Prosper Gold Corp. Expands Star Porphyry Copper-Gold Discovery
23.09.2014 | Marketwire
Drills 107m of 0.77% Cu & 0.41 g/t Au including 64m of 1.12% Cu & 0.59 g/t Au - Northwestern BCQUESNEL, BRITISH COLUMBIA -- (Marketwired - Sept. 23, 2014) - Prosper Gold Corp. ("Prosper Gold" or the "Company") (TSX VENTURE:PGX) is pleased to report results from the first 19 holes of its 2014 drill program on the Star Porphyry Copper Gold Project (the "Property") in northwestern British Columbia.
Drill results confirm the deposit remains open to the north, northwest and northeast, with near surface higher grades occurring as drilling extends the discovery to the north.
A total of 6221.5 meters were drilled in the first 19 holes and represent the assays received up to this point. To date the deposit measures 550 meters north-south and 350 meters east-west. Results, tabulated below, summarize data for the holes which intersect the mineralized zone. Drill holes within the zone are tabulated from north to south; the table includes holes drilled last season (shown with **).
DDH FROM (m) TO (m) INTERVAL (m) Cu % Au g/t Ag g/t Cu Eq%
S042 2.74 188.8 186.06 0.19 0.048 3.19 0.21
incl 84 124 40 0.31 0.101 0.60 0.37
S037 3.1 664 660.9 0.22 0.109 0.42 0.29
incl 3.1 188 184.9 0.26 0.076 0.37 0.31
incl 294 390 96 0.32 0.109 0.60 0.39
incl 390 416 26 0.95 0.308 1.35 1.13
incl 416 538 122 0.22 0.052 0.38 0.25
incl 608 620 12 0.04 2.330 2.25 1.40
S038 10 22 12 0.17 2.110 5.76 1.40
S041 3.73 202 198.27 0.38 0.192 0.70 0.49
S028** 8 152 144 0.45 0.260 0.80 0.60
S028** 193 270.77 77.77 0.43 0.228 0.78 0.56
S046 13.85 271 257.15 0.31 0.171 0.50 0.41
incl 30 96 66 0.53 0.304 0.72 0.71
incl 20 108 88 0.46 0.272 0.67 0.62
S026** 108 273 165 0.43 0.200 0.78 0.55
S043 7 442 435 0.24 0.071 0.40 0.28
incl 7 96 89 0.40 0.182 0.68 0.51
incl 282 442 160 0.30 0.080 0.51 0.35
S044 10.15 54 43.85- lost hole 0.24 0.041 0.18 0.27
S040 3.9 472 468.1 0.26 0.067 0.43 0.29
incl 3.9 46 42.1 0.81 0.172 0.63 0.91
incl 352 472 120 0.36 0.129 0.68 0.44
S045 12.02 119 106.98-lost hole 0.77 0.407 1.02 1.00
incl 12.02 76 63.98 1.12 0.593 1.30 1.47
S048 2.06 79 76.94 0.78 0.550 1.28 1.10
S048 123 411 288 0.33 0.149 0.56 0.42
S024** 4.88 317.04 312.16 0.37 0.240 0.69 0.51
S025** 7 276 269 0.42 0.198 0.61 0.54
S027** 7 341 334 0.35 0.110 0.84 0.41
S027** 504 576 72 0.27 0.100 0.57 0.33
S029** 11 263 252 0.34 0.210 0.71 0.46
S029** 403 428 25 0.20 0.136 0.61 0.28
Complete results, with hole locations, striplogs, and photos are on Prosper's website at www.ProsperGoldCorp.com
Note: Lengths reported are drill core lengths; true widths of mineralized intervals are unknown. Assays are uncut, length-weighted average values. Copper equivalent (Cu Eq%) values are given for illustration only to express the aggregate content of copper and gold as a percent copper; this is no indication of recoverable metal. Copper equivalent is calculated using metal prices of US$3.00/lb Cu, US$1,200 per troy ounce Au. The calculation used is CuEq% = [Cu% + (Au g/t *0.583)].
Drill holes S030, 32, 33, 34, 35, 36, 38, 39, 44, and 47 were drilled on the margin of the central mineralized zone. The table below summarizes results from these holes and are listed north to south.
DDH FROM (m) TO (m) INTERVAL (m) Cu % Au g/t Ag g/t Cu Eq%
S030 7.2 310.5 303.3 0.19 0.046 4.96 0.22
S032 6.2 302 295.8 0.12 0.019 0.20 0.13
S033 3.89 239 235.11 0.07 0.011 0.08 0.07
S034 4.66 308 303.34 0.05 0.016 0.23 0.06
S035 4.8 305 300.2 0.13 0.047 0.29 0.16
S036 4.68 297 292.32 0.07 0.023 0.23 0.09
S038 4.1 164 159.9 0.03 0.220 0.56 0.16
S039 3.63 268 264.37 0.04 0.030 0.77 0.06
S044 10.15 305 294.85 0.1 0.027 0.17 0.12
S047 46 276 230 0.17 0.044 0.26 0.20
S047 314 332 18 0.21 0.071 0.47 0.25
Drilling was focused on defining the size of the mineralized system in advance of infill drilling for resource definition. Surface work this summer has extended visible surface mineralization at multiple targets on the Property including Pyrrhotite Creek and Star North.
Drilling extends mineralization to depth, the deepest hole S037 reached 664 metres and leaves Star open to extension. Continuity to the north is implied by these and earlier drill results and by chargeability and magnetic data.
The new drilling identifies a previously unknown zone of highly silicified gold bearing rocks at depth in S037 (12m of 2.33 g/t Au) and near surface in S038 (12m of 2.11 g/t Au). The surface oxidized zone above primary sulphide mineralization is dominated by malachite and azurite with local native copper. It was intersected in several holes broadening the known high grade secondary material.
Pete Bernier, the Company President and CEO comments, "In less than a year the company has nearly tripled the drill data and has grown Star target laterally and to depth. As a result the Star has developed into one of British Columbia's new copper gold project districts, with several new targets defined for future drilling including Star North, Star East, Copper Creek and Pyrrhotite Creek."
The property is underlain by volcanic and sedimentary rocks of the Upper Triassic, Stuhini Group which are intruded by a small quartz monzodiorite stock. This is a similar geologic setting to other Stikine Arch copper gold deposits including Imperial Metals Red Chris Deposit with a 2012 Measured and Indicated Resource of 936 million tonnes grading 0.37% Cu and 0.385 g/t Au.
The Property is optioned from Firesteel Resources Inc. (for further details, please refer to the Company's May 7, 2013 news release).
Quality Assurance/Quality Control
Prosper Gold has applied a rigorous quality assurance/quality control program at the Star 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 two metre interval 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, 353 quality control samples (about 11% of 3173 samples) were analyzed. No significant QA/QC issues are seen in the results. Every 20th sample is sent from the ALS Minerals to ACME labs of Vancouver for reanalysis as an independent check on the work.
Samples, including those for quality control, are shipped to ALS Minerals' preparation lab in Whitehorse, Yukon. 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 scientific and 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
Pete@ProsperGoldCorp.com
www.ProsperGoldCorp.com