'We are excited to commence the first ever drilling at this new target area,' commented
Drilling at Skinner North Target Area
The Skinner Target Area is 4 kilometres northwest of the Golden Corridor and was identified by prospecting and 2021-2022 till sampling results. The Company completed stripping, channel sampling, and ground magnetics at the Skinner North Target area for which results have been reported (see the Company's
Channel sampling results at the Skinner North trench 1 include 9.69 gpt gold over 3.0 metres and 13.13 gpt gold over 1.8 metres, within a 6- to 12-metre-wide quartz-carbonate vein bearing shear zone. Gold mineralization comprises finely disseminated, fracture filling and locally semi-massive pyrite +/- chalcopyrite with associated silica-ankerite alteration. Mineralization persists in quartz-carbonate veins and within sheared mafic volcanic wallrock. The shear zone and majority of the quartz-carbonate veins trend 100-degree to 110-degree and dip approximately 70-degree to the north.
400 metres southwest of the Skinner North trench 1, grab samples up to 6.84 gpt gold are associated with strongly sheared and silica-ankerite altered mafic volcanics with quartz-pyrite +/- chalcopyrite veining, similar to the mineralization that persists at the Skinner North trench 1. Shearing and quartz-carbonate veining at this target trend between 80-degree and 105-degree and dip 55-degree to 65-degree to the north.
Non-brokered Private Placement
The Company has closed the first tranche (the 'First Tranche') of the Financing consisting of (i) 1,300,000 HD Units at a price of
In the event that the Common Shares trade at a closing price on the
In connection with the First Tranche and in accordance with the policies of the TSX-V, finder's fees totaling approximately
The Company expects to close a second tranche of the Financing of up to
The Financing involves related parties (as such term is defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ('MI 61-101')) and therefore 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(a) of MI 61-101, as the fair market value of the securities to be distributed and the consideration to be received for the securities under the Financing does not exceed 25% of the Company's market capitalization.
All securities issued pursuant to the Financing will be subject to a four month and one day hold period in accordance with applicable securities laws. The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and were not permitted to be offered or sold within
About the Golden Sidewalk
The Golden Sidewalk is a district-scale gold exploration project covering over 160 square kilometres of contiguous mineral claims and mining leases (see the Company's
QA/QC Procedures
The location of channel samples was designed by the on-site geologist and were cut in cleaned bedrock with gas powered rock-saws by field personnel. Channel samples were cut to medial depths of 2.5 to 3' and medial widths of 2'. Sample interval lengths were between 0.5 and 1.5 metres. Quality assurance and quality control measures implemented by the Company include the insertion of certified reference materials in the sample sequence at a rate of 1 in 20 for both blank material and certified reference standards. Analytical results for reference standard and blank samples are scrutinized internally to ensure adequate analytical precision and accuracy in both sample preparation and instrumental procedures. A chain of custody is strictly monitored to ensure sample and analytical integrity and reliability. Channel samples are sent to
Qualified Person
The scientific and technical information in this news release has been reviewed by
Contact:
President & CEO
M: (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 use of proceeds from the Financing, the timing of the close of the second tranche, the exercise of the Warrants and the planned exploration of the Golden Sidewalk 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
(C) 2022 Electronic News Publishing, source