Prosper Gold Corp. Commences Initial Drill Program at the Matachewan Gold Project – Northern Ontario
TSX VENTURE: PGX
- Large prospective area (3,860 hectares) of mineral and patent claims covering 15km of the prolific Cadillac-Larder Lake Break (CLLB).
- First time this large section of the CLLB has been amalgamated.
- Claim block is between 3 and 16 km east of Alamos Gold’s Young Davidson Mine along the CLLB.
- Young-Davidson gold occurs in syenite: a number of syenite bodies are known on the claims.
- Two styles of gold targets: high grade gold veins and bulk gold in syenite.
- Favourable location and geology, including the discovery of Matachewan Consolidated and the Young Davidson mines, have driven exploration here.
VANCOUVER, British Columbia, Sept. 11, 2019 (GLOBE NEWSWIRE) -- Prosper Gold Corp. ("Prosper Gold" or the "Company") (TSXV:PGX) is pleased to announce that drilling has commenced at the Matachewan Project (the “Project”) along the Cadillac-Larder Lake Break in the Abitibi greenstone belt of northern Ontario and Quebec. The Middleton target will be the focus of initial drilling (see maps at www.prospergoldcorp.com/projects/ontario-projects). The Project is under option from O3 Mining Inc. (for further details, refer to the Company's March 1, 2016 news release).
“We are excited to begin drill-testing the Matachewan Project as it is a regional gold target area east of the producing Young Davidson Mine,” commented Peter Bernier, CEO. “The Project is in one of Canada’s richest gold camps and has not seen adequate modern exploration in decades. We eagerly await results from our Phase 1 drill program from this substantial land parcel along the Cadillac Larder Lake Break.”
Is near Middleton Lake, in the northeast part of the claim block, is prospective for syenite-hosted gold mineralization along syenite-basalt contacts. It adjoins the CLLB on its north side. 4 diamond drill holes and 15 percussion holes were drilled here between 1964 and 1997. All four diamond drill holes intersected long intervals of highly anomalous gold with coincident copper mineralization. For example C91-2 intersected 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 syenite with disseminated chalcopyrite and pyrite over a 600m by 200m area. Gold and copper assay results for these holes are not available.
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 historic drilling near Webb Lake and 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. Six shallow overburden holes above the Cobalt Group northeast of Moyneur Lake returned between 0.96 and 24.6 g/t Au.
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
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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