Sep 7 2016
Prosper Gold Corp. ("Prosper Gold" or the "Company") is pleased to announce that drilling has commenced at the Ashley Gold Project (the "Project") in the Abitibi greenstone belt of northern Ontario. The Ashley-Garvey target area will be the focus of initial drilling. (See Targeting Maps at www.ProsperGoldCorp.com)
"We are excited to begin drill-testing the Ashley Gold Project," commented Peter Bernier, CEO. "The Project is in the heart of one of Canada's richest gold camps and has not seen adequate modern exploration in decades. Our team has been systematically exploring the Project for new discoveries and we are eager for results from our Phase 1 drill program."
The Ashley Mine is a high-grade quartz vein system similar to the lodes of the Kirkland Lake gold camps along the western part of the Cadillac-Larder Lake break. The Ashley Mine produced 50,099 ounces of gold from 157,636 tons of ore (0.32 oz. Au/ton) from the main Ashley vein between 1932 and 1937. The Ashley vein, hosted in Archean Tisdale Group basalt, is a sheeted quartz vein with visible gold, telluride and minor pyrite, chalcopyrite, galena and sphalerite. The Project is under option (for further details, refer to the Company's February 29 & March 1, 2016 news releases).
Six other gold bearing veins are known on the Project (Garvey, McGill, Sunisloe, Ezra, McCollum, Ashley West and Galahad). Of these the Garvey, about 1.3 kilometres northwest of Ashley, and Ashley West, about 1 km west of Ashley, are first priority. A 26 ton bulk sample from Garvey is reported to have yielded 0.86 oz Au/ton.
Airborne surveys were completed in early August and preliminary magnetic, resistivity and gravity results were received. Interpretation of the airborne results has been scrutinized and used in drill targeting for structural definition and stratigraphic refinement. Magnetic and resistivity data from the airborne survey reveal a powerful WNW trending fabric thought to reflect the northwest continuity of the Cadillac Larder Lake break.
Topography was analyzed to identify linear bedrock discontinuities using high resolution aerial imagery collected over the project area this season. Five north trending topographic breaks in bedrock were discovered over 1.5 km of high ground between the Ashley Mine and Garvey showings. These are interpreted as a cross-structural shear array in the general WNW trending sinistral zone of strain represented by the Cadillac Larder Lake break.
Soils from the B-horizon were collected from 6,350 locations in three grids with 50m sample spacing on lines 100 m apart. Analytical results have been received for 3400 samples. The new soil results reveal a strong gold-tellurium-bismuth-in-soil anomaly over the Ashley Mine. The anomaly extends northward and defines a new untested, north trending, multi-element soil anomaly 1750 m long and 300 to 800 m wide.
Drill targeting was focused on structural and regional geology. Structural to identify breaks to control or host mineralization and regional geology to delineate intrusive bodies. This involved geological compilation, supplemented with results from the geophysical and geochemical surveys carried out this summer and with analysis of high resolution aerial imagery.
Qualified Person
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