Prosper Gold (PGX.V): Continues Golden Sidewalk Option – Red Lake, ON
VANCOUVER, British Columbia, Jan. 27, 2021 (GLOBE NEWSWIRE) — Prosper Gold Corp. (“Prosper Gold” or the “Company“) (TSXV:PGX) is pleased to announce that it has fulfilled the 6-month anniversary obligations of the previously announced option agreement for the Golden Sidewalk and Skinner Gold properties (the “Property”) (See the company’s August 10th, 2020 news release).
The Company has issued 50,000 Prosper Gold common shares to Sabina Gold and Silver Corp. (“Sabina”) (TSX:SBB) and incurred over $150,000 in exploration to date on the Property. Prosper Gold intends to fulfill additional obligations as described below with the objective of owning a 100% interest in the Property.
“In our first 6 months with this project, our team has completed surface rock & channel sampling, regional and infill till surveys and a high-resolution helicopter MAG/EM survey. We have identified a number of target areas and the Golden Corridor has become an exciting exploration target on its own with the recently outlined pristine gold grain-in-till anomaly,” commented Peter Bernier, CEO. “We look forward to drill testing and expanding the Golden Corridor to the east toward E-12 as well as following up on other areas identified by our team. We are fully funded for the 2021 exploration season and will announce our exploration plans in the coming weeks.”
Figure 1 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9363ed79-9cc0-4191-acfe-add966ea714d
| Golden Sidewalk- Skinner Option w/ Sabina Gold & Silver | |||||||||
| Date | Cash | PGX Shares | Exploration | % Acquired | Status | ||||
| TSXV Approval | $ | 20,000 | 50,000 | $ | 0 | 0 | % | Complete | |
| February 9, 2021 | $ | 0 | 50,000 | $ | 150,000 | 0 | % | Complete | |
| February 9, 2022 | $ | 10,000 | 250,000 | $ | 500,000 | 0 | % | ||
| February 9, 2023 | $ | 10,000 | 550,000 | $ | 750,000 | 70 | % | ||
| August 9, 2024 | $ | 10,000 | 600,000 | $ | 1,200,000 | 100 | %(1) | ||
| Total | $ | 50,000 | 1,500,000 | $ | 2,600,000 | 100 | % | ||
Note: (1) Subject to a 2% NSR on certain claims/leases in favour of Sabina, 1% of which can be repurchased by the Company upon payment of $1 million to Sabina.
Table 1. Option Agreement Terms with Sabina
For a detailed overview of Prosper Gold visit www.ProsperGoldCorp.com
