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Prosper Gold Corp. Drills 324 Meters of 0.44% Cu and 0.22 g/t Au Including 180 Meters of 0.54% Cu and 0.29 g/t Au at the Star Porphyry Copper-Gold Discovery: Northwestern BC

 
Oct 22, 2014

QUESNEL, BRITISH COLUMBIA--(Marketwired - Oct. 22, 2014) - Prosper Gold Corp. ("Prosper Gold" or the "Company") (TSX VENTURE:PGX) is pleased to report final drill hole results from the 2014 drill program on the Star Porphyry Copper Gold Project (the "Property") in northwestern British Columbia.

Hole location and striplogs are available on Prosper's website www.ProsperGoldCorp.com.

DDH FROM
(m)
TO
(m)
INTERVAL
(m)
Cu % Au
g/t
Ag
g/t
Cu
Eq%
S049 4 328 324 0.44 0.219 0.74 0.57
incl 4 184 180 0.54 0.288 0.95 0.71
incl 184 328 144 0.32 0.135 0.48 0.40

Drilling Highlights

  • 20 drill holes were completed on the Star Porphyry Copper Gold Discovery in 2014, an aggregate of 13,470 meters has been drilled from 2013 - 14 inclusive of historical drilling from 2004-7.
  • DDH S049 confirms consistent high grade mineralization from the surface to depth.
  • Grade is increasing in the core area of the discovery and with mineralization remaining open to extension laterally and to depth

Pete Bernier, President and CEO, comments, "We are pleased with the results of our 2014 drill program and the exploration potential of the remaining porphyry targets. The 2014 drill results have confirmed higher grade mineralization extends to the north. A 2015 grid drill program is proposed for this area."

The Company is pleased to confirm that it has now incurred sufficient explorations expenditures to meet the exploration requirements of the second option with Firesteel Resources subject to satisfying the remaining conditions for a 70% interest in the Property. The Property is optioned from Firesteel Resources Inc. (for full details of the option, please refer to the Company's May 7, 2013 & July 18, 2013 news releases).

Note: Widths reported are drill widths; true widths are unknown. Assays are uncut, length-weighted average values. Copper equivalent (Cu Eq%) values are given for illustration to express the aggregate content of copper and gold as a percent copper. They do not reflect the amount of metal that may be recovered should mining eventually occur. The calculation used is CuEq% = [Cu% + (Au g/t *0.583)] a formula which uses metal prices of US$3.00/lb Cu, US$1,200 per troy ounce Au.

Quality Assurance/Quality Control

Prosper Gold has applied a rigorous quality assurance/quality control program at the Star Project using best industry practice. The core is logged; spot XRF measurements are made directly on the core at 33 cm intervals and magnetic susceptibility measured at 10 cm intervals. Drill core is sawn in half lengthwise at the property and for each two metre interval half of the core is placed in plastic bags and sealed. The remaining half core is retained in core boxes stored at the project. The program includes chain of custody of samples from drill to laboratory.

A standard sample, a blank sample, or a duplicate sample is inserted into the sample stream every tenth sample. Two certified ore assay laboratory standards used in the process were supplied by CDN Resource Laboratories Ltd., an independent laboratory located in Langley, BC. In total, 25 quality control samples (about 11% of 216 samples) were analyzed. No significant QA/QC issues are seen in the results. Every 20th sample is sent from the ALS Minerals to ACME labs of Vancouver for reanalysis as an independent check on the work.

Samples, including those for quality control, are shipped to ALS Minerals' preparation lab in Whitehorse, Yukon. Samples were analyzed at ALS's ISO 9001:2008 certified North Vancouver laboratory for gold by fire assay and ICP-AES finish, and for 48 elements including copper, molybdenum and silver by ICP-MS using four acid digestion.

1 shallow hole at Star East and 3 holes Pyrrhotite Creek were drilled with no significant results. More analysis is required to understand the historical and observed mineralization at these targets prior to future drilling.

Qualified Person

The scientific and technical information in this news release has been reviewed by Dr. Dirk Tempelman-Kluit, PhD, 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

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.

Prosper Gold Corp.
Peter Bernier
President & CEO
(250) 992-6644
Pete@ProsperGoldCorp.com
www.ProsperGoldCorp.com