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Prosper Gold Continues Golden Sidewalk Option - Red Lake, ON
VANCOUVER, British Columbia, Jan. 27, 2021 (GLOBE NEWSWIRE) -- Prosper Gold Corp. ("Prosper Gold" or the "Company") (TSXV:PGX) is pleased to announce that it ha
About this update from Prosper Gold Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, Jan. 27, 2021 (GLOBE NEWSWIRE) -- Prosper Gold Corp. (\"Prosper Gold\" or the \"Company\") (TSXV:PGX) is pleased to announce that it has fulfilled the 6-month anniversary obligations of the previously announced option agreement for the Golden Sidewalk and Skinner Gold properties (the “Property”) (See the company’s August 10th, 2020 news release). The Company has issued 50,000 Prosper Gold common shares to Sabina Gold and Silver Corp. (“Sabina”) (TSX:SBB) and incurred over $150,000 in exploration to date on the Property. Prosper Gold intends to fulfill additional obligations as described below with the objective of owning a 100% interest in the Property. Golden Sidewalk- Skinner Option w/ Sabina Gold & Silver Date Cash PGX Shares Exploration % Acquired Status TSXV Approval $ 20,000 50,000 $ 0 0 % Complete February 9, 2021 $ 0 50,000 $ 150,000 0 % Complete February 9, 2022 $ 10,000 250,000 $ 500,000 0 % February 9, 2023 $ 10,000 550,000 $ 750,000 70 % August 9, 2024 $ 10,000 600,000 $ 1,200,000 100 %(1) Total $ 50,000 1,500,000 $ 2,600,000 100 % Note: (1) Subject to a 2% NSR on certain claims/leases in favour of Sabina, 1% of which can be repurchased by the Company upon payment of $1 million to Sabina. Table 1. Option Agreement Terms with Sabina For a detailed overview of Prosper Gold visit www.ProsperGoldCorp.com About the Golden Sidewalk The Golden Sidewalk is a district-scale gold exploration project covering over 160 square kilometres of contiguous mineral claims and mining leases (see the Company's Aug. 10, Sept. 8, and Sept. 15, 2020 news releases for details) in the western Birch-Uchi Greenstone Belt, approximately 60 km east of Red Lake, Ontario. 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 recently identified “Golden Corridor” lies immediately north of the unconformity in the western portion of the property and is characterized as a highly prospective, greater than 5 kilometre trend of coincident favourable magnetic and resistivity lineaments supported by highly anomalous gold-in-till samples c...