Prosper Gold Corp. ("
Prosper Gold" or the
"
Company") (TSXV:PGX) is pleased to announce that
results have been received from a property-wide ZTEM (z-axis tipper
electromagnetic) geophysical survey at the Company’s Cyprus Project
in north-central British Columbia, Canada. The Cyprus Project is a
district-scale porphyry copper-gold project with several
historically defined prospects and significant drill results
including 138.2 metres at 0.55% copper.
“The results of the recent ZTEM survey completed
at the Cyprus Project have outlined several large porphyry
copper-gold targets under cover,” commented Peter Bernier, CEO. “We
are particularly excited about Target A. It is a two by
four-kilometre conductivity anomaly adjacent to a regional fault
that coincides with a pronounced magnetic low, representing a very
attractive porphyry target.”
The heli-borne ZTEM survey comprised 3,760
line-kilometres covering 683 square kilometres (Figure 1). The
survey collected magnetic and electromagnetic field data that have
helped to define structural lineaments and conductive anomalies
that may represent mineralization, alteration and widespread
veining associated with porphyry copper-gold systems. The broad
valley in the west-central portion of the Cyprus Project is a large
northwest-trending fault zone with limited bedrock exposure given
the presence of glaciofluvial cover. The characteristics of the
ZTEM survey are ideally suited for exploration in covered
terrains.
Numerous multi-kilometre sized exploration
targets have been outlined from the survey results, 6 of which are
considered high-priority targets and will be followed up on with
ground-based exploration activities immediately (Figures 2 – 4).
Target selection was largely based on the coincidence of
conductivity highs and magnetic lows, interpreted to be associated
with high-level porphyry mineralization and alteration. The local
geology, the size of individual anomalies and the proximity to
regionally mapped faults are also important factors for identifying
porphyry copper-gold targets.
Figure 1 – Completed ZTEM flight lines at Cyprus
Project – Total Magnetic Intensity.
Figure 2 – High priority porphyry copper-gold
targets outlined at Cyprus Project. Total Magnetic Intensity (top)
and 30Hz in-phase Total Phase Rotated (bottom) showing relative
conductivity at 400 - 500 metres depth.
Figure 3 – High priority geophysical targets
outlined at Cyprus Project – A, B, C.
Figure 4 – High priority geophysical targets
outlined at Cyprus Project – D, E, F.
About ZTEM Technology
Unique in the geophysical exploration industry,
Geotech’s exclusive ZTEM™ (Z-Tipper Axis Electromagnetic) system
leverages the earth’s natural fields from global thunderstorm
activity as a source of transmitted energy. ZTEM™ is ideal for
mapping deeply buried, porphyry hosted and structurally controlled
targets.
Helicopter flown ZTEM™ (Z-axis Tipper
Electromagnetic) uses the natural or passive fields of the Earth’s
worldwide thunderstorm activity as the source of transmitted
energy. These natural fields are planar and due to the manner in
which they propagate, are horizontal. Any vertical field response
is caused by the lateral conductivity contrasts in the Earth and is
measured by the ZTEM™. The vertical EM field is remotely referenced
to the horizontal base station coils positioned within the survey
area. The proprietary receiver design, along with new advances made
in modern digital electronics and signal processing, allows the
ZTEM™ to acquire data at exceptionally low-noise levels. This makes
the ZTEM™ an effective deep resistivity mapping solution, unique
among airborne EM methods.
About the Cyprus Project
The road-accessible Cyprus Project is situated
in north-central British Columbia, Canada. The 623 square kilometre
Project includes the historical Kaza and Northstar copper prospects
(see the Company’s February 20th, 2024 and February 26th, 2024 news
releases for details) and represents 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 by 600
metre 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 improve 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.
The Big-Time prospect has not seen historical
drilling despite the presence of a pronounced copper-bearing area
of phyllic alteration that coincides with strong copper-molybdenum
geochemistry, high IP chargeability and northeast trending feldspar
porphyry dikes.
July 25 Private Placement
On July 25, 2024, the Company announced the
closing of a private placement of 3,875,000 flow-through units
(each, a “FT Unit”) at a price of $0.12 per FT Unit for aggregate
gross proceeds to the Company of $465,000 (the “Financing”).
Pursuant to the Financing, Jason Hynes, Jim Miller-Tait and Peter
Bernier, each a director of the Company, subscribed for 125,000,
125,000 and 715,000 FT Units, respectively.
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 an 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 planned
exploration of the Cyprus Project, 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
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