Prosper Gold Corp. ("Prosper Gold" or the "Company") (TSX VENTURE:PGX) announces a 10,000m drill program at the Ashley Gold Project (the "Project") in Northern Ontario. Phase 2 will target the recently discovered Ashley breaks adjacent to the Ashley Mine, a Kirkland Lake style gold target. Drilling will also test the Galahad, a Young-Davidson style target, for structurally controlled gold in the Galer Fault. An updated Ashley Gold Project presentation is available at www.prospergoldcorp.com/s/ashley.asp.
Geophysical data from last summer's CGG airborne survey shows generally continuous west-northwest magnetic banding over the entire survey area. This is interpreted to reflect alternate layers of magnetic basalt of the Blake River Assemblage. Directly south of the Ashley Mine area the regular magnetic striping is profoundly disturbed in a newly discovered 3 km by 1 km area (Ashley Breaks). The disturbed magnetic striping is interpreted to reflect at least five branching strands of a steeply dipping fault zone. The Ashley Breaks is considered to represent a displacement transfer zone in a sinistral strike slip fault. The magnetic expression is traced eastward from the Ashley Breaks about 8 km where it joins the Cadillac-Larder Lake break, north of the Powell Syenite.
The Ashley Breaks have many characteristics of the Kirkland Lake and Timmins gold camps. 4,000m of drilling is planned to test the multiple Ashley Breaks at branches, bends and splays along their length.
Similar to Young-Davidson, the Galahad is on a steeply dipping deep crustal break called the Galer Fault, a branch of the Cadillac-Larder Lake Break. The structure juxtaposes Abitibi greenstone on the north side and intermediate volcanic rocks on the south. The Galer Fault contains slices of ultramafic rocks, syenite and green carbonate (fuchsite mariposite bearing ferrocarbonate), classic host rocks and alteration seen at many Timmins and Kirkland Lake gold deposits including Young-Davidson.
"The newly discovered Ashley Breaks gives Prosper's geological team the structural context for the Ashley and Garvey gold veins and links it to known gold deposits in the area. Our crews are mobilizing in late March for this fully funded drill program. We are eager to systematically test these targets," commented Peter Bernier, President and CEO.
The scientific and technical information in this news release has been reviewed by Dirk Tempelman-Kluit, PhD, P.Geo., a Qualified Person under National Instrument 43-101.