Prosper Gold Corp. (“
Prosper Gold” or the
“
Company”) (TSXV:PGX) is pleased to announce that
the Company has entered into a definitive option agreement (the
“
Option Agreement”) with several individuals
(collectively, the “
Optionors”), whereby the
Optionors have granted the Company the option to acquire a 100%
interest (the “
Option”) in the Kaza and Northstar
properties (collectively, the “
Cyprus Project”).
Project Highlights:
- Historical drill intercepts
include 0.55% copper over 138.3 metres
- Historical trench sampling
includes 1.68% copper over 23.0 metres
- Over 1% copper and up to
5.1 gpt gold in historical soil sampling
- Two road-accessible
copper-gold porphyry prospects approximately 10 km
apart
- A combined 6,573 metres of
drilling in 69 drill holes
“Prosper has been evaluating this copper-gold
exploration opportunity for the past 8 months,” commented Peter
Bernier, CEO. “The immediate exploration potential at both Kaza and
Northstar is clearly evident and we are keen to implement our
exploration strategy for this project.”
The road-accessible Cyprus Project is situated
in north-central British Columbia, Canada (Figure 1). Comprised of
two sets of mineral claims, the Kaza claims and the Northstar
claims, the Project totals 1,368 hectares which encompass the
historical Kaza and Northstar copper prospects.
The Kaza Claims
The Kaza claims total 450 hectares contain the
historical Kaza copper-gold prospect. Extensive geochemical,
geophysical and geological surveys, as well as historical drilling
activities, have outlined a 2,000 metre by 600 metre footprint of
high-level porphyry copper-gold mineralization and hydrothermal
alteration. Highly anomalous copper-gold soil and rock geochemistry
are spatially coincident with feldspar porphyry dikes, high IP
chargeability and low magnetic response (Figure 2).
Historical soil samples up to 5.09 gpt gold and
10,000 ppm copper exist at the Kaza prospect. Surface chip samples
from 1973 include 0.88% copper, 15.4 gpt gold and 120 gpt silver
over 4.0 metres. Historical drill intercepts include 0.88% copper,
15.4 gpt gold and 127 gpt silver over 1.2 metres in drill hole
68-9. Drill results from the most recent drilling program in 2004
at the Kaza prospect include 0.12% copper and 0.24 gpt gold over
8.2 metres in drill hole KZ-04-01.
The company believes historical operators did
not drill test the Kaza prospect to sufficient depths with the
deepest hole reaching only 195 metres vertical depth. The surface
expression of the Kaza prospect is interpreted to be the upper
reaches of a porphyry copper-gold system.
The Northstar Claims
The Northstar claims, situated 4 kilometres to
the northeast of the Kaza claims, total 918 hectares and contain
the historical Northstar copper prospect. Two discrete mineralized
areas on the Northstar claims have seen a combined 4,900 metres of
drilling: the Main Zone and the B showing.
Copper mineralization at the Main Zone consists
of bornite and lesser chalcocite within faulted and fractured
andesite. The B showing consists of several zones of vein and
shear-hosted chalcocite and minor bornite hosted in andesitic
volcanics, along with disseminated and fracture-filling chalcocite,
bornite and chalcopyrite.
Excavation and channel sampling in 1997 at the B
showing yielded 23.0 metres grading 2.1% copper in trench TN-1.
Diamond drill hole NS-04-02, drilled in 2004 at the B showing,
intersected disseminated and fracture-filling chalcocite, bornite
and chalcopyrite mineralization which assayed 0.55% copper over
138.2 metres (Figure 3). Diamond drill hole 68-10, drilled in 1968
at the B showing by Northstar Copper Mines Ltd. intersected 1.68%
copper across 14.6 metres with mineralization occurring as vein and
shear-hosted chalcocite and bornite.
The Company believes the historically outlined
zones of copper mineralization at the Northstar prospect are likely
driven by a magmatic-hydrothermal system in the immediate vicinity,
likely to the east and to depth of the mineralization encountered
at the B showing.
Figure 1. Map showing location of
Northstar and Kaza claim groups in relation to existing
copper ± gold prospects in
north-central British Columbia.
Figure 2. Compilation map of primary
target on the Kaza Claims, showing geophysical anomalies in
relation to geochemical sampling results and mapped
geology.
Figure 3. Map showing copper geochemistry
and mapped geology at the area of historical exploration on the
Northstar Claims.
Table 1 - Collar information for select
historical drill holes (coordinates are in Datum NAD 83, zone
9).
Hole ID |
Easting (m) |
Northing (m) |
Azi (°) |
Dip (°) |
Depth (m) |
Year |
Prospect |
KZ-04-01 |
666247 |
6206888 |
240 |
-45 |
168.9 |
2004 |
Kaza |
NS-04-02 |
671239 |
6215386 |
110 |
-45 |
215.1 |
2004 |
Northstar |
DDH-68-9 |
666213 |
6206676 |
0 |
-90 |
60 |
1968 |
Kaza |
D68-10 |
671366 |
6215358 |
240 |
-45 |
93.3 |
1968 |
Northstar |
Key Terms of Option
Agreement
In order to exercise the Option, the Company
must pay an aggregate of C$725,000 cash (the “Cash
Payments”), issue an aggregate of 1,650,000 common shares
in the capital of the Company (the “Option
Shares”) and incur work expenditures totaling C$2,000,000
(the “Expenditures”) over a period of four years.
Upon the exercise of the Option, the Company will grant a 2.0% net
smelter royalty to the Optionors (the “Royalty”),
subject to the terms of the Option Agreement.
Jim Miller-Tait, a director of the Company, is
one of the Optionors. As such, the Option Agreement involves a
related party (as such term is defined under Multilateral
Instrument 61-101 – Protection of Minority Security Holders in
Special Transactions (“MI 61-101”)), and
constitutes a related party transaction under MI 61-101. This
transaction is exempt from the formal valuation and minority
shareholder approval requirements of MI 61-101 pursuant to sections
5.5(a) and 5.7(1)(a) of MI 61-101.
The transactions contemplated by the Option
Agreement, including the issuance of Option Shares thereunder, are
subject to the approval of the TSX Venture Exchange. Any Option
Shares issued under the Option Agreement will be subject to a hold
period of four months and one day.
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 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
BernierPresident & CEO
For further information, please contact:
Peter BernierPresident & CEOProsper Gold
Corp.Cell: (250) 316-6644Email: 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.
Maps accompanying this announcement are available
at
https://www.globenewswire.com/NewsRoom/AttachmentNg/0c5189a6-dd28-4f90-8064-d6068718b0a8
https://www.globenewswire.com/NewsRoom/AttachmentNg/9029e1f1-c77b-4660-bb67-179d44f141e6
https://www.globenewswire.com/NewsRoom/AttachmentNg/ec53e6f2-d949-4f93-b5bb-e84067bb99b5
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