Gold-bearing System Extended At Golden Corridor

VANCOUVER - Prosper Gold Corp. has now intersected gold mineralization along 2.8 kilometers of the Golden Corridor trend at the Golden Sidewalk Project Red Lake, Ontario. The Company has completed reconnaissance drilling totaling 21,103 meters in 66 diamond drill holes over 4.8 kilometers of the Golden Corridor. Drilling continues to outline a large hydrothermal system, intersecting ankerite ± biotite alteration with gold mineralization.

“Prosper has discovered a large hydrothermal system at the Golden Corridor,” said, Peter Bernier, CEO. “The presence of the unconformity, the geology, scale, alteration, widespread gold in drilling and the high till samples down-ice tells us we are on to something significant.”

The hydrothermal system drilled to date is approximately 2.8 kilometers long and remains open to the east. Mineralization and alteration assemblages are relatively consistent along the mineralized trend. Pyrite ± arsenopyrite ± visible gold occurs in quartz-ankerite ± biotite veins and within silica-ankerite ± biotite altered wallrock.

The Company has planned a series of deeper drill holes in the western portion of the system as vein thicknesses and hydrothermal alteration intensities are increasing at depth. Drill holes designed to test approximately 300 meters down-dip of the mineralized intercepts encountered in shallow drilling to date within the footwall (southern) fault zone at the western structural corridor. Observations in drill core to date have shown that higher temperature alteration, predominantly a silica-biotite assemblage, enveloping larger veins and vein arrays persists in deeper intersections.

Additional drilling is planned for the eastern portion of the system where several gold intercepts were encountered in recent drilling which will be followed up on, including 22.7 g/t gold over 0.55 meters in drill hole DD21GC039 (Table 1). Drilling in late 2021 in the eastern portion of the system at the Golden Corridor was successful in intersecting gold mineralized quartz-ankerite-pyrite veins and wallrock alteration. Drill holes DD21GC050 through DD21GC053 each intersected several intervals of gold mineralization below the footwall fault that coincides with the ultramafic-mafic volcanic contact.