- Prosper Gold Corp.(PGX) has kicked off its maiden diamond drilling program at the Skinner North Target
- It has also completed a $725,000 first tranche of a non-brokered private placement of up to $2,000,000 of hard-dollar units and flow-through units of the company
- The 2,500-metre proposed diamond drilling program will be testing multiple exploration targets at the Skinner North prospect
- The company expects to close a second tranche of the financing of up to $1,275,000 on or about November 15, 2022
- Prosper Gold Corp is an exploration and development company
- Prosper Gold Corp. opened trading at $0.30 per share
Prosper Gold (PGX) has given an update on its diamond drilling program and non-brokered private placement.
The company has kicked off the maiden diamond drilling program at the Skinner North Target.
It has also completed a $725,000 first tranche of a non-brokered private placement of up to $2,000,000 of hard-dollar units and flow-through units of the company.
“We are excited to commence the first-ever drilling at this new target area,” said Peter Bernier, CEO.
“Trenching at the Skinner North prospect has demonstrated grade and width at surface. Additional targets in the immediate area with similar geological and geophysical characteristics will also be tested,” he added.
The Skinner Target Area is four kilometres northwest of the Golden Corridor and was identified by prospecting and 2021-2022 till sampling results.
The company completed stripping, channel sampling, and ground magnetics at the Skinner North Target area, for which results have been reported.
The 2,500-metre proposed diamond drilling program will be testing multiple exploration targets at the Skinner North prospect.
Channel sampling results at the Skinner North trench 1 include 9.69 gpt gold over 3.0 metres and 13.13 gpt gold over 1.8 metres within a 6- to 12-metre-wide quartz-carbonate vein bearing shear zone.
The first tranche of the private placement financing consisted of 1,300,000 HD units at a price of $0.20 per HD unit and 1,860,000 FT units at a price of $0.25 per FT unit.
Each HD unit consists of one common share of the company and one common share purchase warrant.
The company expects to close a second tranche of the financing of up to $1,275,000 on or about November 15, 2022.
Prosper Gold expects to use the net proceeds from the financing to fund exploration activities at the Golden Sidewalk Project and for working capital and general corporate purposes.
The Golden Sidewalk is a district-scale gold exploration project covering over 160 square kilometres of contiguous mineral claims and mining leases in the western Birch-Uchi Greenstone Belt, approximately 60 km east of Red Lake, Ontario.
Prosper Gold Corp. is an exploration and development company engaged in the acquisition, exploration, and development of mineral resource properties in British Columbia and Ontario.
Prosper Gold Corp. opened trading at $0.30 per share.
