VANCOUVER, British Columbia, Feb. 26, 2024 (GLOBE NEWSWIRE) — Prosper Gold Corp. (“Prosper Gold” or the “Company”) (TSXV:PGX) is pleased to announce that the Company has acquired an additional 60,512 hectares by means of staking to increase the Cyprus Project land position to 61,880 hectares.
“The acquisition of 150,000 acres of prospective ground in north-central British Columbia establishes the Cyprus Project as one of the largest in the region,” commented Peter Bernier, CEO. “The exploration potential of this newly acquired ground is bolstered by the presence of significant copper-gold mineralization at the Kaza and Northstar prospects. We will be systematically exploring this ground, beginning with a district-scale ZTEM survey covering 675 km2, generating targets under cover and at depth.”
The Cyprus Project
The road-accessible Cyprus Project is situated in north-central British Columbia, Canada (Figure 1). The 61,880 hectare Project includes the historical Kaza and Northstar copper prospects (see the Company’s February 20, 2024 news releases for details) and is considered a district-scale copper-gold porphyry exploration Project.
At the historical Kaza copper-gold prospect, soil samples up to 5.09 gpt gold and 10,000 ppm copper and surface rock chip samples from 1973 including 0.88% copper, 15.4 gpt gold and 120 gpt silver over 4.0 metres coincide with a 2,000 metre by 600 area of high IP chargeability and low magnetic response. The presence of sparse feldspar porphyry dikes and the sulphide assemblages present at surface suggest copper-gold porphyry mineralization may exist at depth.
Copper mineralization at the Northstar prospect consists of vein-hosted and disseminated chalcocite and bornite within faulted and fractured andesite. Surface trench sampling results includes 23.0 metres grading 2.1% copper and historical drilling intercepts include 0.55% copper over 138.2 metres. Zones of copper mineralization outlined by previous operators at the Northstar prospect are likely driven by a magmatic-hydrothermal system in the immediate vicinity.
Figure 1. Map showing location of Cyprus Project in relation to existing copper ± gold prospects in north-central British Columbia.
District-scale Exploration Upside
A broad valley with very little outcrop exposure is situated to the southwest of the Kaza and Northstar prospects (Figure 2). The roughly 15 km wide valley is the manifestation of a series of northwest-trending faults which represents a district-scale exploration opportunity in the search for large copper-gold porphyry deposits. The valley is underlain by a complex and strong magnetic response related to long-lived intrusive activity in this portion of the volcano-plutonic arc. The Company is planning to commission a ZTEM survey covering 675 km2 that will outline targets in this covered and prospective portion of the Cyprus Project.
Figure 2. Google earth imagery with regional total magnetics overlain showing complex high amplitude magnetic response under broad valley.
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. The historical results contained in this release were completed by previous operators of the Property. Although the Company was not involved in the original work in respect of these results, proper industry data verification procedures appear to have been followed.
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: Pete@ProsperGoldCorp.com
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, approval of the TSX Venture Exchange, exploration potential of the Property, the planned exploration of the Property and granting the Royalty 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.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/02767d5b-f72f-4ed1-ac0e-a33514341ac4
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