Business
Prosper Gold Corp. Acquires Extensive Land Position Surrounding Recently Optioned High Grade Ashley Gold Mine & Young Davidson Mine Area-Ontario
QUESNEL, BRITISH COLUMBIA--(Marketwired - March 1, 2016) - Prosper Gold Corp. ("Prosper Gold" or the "Company") (TSX VENTURE:PGX) is pleased announce that it ha
About this update from Prosper Gold Corp.
[{"type":"text","content":" QUESNEL, BRITISH COLUMBIA--(Marketwired - March 1, 2016) - Prosper Gold Corp. (\"Prosper Gold\" or the \"Company\") (TSX VENTURE:PGX) is pleased announce that it has entered into a definitive agreement (the \"Option Agreement\") with Alexandria Minerals Corporation (TSX VENTURE:AZX) (\"Alexandria\"), whereby Alexandria has granted the Company the option to acquire a 90% interest in the Wydee and Matachewan claims in central Ontario (collectively, the \"Properties\") which cover approximately 30 km of strike of the Cadillac fault system, extending west and east of the Young Davidson Gold Mine. The western parcel, the Wydee Claims, surrounds the Historic Ashley Mine (see Prosper Gold's February 29, 2016 News Release) and covers 4,795 ha. The Matachewan Claims, 2235 Ha, are contiguous to the Eastern edge of the Young Davidson claims. The two optioned parcels are at the southwestern part of the Abitibi Greenstone Belt and the west part of the Cadillac-Larder Lake fault system. Historically the Abitibi belt produced 160 million ounces of gold with about one third from the Cadillac Larder Lake system. Visit www.ProsperGoldCorp.com for claims maps. The Matachewan option has known gold showings, gold intersections in several drill holes, a large area of anomalously high gold-in-soil, and a three kilometer section of the Cadillac-Larder Lake covered under Cobalt Group Proterozoic sedimentary rocks. The Wydee option has several syenite bodies that resemble the Young-Davidson host rocks. A number of syenite bodies have been identified with coincident magnetic lows and will be systematically tested. Acquisition Highlights: Large prospective area (7,030 hectares) at west of Cadillac-Larder Lake trend in two blocks straddling Young-Davidson mine Wydee block surrounds the high grade Ashley Gold Mine with historic production recently optioned by Prosper Gold Two styles of gold targets: high grade gold veins and bulk gold in syenite Young-Davidson gold occurs in syenite: a number of untested syenite bodies are known on the claims Aggressive exploration program, including drilling, planned for 2016 Pete Bernier, President and CEO, comments. \"Prosper Gold has identified a regional gold target area, west and east of the producing Young Davidson Mine. We have greatly expanded our land position in the area surrounding the Ashley Gold Mine and look ...