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Prosper Gold Corp. Acquires High Grade Ashley Gold Mine - Cadillac Larder Lake Fault Area - Ontario
QUESNEL, BRITISH COLUMBIA--(Marketwired - Feb. 29, 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 - Feb. 29, 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 Randall W. Salo, Jacques E. Robert, David M. Lefort and Andrew D. McLellan (collectively, the \"Optionors\"), whereby the Optionors have granted the Company the option to acquire a 100% interest in the historic Ashley Mine and surrounding claims in central Ontario (the \"Property\"). The Property is at the southwestern part of the Abitibi Greenstone Belt and on 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. The Ashley Gold Mine is 17 km west of Alamos' Young-Davidson Mine and 17 km east of Teck's Stairs Mine. The Ashley Mine is a narrow high-grade quartz vein similar to the lodes of the Porcupine and Kirkland Lake gold camps. It produced 50,099 ounces of gold from 157,636 tons of ore (0.32 oz. Au/ton) from the main Ashley vein between 1932 and 1937. The vein strikes north, dips west at 30 to 50 degrees and has been followed underground for 600 metres. (Petromet Resources Ltd. (1982)) The mine was developed by inclined shaft and six levels (125, 250, 375, 500, 625 and 750 foot levels). Sampling by Petromet Resources Ltd. (1982) over a strike length of 88.4 meters gave an average grade (uncut) of 1.30 oz Au/ton over 0.22 meters width. The Ashley vein hosts visible gold, telluride and minor pyrite, chalcopyrite, galena and sphalerite. (see Historical Ashley Mine ore photos at www.ProsperGoldCorp.com) Historical surface exploration work documents 7 gold bearing veins on the Property. The Garvey Vein, 1.3 kilometres northwest of Ashley, produced a 26 ton bulk sample yielding 0.86 oz Au/ton. (Petromet Resources Ltd. (1982)) The Abitibi Greenstone Belt on the Property includes a range of volcanic, sedimentary, and plutonic rocks generally of greenschist facies metamorphic grade. Volcanic rocks occur as mafic to felsic volcanic cycles ranging from basaltic to rhyolitic compositions. Intravolcanic sedimentary rocks, include volcaniclastic varieties. A range of mafic to felsic, pre-tectonic, syn-tectonic and post-tectonic intrusive rocks are known. Among these intrusives are s...