketwired – March 6, 2017) – Prosper Gold Corp. (“Prosper Gold” or the “Company“) (TSX VENTURE:PGX) announces a 10,000m drill program at the Ashley Gold Project (the “Project”) in Northern Ontario. Phase 2 will target the recently discovered Ashley breaks adjacent to the Ashley Mine, a Kirkland Lake style gold target. Drilling will also test the Galahad, a Young-Davidson style target, for structurally controlled gold in the Galer Fault. An updated Ashley Gold Project presentation is available at www.prospergoldcorp.com/s/ashley.asp.
Geophysical data from last summer’s CGG airborne survey shows generally continuous west-northwest magnetic banding over the entire survey area. This is interpreted to reflect alternate layers of magnetic basalt of the Blake River Assemblage. Directly south of the Ashley Mine area the regular magnetic striping is profoundly disturbed in a newly discovered 3 km by 1 km area (Ashley Breaks). The disturbed magnetic striping is interpreted to reflect at least five branching strands of a steeply dipping fault zone. The Ashley Breaks is considered to represent a displacement transfer zone in a sinistral strike slip fault. The magnetic expression is traced eastward from the Ashley Breaks about 8 km where it joins the Cadillac-Larder Lake break, north of the Powell Syenite.
The Ashley Breaks have many characteristics of the Kirkland Lake and Timmins gold camps. 4,000m of drilling is planned to test the multiple Ashley Breaks at branches, bends and splays along their length.
Similar to Young-Davidson, the Galahad is on a steeply dipping deep crustal break called the Galer Fault, a branch of the Cadillac-Larder Lake Break. The structure juxtaposes Abitibi greenstone on the north side and intermediate volcanic rocks on the south. The Galer Fault contains slices of ultramafic rocks, syenite and green carbonate (fuchsite mariposite bearing ferrocarbonate), classic host rocks and alteration seen at many Timmins and Kirkland Lake gold deposits including Young-Davidson.
“The newly discovered Ashley Breaks gives Prosper’s geological team the structural context for the Ashley and Garvey gold veins and links it to known gold deposits in the area. Our crews are mobilizing in late March for this fully funded drill program. We are eager to systematically test these targets,” commented Peter Bernier, President and CEO.
The scientific and technical information in this news release has been reviewed by Dirk Tempelman-Kluit, PhD, P.Geo., a Qualified Person under National Instrument 43-101.
For a detailed overview of Prosper Gold please visit www.ProsperGoldCorp.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Peter Bernier, President & CEO
Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, and “intend”, statements that an action or event “may”, “might”, “could”, “should”, or “will” be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein including, without limitation, statements about the planned exploration of the Ashley Gold mine, are forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the need for additional financing; operational risks associated with mineral exploration; fluctuations in commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; the potential for conflicts of interest among certain officers, directors or promoters with certain other projects; the absence of dividends; competition; dilution; the volatility of our common share price and volume and the additional risks identified the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.
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President & CEO