Prosper Gold Corp.
TSX VENTURE : PGX

Prosper Gold Corp.

September 18, 2013 13:44 ET

Prosper Gold Corp.: Sheslay Copper Gold Porphyry Project Drilling Update Airborne Survey Complete - Northwestern British Columbia

QUESNEL, BRITISH COLUMBIA--(Marketwired - Sept. 18, 2013) - Prosper Gold Corp. ("Prosper Gold" or the "Company") (TSX VENTURE:PGX) is pleased to provide an update on the drilling completed to date and airborne magnetic and radiometric survey at its Sheslay copper gold porphyry project (the "Property") located in northwestern British Columbia.

Diamond Drilling

During late August and September Prosper Gold has been drilling the Star target on its Sheslay copper gold porphyry project and is currently on its sixth hole. The deepest hole to date is 598 meters; the shallowest is 270 meters. All drill holes intersected copper gold mineralization from surface to the bottom of the holes. The Star is one of five known porphyry targets on the property. The focus of the first exploration phase is to test continuity of mineralization to depth. DDH S027 intersected copper mineralization from surface to 598m, the deepest mineralized intercept to date.

Historic drill holes are shown in table 1 below.

Hole Number From (collar) To (EOH) Interval Cu Au
m M m % g/t
CC2004-01 3.00 239.90 236.90 0.32 0.18
CC2004-02 0.00 173.10 173.10 0.41 0.17
CC2004-03 0.00 240.80 240.80 0.23 0.06
CC2004-04 0.00 108.50 108.50 0.19 0.06
CC2004-05 0.00 242.30 242.30 0.44 0.32
CC2004-06 0.00 190.20 190.20 0.41 0.22
CC2004-07 1.00 330.40 329.40 0.32 0.11
CC2005-08 3.80 145.10 141.30 0.36 0.27
CC2005-09 3.00 145.08 142.08 0.44 0.25
CC2005-10 3.65 124.05 120.40 0.28 0.11
CC2005-11 1.50 118.87 117.36 0.34 0.14
CC2005-12 1.58 122.53 120.95 0.33 0.22
CC2005-13 1.50 118.87 117.37 0.21 0.09
CC2005-14 0.91 120.40 119.49 0.06 0.06
CC2005-15 1.52 158.50 156.98 0.29 0.22
CC2005-16 3.66 134.72 131.06 0.26 0.15
CC2005-17 2.20 106.05 103.85 0.36 0.21
CC2005-18 0.00 106.68 106.68 0.32 0.28
CC2005-19 6.10 102.11 96.01 0.26 0.09
CC2007-011 2.74 337.41 334.67 0.35 0.17
CC2007-021 2.74 223.10 220.36 0.42 0.21
CC2007-03 0.00 128.66 128.66 0.37 0.13
CC2007-041 3.04 293.21 290.17 0.41 0.19
1 includes hole extensions; note that overlapping footages has occurred in some cases, due to re-entering holes in badly fractured ground

Assay results from this drill exploration phase will be released when received.

A sample of drill core photos can be viewed at www.PosperGoldCorp.com.

Geological Summary

All holes intersected highly altered, strongly veined and pervasively mineralized (pyrite, chalcopyrite, and magnetite) medium grained hornblende monzonite and andesite. The intrusive rock is considered to be Late Triassic in age (218Ma) based on a single hornblende potassium-argon age date; the volcanic rocks are correlated with the Late Triassic Stuhini Group. These are the same host rocks seen at Red Chris, Galore Creek and Schaft Creek, three large copper-gold porphyry deposits in the Stikine Arch.

The rocks are intensely, irregularly and intricately fractured and broken on centimeter to millimeter scales. Alteration and mineralization are facilitated and in part localized by the fractures. A range of alteration types and vein styles is seen. Alteration includes silicification, potassic Kspar and biotite, magnetite, sericite, epidote and chloritization. Veins include B type quartz veins and D type pyrite veins. Alteration and veining are pervasive and intensity ranges from mild to strong; fresh rocks are rare.

Chalcopyrite is the primary mineral of interest; its distribution is about equally divided between disseminated and fracture controlled. Disseminations occur in both the intrusive and volcanic rocks as does vein controlled mineralization. Disseminated chalcopyrite forms intergranular grains about 1 mm across in the host rocks. Blebs or clots of chalcopyrite several cm across are seen locally. Chalcocite was noted occasionally on fractured surfaces.

Common secondary copper minerals, malachite and azurite are seen on fractures at surface and to depths of about 50 meters.

Airborne Survey

Prosper Gold has completed a 133 square kilometer detailed heli-borne magnetic and radiometric survey in September. Its aims are to expand understanding of the property geology, to refine drill targeting on the five known copper gold porphyry targets and to identify possible new targets. The survey covers the entire 6829 hectare claim area and adjacent ground.

Qualified Person

The technical information in this news release has been reviewed by Dirk Tempelman-Kluit, PhD, P.Geo., a Qualified Person under National Instrument 43-101.

"Only the Star target has been drilled to date. All 5 of the copper gold porphyry targets will be drilled in 2014." said President and CEO Peter Bernier.

For a detailed overview of Prosper Gold please visit www.ProsperGoldCorp.com.

ON BEHALF OF THE BOARD OF DIRECTORS

Peter Bernier, President & CEO

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, exploration potential of the Property and terms of the proposed financing 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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