Prosper Gold Corp. (“Prosper Gold” or the “Company”) (TSXV:PGX) is pleased to announce that diamond drilling has commenced at the Golden Sidewalk Project, Red Lake Mining District, Ontario.
Up to 2,500 metres will be drilled at several previously untested targets within the greater Skinner Target Area (see the Company’s Dec. 12, 2023 news release for details). The costs of the upcoming drill program will be offset by funding support from the Ontario Junior Exploration Program (“OJEP”), which will cover up to 50% of eligible exploration costs to a maximum of $200,000 in respect of expenditures incurred by the Company.
The Skinner Target Area is a 2.5 by 1.5 kilometre area of coincident high IP chargeability and resistivity under glaciofluvial cover with numerous WNW-trending shear zones with anomalous down-ice gold grain-in-till samples. Preliminary drilling in this area in November of 2022 intersected broad shear zones exhibiting silica-biotite-ankerite alteration and abundant sulphide mineralization which was locally gold-bearing (see the Company’s Jan. 9, 2023 news release for details).
Despite glaciofluvial cover in this area till sampling in 2021 by the Company achieved results up to 1,014 gold grains (97% pristine) in sample GST-21-223 and 735 gold grains (95% pristine) in sample GST-21-317 (see the Company’s May 17, 2022 news release for details). Based on geological observations from the field and from the 2022 drilling, the Company believes the area has high-potential for higher-grade gold mineralization, particularly proximal to the contact between Narrow Lake Assemblage volcanics and the Trout Lake Batholith several hundred metres to the west of the 2022 drilling where hornfelsed volcanics are more conducive to brittle fracture. The Company will drill several discrete targets associated with favourable geophysical signatures, highly anomalous till samples and/or historically defined mineralized shear zones.
The Golden Sidewalk is a 100% owned, district-scale gold exploration project covering over 160 square kilometres of contiguous mineral claims and mining leases in the western Birch-Uchi Greenstone Belt, approximately 60 km east of Red Lake, Ontario and 60 km northeast of Kinross Gold’s Dixie Project, acquired from Great Bear Resources in 2022. The vehicle-accessible project straddles 12 kilometres of the Balmer Assemblage – Narrow Lake Assemblage unconformity, a regional-scale feature that has been the Red Lake exploration guide, but which has seen limited exploration in the project area. The “Golden Corridor” lies immediately north of the unconformity and is characterized as a highly prospective trend of coincident favourable magnetic and resistivity lineaments supported by highly anomalous gold-in-till samples covering 7.0 by 0.5 kilometres. An additional highly prospective target area was defined in 2021, termed the Skinner North Target Area, where 2022 channel sampling results include 9.69 gpt gold over 3.0 metres and 13.13 gpt gold over 1.8 metres and till samples containing up to 1,014 gold grains, was drilled for the first time in November of 2022. Historical drilling by previous operators at the Bathurst Mine, Joe Vein, KT vein, Dunkin and Vihonen prospects reported high-grade gold intercepts which have yet to be followed up by Prosper Gold.
