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Be the first with the news that moves the market- Prosper Gold (PGX) has begun a helicopter-borne geophysical survey at its Golden Sidewalk Project in the Red Lake region of Ontario
- Terraquest has been contracted to carry out the work, which will consist of 2,300-line kilometres at 50-metre spacings
- The program has been designed to identify structurally-related exploration targets with high resolution magnetic and electromagnetic data
- It follows the completion of a C$3 million financing, which will be used to support the geophysical program
- Prosper Gold (PGX) is currently up 1.67 per cent and is trading at 61 cents per share
Prosper Gold (PGX) has begun a helicopter-borne geophysical survey at its Golden Sidewalk Project in the Red Lake region of Ontario.
Located to the western end of the Birch-Uchi Greenstone Belt, the project covers more than 16,000 hectares of contiguous mineral claims and patents.
The Golden Sidewalk Project straddles a 12-kilometre stretch of the Balmer Assemblage – Narrow Lake Assemblage unconformity, which is a well-established exploration guide in the Red Lake District but has itself been the subject of limited exploration.
Markham-based Terraquest has been contracted to carry out the program, which will consist of 2,300-line kilometres at 50-metre spacings.
The survey will be flown at a height of between 20 and 25 metres above ground level, and will focus on identifying structurally-related exploration targets with high resolution magnetic and electromagnetic data.
Peter Bernier, CEO of Prosper Gold, said the survey is an important step towards identifying regional targets beyond the previously drilled high-grade gold at the Bathurst Mine and surrounding prospects.
“The data will serve to bolster existing geochemical and ground geophysical targets, while outlining new exploration targets for follow-up and the first diamond drill program on the project since 2009.
“This will be the largest high-resolution airborne survey flown over this area of the Birch-Uchi belt to date,” he added.
The survey is supported by the recent completion of a private placement, under which the company raise more than C$3 million. A total of 5,490,910 units were sold at a price $0.55 each, consisting of one common share in Prosper Gold and one purchase warrant.
Each warrant is exercisable at a price of $0.85 per share for a period of 24 months from the date of issuance.
Prosper Gold (PGX) is currently up 1.67 per cent and is trading at 61 cents per share at 2:29pm EDT.
