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Prosper Gold Corp. excited to begin work on Red Lake projects

Aug 13, 2020

Prosper Gold Corp. has entered into a definitive agreement with Sabina Gold and Silver Corp, 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, in the Red Lake mining district. The Properties are located within the Birch-Uchi greenstone belt approximately 70 km 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).

Twenty-three holes totaling 2,472 meters were drilled in March 2008. Drilling intersected gold mineralization in the primary target "Bathurst Mine Horizon" and discovered a second horizon with high-grade gold mineralization, including 45.96 g/t gold (1.34 oz/t gold) over 1.70 meters 420m west of the Bathurst Mine. The diamond drilling of the "Bathurst Mine Horizon" and the new "Upper Bathurst Mine Horizon" confirmed the presence of multiple gold bearing structures with further potential along strike and at depth.

Skinner Project (146 Mineral Claims)

The Skinner project is adjacent to and south of the Golden Sidewalk. Gold was discovered there by Thomas Dunkin in 1926. Dunkin Gold Mines was incorporated in 1928 and a 271-foot (83m) shaft was sunk to follow-up on the high-grade gold veining observed on surface. No production was reported. Other high-grade gold occurrences on the claims include the Dunkin II (grab samples up to 73 g/t gold) and Vihonen (grab samples up to 182 g/t gold).

In 1993, the Geological Survey of Canada released results from a basal till sampling program performed in the Red Lake area (Open File 2583, 1993 by D.R. Sharpe). Follow-up work traced the survey findings up ice towards magnetic anomalies located at or near the Balmer/Confederation Assemblage contact. The gold grains are less rounded and mechanically worn (more pristine), which can reflect a local source. In summer and fall 2003, Teck carried out extensive exploration including a detailed airborne magnetometer survey, aerial photography, geological mapping and rock sampling, rock geochemical survey, and till sampling. (refer to Figure 1.)

Teck’s till sampling identified many samples with pristine gold grains in a down-ice dispersal zone measuring 5km wide 3 km long area concentrated along a regional unconformity. More detailed till sampling and a reconnaissance induced polarization (“IP”) survey were recommended to define follow-up drill targets.

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