Prosper Gold Drill Confirms Star Porphyry Copper Gold Discovery: Sheslay Project-Northwestern BC
30.09.2013 | Marketwire
- DDH S024: 0.37 % Cu, 0.24 g/t Au over 312.16 m- DDH S025: 0.42 % Cu, 0.20 g/t Au over 269.00 m
- DDH S026: 0.35 % Cu, 0.15 g/t Au over 263.00 m
QUESNEL, BRITISH COLUMBIA -- (Marketwired - Sept. 30, 2013) - Prosper Gold Corp. ("Prosper Gold" or the "Company") (TSX VENTURE:PGX) is pleased to report results from the first three drill holes of a six hole 2339.74 metre drill program completed on the Sheslay porphyry copper gold project (the "Property") located in northwestern British Columbia. This follows the previously announced qualifying transaction with Firesteel Resources Inc. (May 7, 2013 news release) in which Prosper Gold may acquire an 80% interest in the 6,829 hectare Property.
Drill Program
Drilling during late August and September focused on the Star, the most advanced of five targets. The drilling confirmed the results of the historic drilling and tested for mineralization continuity to depth.
Assay results for the holes are tabulated below. Details are given on the company website at www.ProsperGoldCorp.com.
DDH From(m) To(m) Intersection(m) Cu % Au gpt Ag gpt Cu Eq %*
S024 4.88 317.04 EOH 312.16 0.37 0.24 0.69 0.84
incl 4.88 82 77.12 0.66 0.55 1.11 1.02
incl 82 115 33 0.21 0.11 0.38 0.28
incl 115 201 86 0.34 0.16 0.38 0.45
incl 201 251 50 0.18 0.06 0.35 0.23
incl 251 287 36 0.38 0.19 0.7 0.51
incl 287 317.04 30.04 0.21 0.11 0.42 0.28
S025 7 276 269 0.42 0.20 0.61 0.88
incl 7 22 15 0.13 0.05 0.27 0.27
incl 22 259 237 0.46 0.22 0.65 0.95
incl 140 161 21 0.83 0.46 1.12 1.13
incl 259 276 17 0.17 0.06 0.32 0.32
S026 11 274 EOH 263 0.35 0.15 0.63 0.71
incl 11 108 97 0.19 0.06 0.36 0.23
incl 108 273 165 0.44 0.20 0.78 0.57
Widths reported are drill widths; true widths are unknown. Assays are uncut, length-weighted average values.
*Copper equivalent (Cu Eq%) values are given for illustration to express the aggregate content of copper, gold and silver as a percent copper. This is calculated assuming 100% metal recovery using metal prices of US$3.00/lb Cu, US$1,300 per troy ounce Au and US$20 per troy ounce silver. The calculation used is CuEq=Cu%+(Au g/t*0.632)+(Ag g/t*0.0097).
The holes intersected highly altered, strongly veined and pervasively mineralized medium andesite and related volcano-sedimentary rocks. They are correlated with the Late Triassic Stuhini Group. The rocks are intensely, irregularly and intricately fractured and broken on centimeter to millimeter scales. Alteration and mineralization are facilitated and in part localized by the fractures. A range of alteration types and vein styles is seen. Alteration includes silicification, potassic Kspar and biotite, magnetite, sericite, epidote and chloritization. Veins include B type quartz veins and D type pyrite veins. Alteration and veining are pervasive and intensity ranges from mild to strong; fresh rocks are rare. Disseminated and fracture controlled chalcopyrite is the primary mineral of interest.
The assay results reveal strong correlation between copper, gold and silver in each drill hole. Results also demonstrate that Cu-Au-Ag mineralization is independent of rock type. Notable is that mineralization is generally stronger where magnetic susceptibility is elevated. Magnetite alteration in veins, fracture fills and replacements is common where the susceptibility is elevated.
"Pending drill holes have confirmed copper bearing porphyry style mineralization to a depth of 598m from surface. This is the deepest confirmed mineralization to date. Results for the remaining three drill holes will be released when available," said Peter Bernier, President and CEO.
Quality Assurance/Quality Control
Prosper Gold has applied a rigorous quality assurance/quality control program at the Sheslay porphyry copper gold project using best industry practice. The core is logged; spot XRF measurements are made directly on the core at 33 cm intervals and magnetic susceptibility measured at 10 cm intervals. Drill core is sawn in half lengthwise at the property and for each metre half of the core is placed in plastic bags and sealed. The remaining half core is retained in core boxes stored at the project. The program includes chain of custody of samples from drill to laboratory.
A standard sample, a blank sample, or a duplicate sample is inserted into the sample stream every tenth sample. Two certified ore assay laboratory standards used in the process were supplied by CDN Resource Laboratories Ltd., an independent laboratory located in Langley, BC. In total, 107 quality control samples (about 10% of 1087 samples) were analyzed. Prosper Gold detected no significant QA/QC issues in reviewing the results.
Samples, including those for quality control, are shipped to ALS Minerals' preparation lab in Terrace, B.C. Samples were analyzed at ALS's ISO 9001:2008 certified North Vancouver laboratory for gold by fire assay and ICP-AES finish, and for 48 elements including copper, molybdenum and silver by ICP-MS using four acid digestion.
Qualified Person
The 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
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
pete@prospergoldcorp.com
www.ProsperGoldCorp.com