Prosper Gold Outlines Large Area of IP Chargeability at Skinner North, Golden Sidewalk Project, Red Lake, ON
March 6th, 2023 TSXV: PGX
OTCQX: PGXFF
NEWS RELEASE
Prosper Gold Outlines Large Area of IP Chargeability at Skinner North,
Golden Sidewalk Project, Red Lake, ON
Vancouver, British Columbia – March 6th, 2023 – Prosper Gold Corp. ("Prosper Gold" or the "Company")
(TSXV:PGX) is pleased to report results from its recently completed Induced Polarization (“IP”) survey
over the Skinner North area at the Golden Sidewalk Project in Red Lake, Ontario. The survey outlines a
large area of chargeability coincident with high resistivity, both of which represent favourable geophysical
characteristics of a mineralized gold-bearing system. Given the disseminated nature of the mineralization
seen in the Skinner North in Fall 2022 drilling, the IP survey results show there is significant exploration
upside in this area of the project.
“The recently completed IP survey results from the Skinner North suggest the presence of a large
hydrothermal system given what we encountered in our November 2022 drill program,” commented Peter
Bernier, CEO. “High chargeability over a large area coincident with resistivity high anomalies is what we
were hoping to see and our team and technical advisors are prioritizing drill targets for testing.”
Winter 2023 Skinner North IP Survey
The area of high IP chargeability is approximately 2 square kilometers, continuing to the east, west and
north of the Fall 2022 drilling (Figure 1). High resistivity anomalies adjacent to the contact be tween the
Trout Lake Batholith to the west and mafic volcanics to the east may represent contact metamorphosed
mafic volcanics and/or hydrothermal metasomatism from a gold-bearing system. To date, the Company has
been looking to identify areas of resistive, competent rocks that are more conducive to brittle fracture and
vein formation. The mafic volcanics adjacent to the intrusive contact is a high priority exploration target
and represents a geological setting analogous to many world-class gold belts.
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Figure 1. Plan maps showing the Winter 2023 IP survey results at Skinner North.
The high-resolution IP survey covered over 5 square kilometres and was roughly centred on the Skinner
North prospect which was drilled by the Company in November of 2022. The survey comprised
approximately 25 line -kilometres at an a -spacing of 25 metres along 200 metre spaced lines and was
designed to outline chargeable and resistive features that could indicate the presence of hydrothermal
alteration and associated sulphide mineralization, some of which has been shown to be gold bearing based
on 2022 drilling results (Figure 2).
Next phase of Exploration at Skinner North
The Company intends to complete additional diamond drilling at Skinner North to build off initial drilling
results from the maiden November 2022 program (see the Company's Jan. 9, 2023 news release for details).
Given the presence of glacial sand deposits and the lack of outcrop at Skinner North, target selection will
be largely based on coincidence of high chargeability, high resistivity and east -west to west -northwest-
trending faults and shear zones identified in drilling and those outlined from ground magnetometer surveys
completed in 2022.
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Figure 2. Photographs showing disseminated nature of sulphide mineralization in
Skinner North drill core. A) Hole DD22SK002 – disseminated chalcopyrite-pyrite-
pyrrhotite in sheared and silica-ankerite-biotite-chlorite altered mafic volcanics. B) Drill
hole DD22SK004 - Silica-ankerite-chlorite-biotite altered and sheared mafic volcanics
with disseminated pyrrhotite-pyrite-chalcopyrite mineralization.
About the Golden Sidewalk
The Golden Sidewalk is a district -scale gold exploration project coveri ng over 160 square kilometres of
contiguous mineral claims and mining leases in the western Birch-Uchi Greenstone Belt, approximately 60
km east of Red Lake, Ontario and 60 km northeast of Kinross Gold’s Dixie Project, acquired from Great
Bear Resources in 2022. 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 “Golden Corridor” lies immediately
north of the unconformity and is characterized as a highly prospective trend of coincident favourable
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magnetic and resistivity lineaments supported by highly anomalous gold-in-till samples covering 7.0 by 0.5
kilometres. An additional highly prospective target area was defined in 2021, termed the Skinner North
Target Area, where 2022 channel sampling results include 9.69 gpt gold over 3.0 metres and 13.13 gpt gold
over 1.8 metres and till samples containing up to 1,01 4 gold grains, was drilled for the first time in
November of 2022. Historical drilling by previous operators at the Bathurst Mine, Joe Vein, KT vein,
Dunkin and Vihonen prospects reported high -grade gold intercepts which have yet to be followed up by
Prosper Gold.
QA/QC Procedures
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 from drilling to laboratory is s trictly monitored to ensure sampl e and
analytical integrity and reliability. Half-split core samples are sent to AGAT Laboratories in Thunder Bay,
Ontario, where they are analyzed in 50-gram aliquots using Fire-Assay with ICP-OES finish. Any overlimit
analyses (>10 g/t Au) are re-analyzed with a pulp metallic screen method designed to give the most accurate
representation of gold concentration in each sample. AGAT Laboratories in Thunder Bay, ON, is an
accredited testing laboratory having been assessed by the Standards Council of Canada (SCC) and found
to conform with the requirements of ISO/IEC 17025:2017.
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.
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: [email protected]
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", an d "intend",
statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressio ns. 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 achievemen ts, 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 p romoters 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
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section of our interim and most recent ann ual 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 mad e 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 Ven ture
Exchange) accepts responsibility for the adequacy or accuracy of this release.