Prosper Gold Corp. Expands Cadillac-Larder Lake Land Package – Matachewan Ontario
TSX VENTURE: PGX
VANCOUVER, British Columbia, May 07, 2019 (GLOBE NEWSWIRE) -- Prosper Gold Corp. (“Prosper Gold” or the “Company”) (TSXV: PGX) is pleased to announce that it has expanded its Matachewan Project in Ontario (the “Project”). Prosper has increased the land package by staking additional ground adjacent to the optioned and purchased claims. (See the Company’s March 1, 2016 and April 2, 2019 news releases for option and purchase details).
Pete Bernier, President and CEO, comments. "Prosper Gold’s team has identified a regional gold target area beginning 3km east of the producing Young Davidson Mine. We have greatly expanded our land position along the Cadillac Larder Lake Break and are excited to begin testing these targets."
Project Highlights: Maps of the project boundaries and targets at www.ProsperGoldCorp.com
- Large prospective area (3,860 hectares) of mineral and patent claims covering 15km of the Cadillac Larder Lake Break (CLLB).
- Immediately east of Matachewan and 3km from the Young Davidson Mine.
- Favorable location and geology, including the discovery of Matachewan Consolidated and the Young Davidson mines, have driven intense exploration in this region.
- Two styles of gold targets: high grade gold veins and bulk gold in syenite.
- Young-Davidson gold occurs in syenite: a number of syenite bodies are known on the claims.
- First time this large, previously segmented, piece of ground has been amalgamated.
- Systematic drill program planned for 2019.
3 targets have been identified by Prosper Gold’s team. The first target is near Middleton Lake in the northeast part of the claim block. It is prospective for syenite-hosted gold mineralization localized along syenite-basalt contacts immediately north of the CLLB. 4 diamond drill holes and 15 percussion holes have been drilled at this target between 1964 and 1997. All four diamond drill holes in this area intersected long intervals of gold with coincident copper mineralization. Highlights include C-91-2 intersecting 99m of 0.70 g/t Au & 0.20% Cu from 20.5m to 119.5m in syenite. WK-4 (1997) intersected 43.5m of 0.91 g/t Au & 0.15% Cu including 15m of 1.74 g/t Au & 0.24% Cu between 215m to 258.5m in syenite. The 15 percussion holes, completed in 1975, intersected copper mineralization over a 600m by 200m area. These holes were not analysed for gold.
The second target, a 2 km stretch between Webb Lake and northeast of Moyneur Lake, is a zone of sheared altered metasedimentary rocks intruded by small syenite bodies. It includes the historic drilling near Webb Lake and the RC drill results from Pamour. Appreciable thicknesses of low-grade gold mineralization were intersected in Minorex drilling near Webb Lake. RC drill results from Pamour drilling suggest higher-grade gold mineralization is possible. Six shallow overburden holes above the Cobalt Group northeast of Moyneur Lake returned between 0.96 and 24.6 g/t Au.
A third promising target for testing is the CLLB beneath the Cobalt Group in the central part of the property. High grade, structurally constrained, Kirkland Lake type mineralization is the goal. The only hole to pierce a 2.5km stretch of this structure (MAT-08-06A) intersected some 15m of anomalous gold mineralization. The sub-Cobalt geology known from limited drilling indicates the area is underlain by variolitic komatiitic basalt.
Excellent geological maps for the area are available from the Ontario Geological Survey (OGS), as are a range of high-quality geophysical data. Till and lake sediment surveys covering the area have also been carried out by OGS. These surveys confirm the several anomalous areas worthy of follow-up.
The technical information in this news release has been reviewed and approved by Dirk Tempelman-Kluit, PhD, P.Geo., VP Exploration and Director of the Company and a Qualified Person under National Instrument 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS
Per: “Peter Bernier”
President & CEO
For further information, please contact:
President & CEO
Prosper Gold Corp.
Cell (250) 316-6644
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 Matachewan Project, 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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