Prosper Gold (PGX.V): Reports Drill Results and Outlines Additional Targets at Golden Sidewalk Project, Red Lake, ON

VANCOUVER, British Columbia, May 17, 2022 (GLOBE NEWSWIRE) — Prosper Gold Corp. (“Prosper Gold” or the “Company“) (TSXV:PGX) reports remaining results from its inaugural drilling program and the outlining of an additional high-priority, kilometre-scale target at the Golden Sidewalk Project Red Lake, Ontario.

Golden Corridor Diamond Drilling

Over the course of its 2022 winter drilling program, the Company has completed 6,741 metres in 21 drill holes over 2.8 kilometres of the Golden Corridor trend (Figure 1). Drilling continues to outline a large hydrothermal system with associated ankerite ± biotite alteration and gold mineralization over a 2.8 kilometres long trend and to depths of over 500 m. Significant gold intercepts are outlined in Table 1 below.

Mineralization encountered in drilling at the Golden Corridor to date occurs in three dominant styles:

1. Arsenopyrite-pyrite-pyrrhotite ± gold in quartz-carbonate veins.
2. Pyrite ± gold in quartz-ankerite veins within mafic interbeds internal to sheared ultramafic unit.
3. Arsenopyrite-pyrite-pyrrhotite replacing sulphide and oxide facies Banded Iron Formation and associated with silicification ± quartz veining.

“The Company has been aggressively drilling the Golden Corridor for the past eleven months, as well as developing additional target areas on our large land position,” commented Peter Bernier, CEO. “Moving forward, we look to advance and drill test the most compelling targets outlined in 2021 which will include targeting higher grade domains at the Golden Corridor.”

The Company has commissioned a third-party structural study on the 2021/2022 Golden Corridor drilling. Interpretation of all oriented core and televiewer data will provide insight into targeting higher grade domains within the varying lithological and structural settings (Figures 2 & 3) that make up the overall hydrothermal system.

Figure 1. Plan map of drill holes along mineralized trend of Golden Corridor.
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Figure 2. Plan map showing various lithological and structural settings associated with gold mineralization at the Golden Corridor.
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Figure 3. Schematic geological cross section showing lithological and structural settings associated with gold mineralization at the Golden Corridor.
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Table 1. Significant assays from 2022 diamond drilling.

^{** true widths are unknown}

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

Additional High Priority Target Area – Skinner North

Between June 2020 and October 2021, the Company has been defining exploration targets at the Skinner North target area. Results from Prosper Gold’s rock chip sampling at the Skinner North showing include 16.3 g/t gold and 13.7 g/t gold from east-west trending quartz veins. The veins are up to 0.5 m wide with iron-carbonate and biotite wall-rock alteration. The Skinner North target area is characterized as a series of east-west trending faults and shears with strong alteration and local gold mineralization. The faults and shears are axial planar to kilometre-scale, east-northeast plunging folds.

There are numerous historical trenches and pits at the Skinner North target area where glacial cover is shallow. Thicker glacially deposited sand has made exploration in this area challenging, however, till sampling in this area was made possible by utilizing the 2021 LiDAR imagery to pick out sites where basal till is exposed through the thicker sand cover. The results from the 2021 till sampling completed in late 2021 have outlined a 3-kilometre gold grain-in-till train with individual samples containing up to 1,014 gold grains (Figure 4).

The presence of gold mineralization in surface exposures associated with east-west trending axial planar faults in a favourable geological and structural setting now supported by a significant gold grain-in-till anomaly has made the Skinner North a high priority exploration target. Prosper will begin groundwork at this never before drilled area upon its return to the project after Spring break up.

Figure 4. Plan map showing all till samples collected and processed by Prosper Gold on the Golden Sidewalk Project and select rock samples.
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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. An additional highly prospective target area was defined in 2021, termed the Skinner North Target Area, where rock samples up to 16.3 g/t gold and till samples containing up to 1,014 gold grains have not been followed up with drilling.

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.

For a detailed overview of Prosper Gold please visit www.ProsperGoldCorp.com.

ON BEHALF OF THE BOARD OF DIRECTORS

Per: “Peter Bernier”
Peter Bernier
President & CEO

For further information, please contact:

Peter Bernier
President & CEO
Prosper Gold Corp.
Cell: (250) 316-6644
Email: [email protected]

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 Golden Sidewalk 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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.