Prosper Gold Corp. Resumes Trading; Starts Drilling at Sheslay Porphyry Copper Gold Project-British Columbia
03.09.2013 | Marketwire
QUESNEL, BRITISH COLUMBIA -- (Marketwired - Sept. 3, 2013) - Prosper Gold Corp. ("Prosper Gold" or the "Company") (TSX VENTURE:PGX) is pleased to announce that effective at the opening of trading on the TSX Venture Exchange ("TSXV") today, September 3, 2013, the common shares of the Company will resume trading on the TSXV under the trading symbol "PGX". This follows the previously announced qualifying transaction (May 7, 2013 news release) in which Prosper Gold may acquire up to an 80% interest in certain mining claims on the Sheslay porphyry copper gold property (the "Property") located in northwestern British Columbia.Prosper Gold has commenced a Phase 1 diamond drill program on the Star discovery and will complete a deep penetration IP survey over the entire 12 square kilometre target area, covering a cluster of 5 copper gold bearing porphyry targets.
The Property
The Property is located within the Stikine Arch, a region that hosts a number of significant porphyry copper-gold deposits, including: the Red Chris Deposit with Proven and Probable Reserves of 301.5 million tonnes grading 0.359% Cu and 0.274 g/t Au, plus a Measured and Indicated Resource of 936.2 million tonnes grading 0.374% Cu and 0.385g/t Au, and the Galore Creek Deposit with Proven and Probable Reserves of 528 million tonnes grading 0.6% Cu, 0.32 g/t Au and 6.02 g/t Ag, plus a Measured and Indicated Resource totaling 287 million tonnes at a grade of 0.33% Cu and 0.27 g/t Au. Colorado Resources Ltd.'s North Rok property, where discovery hole NR 13-001 intersected 242 m @ 0.63% Cu and 0.85 g/t Au, is also located within the Stikine Arch. The Company's qualified person has not verified the above published information and cautions that it is not necessarily indicative of the mineralization on the Sheslay Property.
Porphyry copper-gold mineralization occurs on the Sheslay Property, defined by significant historical work completed by different operators from the 1970's to 2007. Five drill ready targets have been identified to date: (Star, North Star, East Star, Copper Creek and Pyrrhotite Creek). Four of the five porphyry style targets are permitted for drilling and clustered within a 12 square kilometre Star target area. There are multiple distinct porphyry style targets also occur in the Pyrrhotite Creek area located to the southwest.
Star Target
- Drilled between 2004 and 2007, 23 holes for a total 4,469 metres covering approximately a 400 metre by 400 metre surface area. The Star target is open for extension in all directions with historical copper and gold in soil geochemical anomalies suggesting a target size at least twice the drilled area to date.
- Most holes intersected Triassic aged sub volcanic monzonite intrusive. It is not yet known if this is a multi phase intrusive system.
- Historical drill result summary shown in the attached table:
From To
Hole Number (collar) (EOH) Interval Cu Au
m M m % g/t
CC2004-01 3.00 239.90 236.90 0.32 0.18
CC2004-02 0.00 173.10 173.10 0.41 0.17
CC2004-03 0.00 240.80 240.80 0.23 0.06
CC2004-04 0.00 108.50 108.50 0.19 0.06
CC2004-05 0.00 242.30 242.30 0.44 0.32
CC2004-06 0.00 190.20 190.20 0.41 0.22
CC2004-07 1.00 330.40 329.40 0.32 0.11
CC2005-08 3.80 145.10 141.30 0.36 0.27
CC2005-09 3.00 145.08 142.08 0.44 0.25
CC2005-10 3.65 124.05 120.40 0.28 0.11
CC2005-11 1.50 118.87 117.36 0.34 0.14
CC2005-12 1.58 122.53 120.95 0.33 0.22
CC2005-13 1.50 118.87 117.37 0.21 0.09
CC2005-14 0.91 120.40 119.49 0.06 0.06
CC2005-15 1.52 158.50 156.98 0.29 0.22
CC2005-16 3.66 134.72 131.06 0.26 0.15
CC2005-17 2.20 106.05 103.85 0.36 0.21
CC2005-18 0.00 106.68 106.68 0.32 0.28
CC2005-19 6.10 102.11 96.01 0.26 0.09
CC2007-011 2.74 337.41 334.67 0.35 0.17
CC2007-021 2.74 223.10 220.36 0.42 0.21
CC2007-03 0.00 128.66 128.66 0.37 0.13
CC2007-041 3.04 293.21 290.17 0.41 0.19
1 includes hole extensions; note that overlapping footages has occurred in some cases, due to re-entering holes in badly fractured ground.
- Discovery hole CC2004-05, graded a weighted average of 0.44% Cu and 0.32g/t Au over 242.3 metres. The deepest hole, CC-2007-01, averaged 0.35%Cu and 0.17g/t Au over 337.4 metres.
- The Star target, based on historical exploration geophysical, geochemical and drill data, covers an approximate 700 metre by 500 metre area. The discovery is open to depth and extension laterally in all directions beyond this confirmed area. Mineralization is not restricted to specific rock types. Both the porphyry and bounding volcanic rocks are mineralized.
- Copper/gold ratios demonstrate notable consistency.
- Mineralization starts at the surface. Chalcopyrite occurs mainly as fine grained disseminations with pyrite and pyrrhotite, with lesser fracture controlled mineralization.
- Anomalously high gold and copper -in-soil anomalies directly coincide with historical defined chargeability and elevated magnetic geophysical anomalies. The 2013 IP and magnetic survey is designed to fully define each porphyry target laterally and to depth.
- Star surface trench results from 2004 graded 0.43% Cu and 0.25 g/t Au over 216 metres.
- Approximately 300 metres southwest of the historical drill sites, two additional trenches encountered mineralization within porphyritic intrusive, including 70 metres of 0.33% Cu and 24 metres of 0.51% Cu and 0.14g/t Au occur within the same host porphyry rock.
A drilling update is anticipated in the early part of October that will contain the initial assay results of the first diamond drill holes.
Brokerage Fees Correction
The Company announces a correction to the TSXV August 30, 2013 Prosper Gold Private Placement release. The text should read Axemen Resource Capital Ltd. and not Dundee Securities Ltd. in relation to agent fees and warrants.
Qualified Person
The scientific or technical information in this news release has been reviewed by Dr. 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
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 terms of the Option Agreement, exploration potential of the Property and terms of the proposed financing 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.
Contact
Prosper Gold Corp.
Peter Bernier, President & CEO
(250) 992-6644
(250) 992-6643 (FAX)
pete@prospergoldcorp.com
www.ProsperGoldCorp.com