Prosper Gold Extends Gold-in-Till Anomaly at Golden Corridor to 7.0 km Golden Sidewalk Project – Red Lake, Ontario

- August 3rd, 2021

Prosper Gold Corp. is pleased to provide an exploration update on till sampling and diamond drilling activities from the 2021 exploration program at the Golden Sidewalk Project in the Birch-Uchi region of Red Lake. The Company has completed 5,167.8 metres in 17 diamond drill holes to date with assay results from all holes pending. The Company has made efforts to improve analytical laboratory turnaround times. …

Prosper Gold Corp. (” Prosper Gold ” or the ” Company “) (TSXV:PGX) is pleased to provide an exploration update on till sampling and diamond drilling activities from the 2021 exploration program at the Golden Sidewalk Project (the “ Project ”) in the Birch-Uchi region of Red Lake. The Company has completed 5,167.8 metres in 17 diamond drill holes to date with assay results from all holes pending. The Company has made efforts to improve analytical laboratory turnaround times.

Highlights:

REGIONAL TILL SAMPLING PROGRAM

  • Continued till sampling has outlined a 7 km x 0.5 km pristine gold grain-in-till anomaly which remains open for expansion to the east and south
  • 2,858 pristine gold grains, containing 39.5 g/t Au, in till sample GST-21-100
  • GST-21-100 is 1,840 metres east of sample UC-13 (882 pristine gold grains – see the Company’s December 1, 2020 News Release for details of UC-13 )
  • The sample grid at the Golden Corridor has been extended to cover an additional 10 square km area

DIAMOND DRILLING UPDATE

  • Sampling to date suggests the source area of many of the highly anomalous tills is a linear swamp underlain by a highly strained talc altered ultramafic unit
  • 5,167.8 metres completed in 17 holes to date, assay results are pending
  • Drilling confirms standard Red Lake Camp carbonate and quartz-carbonate ferroan dolomite alteration, quartz veins and discrete semi-massive pyrite-pyrrhotite ± chalcopyrite ± arsenopyrite mineralized zones

“The pristine gold grain-in-till anomaly at the Golden Corridor continues to grow and guide our drilling in 2021,” commented Peter Bernier, CEO. “The company is still awaiting analytical results for all drill holes from the 2021 drilling as well as the bulk of till samples collected in 2021.”

Till sampling

Crews have completed the first phase of 2021 till sampling along the Golden Corridor and at regional targets on the property. A total of 260 samples were collected, 100 for which results from processing have been received from Overburden Drilling Management (“ODM”). Highlights of the till sampling at the Golden Corridor include 2,858 pristine gold grains in sample GST-21-100 (Figures 1 & 2) , and 663 gold grains in sample GST-21-093, collected 1,840 metres and 1,000 metres east of sample UC-13, respectively. Sample UC-13, collected in late 2020, contained 882 pristine gold grains with a contained gold concentration of 110.8 g/t gold. The high proportion of pristine gold grains in these samples, as well as the presence of limonite, suggests a nearby source.

Figure 1. Panned concentrate of till sample GST-21-100.
https://www.globenewswire.com/NewsRoom/AttachmentNg/2cdc16a5-10ea-4630-a078-d96c27922827

Figure 2. Photomicrograph of selected gold grains till sample GST-21-100.
https://www.globenewswire.com/NewsRoom/AttachmentNg/9447914d-aaf5-4400-a702-1f426774f227

Table 1. Select 2021 Golden Corridor till samples.

Sample ID Easting Northing Total gold grains Pristine gold grains % pristine grains Total gold (ppb) Total pristine (ppb)
GST-21-100 510,817 5,672,773 2,858 2,858 100 39,465 39,465
GST-21-093 509,992 5,673,002 663 425 64.1 4,490 2,854
GST-21-014 505,594 5,673,419 125 54 43.2 2,782 48

Along the Golden Corridor, to the northwest and east of the large gold grain-in-till anomaly outlined in late 2020, till samples were collected on a 200 x 200 metre grid where adequate sample media was available. The survey extended the previously outlined anomaly significantly, both to the northwest and to the east along the Golden Corridor trend which parallels a regional unconformity ( Figure 3). The pristine gold grain-in-till anomaly now measures approximately 7,000 metres by 500 metres and remains open to the east.

Figure 3. Map highlighting anomalous gold grains-in-till at the Golden Corridor.
https://www.globenewswire.com/NewsRoom/AttachmentNg/ad849d8c-bc30-4388-94e8-4efa6e115729

2021 Diamond Drilling (Drilling details and select core photos available at the link below https://prospergoldcorp.com/site/assets/files/5887/pgx_gs_core_photos.pdf )

The 2021 diamond drilling program has been focused on discovering the source of highly anomalous till samples in two discrete areas within the Golden Corridor: the northern structural corridor that underlies a roughly 5 km long, 200-metre-wide swamp and a zone of high chargeability and resistivity that is parallel and proximal to the regional unconformity (Figures 4 & 5) . Both target areas have highly anomalous pristine gold-grains-in-tills in the immediate area.

Figure 4. Plan map of 2021 diamond drill holes.
https://www.globenewswire.com/NewsRoom/AttachmentNg/284c1335-07ef-4f7f-bb32-81db3645343a

Figure 5. Cross section illustrating geological context of two discrete target areas.
https://www.globenewswire.com/NewsRoom/AttachmentNg/a2eaaf8e-bec7-4f61-9dec-d2aa135406af

Northern structural corridor

A pronounced structural zone, the northern structural corridor is characterized as a highly strained fault zone predominated by ultramafic flows (talcose peridotitic and basaltic komatiites) with mafic volcanic interbeds (massive basalt). The ultramafics have been locally intruded by felsic to mafic dikes. Basaltic interbeds typically exhibit more quartz-carbonate and ferroan-dolomite alteration than the surrounding komatiites.

S1 target area

The S1 target area lies immediately north of a regional angular unconformity between the Narrow Lake and Balmer Assemblages. Such regional unconformities may localize structural corridors for hydrothermal fluid migration and gold mineralization. Sulphide mineralization within quartz-carbonate veins and as locally semi-massive replacement is comprised of pyrite-pyrrhotite ± chalcopyrite ± arsenopyrite and, along with strong silica-sericite alteration, is prevalent proximal to the unconformable contact.

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 Aug. 10, Sept. 8, and Sept. 15, 2020 news releases for details) in the western Birch-Uchi Greenstone Belt, approximately 60 km east of Red Lake, Ontario. 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 recently identified “Golden Corridor” lies immediately north of the unconformity in the western portion of the property and is characterized as a highly prospective, greater than 7-kilometre trend of coincident favourable magnetic and resistivity lineaments supported by highly anomalous gold-in-till samples covering 7.0 by 0.5 kilometres.

QA/QC Procedures

Till samples were collected from below the colluvial soil profile at a medial depth of 30 to 60 centimeters and placed into 5-gallon plastic pails which were sealed and shipped to Overburden Drilling Management Ltd. in Nepean, Ontario for processing. The gold grain testing involves extracting an impure preliminary heavy mineral concentrate from the -2 mm matrix of each sediment sample by tabling, separating any recovered gold grains from the table concentrate and measuring each grain and classifying it according to its degree of physical wear. Average tabled sample weights were 9.2 kg for the till samples collected in 2021 and presented in this news release.

Qualified Person

The scientific and technical information in this news release has been reviewed by Rory Ritchie, P.Geo., a Qualified Person under National Instrument 43-101.

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 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 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.


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