Drilling Program Intersects Several Zones At Skinner North

VANCOUVER - Prosper Gold Corp. reported on the drilling program at Skinner North at the Golden Sidewalk Project in Red Lake, Ontario. The program was successful in intersecting several paralleling shear zones exhibiting strong deformation, hydrothermal alteration, and gold mineralization under cover in an unexplored region. The geological and mineralogical features in the recent drilling have reaffirmed the exploration concept in this part of the Project. Given the disseminated nature of the mineralization the Company will soon be commencing an Induced Polarization (IP) survey covering the 2 by 3-kilometer Skinner Target area.

“The Fall 2022 drill program represents the only diamond drilling at the Skinner North Prospect to date,” said Peter Bernier, CEO. “We are excited that the exploration concept has been validated and confirmed the presence of multiple gold hosting, highly deformed, parallel west-northwest trending shear zones. The Skinner Target Area presents a sizable, highly prospective, exploration opportunity in a completely new and unexplored region of the project.”

A diamond drilling program totaling 1,252 meters in 8 drill holes was completed in November of 2022 at the newly outlined Skinner North Prospect, situated within the 2 by 3-kilometer Skinner Target Area. The drilling program was designed to test for gold mineralization and structure at depth beneath the Skinner #1 trench that was exposed and sampled in the summer of 2022 and to test additional structural targets interpreted from the summer 2022 ground magnetic survey data.

Drill holes DD22SK001 through DD22SK004 were completed in the immediate area of the Skinner #1 trench. The four holes intersected strongly sheared mafic volcanics cut by felsic to ultramafic dikes with all lithologies encountered locally exhibiting moderate to strong ankerite-silica-biotite-chlorite ± sericite alteration and gold mineralization associated with a pyrrhotite-pyrite ± chalcopyrite sulphide assemblage.

Drill hole DD22SK005 was a 100-meter step-back from DD22SK002 designed to test for gold mineralization roughly 80 meters down-dip of that encountered in the surface sampling. Two discrete gold-bearing intervals were encountered, associated with moderately to strongly sheared mafic volcanics exhibiting moderate silica-ankerite ± biotite alteration.

Drill hole DD22SK006 was designed to test for gold mineralization 150 meters to the west-northwest of DD22SK002 as well as to test several subparallel structural features interpreted from the magnetic data. Several intervals of strongly sheared and altered (ankerite-chlorite-silica ± biotite ± sericite) mafic volcanics were encountered, some with felsic to ultramafic dikes and all with variable amounts of pyrite-pyrrhotite ± chalcopyrite, with anomalous gold values. The textural and compositional features of the shear zones intersected in drill hole DD22SK006 bear similarities with gold-bearing, deformed and altered intervals encountered in the drilling underneath the Skinner #1 trench.

Drill holes DD22SK007 & 008 were completed roughly 400 meters to the southwest of the Skinner #1 trench to test for gold mineralization within sheared mafic volcanics that were exposed historically through stripping and washing. Both holes encountered sheared mafic volcanics comprising a structural zone 50 – 60 meters wide, highly deformed and variably silica-carbonate ± biotite altered.

The mineralization encountered in the maiden drill program at the Skinner North Prospect is comprised predominantly of disseminated sulphides, the nature of which is conducive to identification through the implementation of Induced Polarization (IP) geophysical surveys. As such, the Company will commence an IP survey in the coming weeks that will cover the 2 by 3-kilometer Skinner Target Area and provide the Company with drill targets to evaluate in conjunction with existing geophysical, geochemical and geological data sets.