Prosper Gold Corp. Acquires Red Lake Projects
VANCOUVER, British Columbia, Aug. 10, 2020 (GLOBE NEWSWIRE) -- Prosper Gold Corp. (“Prosper Gold” or the “Company”) (TSXV: PGX) is pleased to announce that it has entered into a definitive
agreement (the “Option Agreement”) with Sabina Gold and Silver Corp. (“Sabina”) (TSX:SBB), whereby Sabina has granted the Company the option to acquire a 100%
interest in the Golden Sidewalk and Skinner gold properties, consisting of approximately 3,000 hectares of mineral claims, leases, and patents, (collectively, the
“Properties”) in the Red Lake mining district of Ontario. The Properties are located within the Birch-Uchi greenstone belt approximately 70 km (44 miles) east of Red Lake.
“We are excited to begin work in Red Lake district,” said Peter Bernier, President & Chief Executive Officer. “The Golden Sidewalk and Skinner gold properties offer a favorable geological setting, with anomalous gold mineralization being encountered in till samples, outcrops, trenches and historic drill holes. The area contains all the correct attributes for economic gold deposits in the Red Lake District. Our exploration teams will be on the ground immediately and we will provide an exploration update in the coming weeks.”
Golden Sidewalk (12 mineral leases & patents)
Gold was first discovered on this property in 1926. The discovery was called the “Golden Sidewalk” on the early maps, where it was described as a white granular quartz vein 11 feet (3.35m) wide where exposed and was observed to contain an abundance of coarse gold. The Bathurst Mine was developed in 1929 with a 61 m shaft and two levels with about 900 m of drifting and cross cuts. A total of 149 oz of gold and 50 oz of silver were produced in 1929 and the Bathurst Mine saw intermittent production until 1937.
High-grade gold samples have been collected in a northeast trending area about 1500 m long near the Bathurst Mine. In September of 2004, Sabina prospected the property and discovered two new gold zones. Grab sampling returned extremely high gold grades, approximately 800 m southwest of the Bathurst Mine, from what has been called the “Joe Vein”. The Joe Vein was traced for about 30 meters before disappearing under overburden and swamp. The Joe Vein channel sampling returned assay intercepts of up to 73.09 g/t gold (2.35 oz/t gold) over 2.4m on surface and remains open at both ends. Assays returned from grab samples ran as high as 3,742.55 g/t gold (109.17 oz/t gold).