VANCOUVER, British Columbia, April 24, 2023 (GLOBE NEWSWIRE) — Prosper Gold Corp. (“Prosper Gold” or “company“) (TSXV:PGX) has been entered into by our wholly-owned subsidiary, Prosper Gold USA LLC, to enter into the definitive option agreement (“Option contract”) DDS Resources LLC and Mohave Mine Partnership LLC (collectively, “Opter”), whereby the Option Provider has granted us the option to acquire a 100% interest in the Mohave Project (“property”).

Project highlights:

“The opportunity to acquire the Mohave Gold Project was one we couldn’t pass up,” commented CEO Peter Bernier. “The exploration potential for high-grade gold in this project is clear and we look forward to drilling many mineralized zones, many of which have never been drilled. It complements Prosper Gold’s Golden Sidewalk project in New York and provides year-round exploration of two highly promising land packages in low-risk jurisdictions.”

Mojave Gold Project

The Mojave Gold Project has a long history of exploration and small-scale mining dating back to 1865. Dixie Queen Mine (Figure 1The project is a low-hydrothermal gold-silver sulfide deposit considered to be in the advanced stage of exploration. The project consists of 160 contiguous mining rights covering 1,176 hectares in Mojave County in northwest Arizona. A network of access roads to the historic worksites and excavation sites are maintained and accessible by road. The project permits construction of up to 600 drill sites and approximately 27 kilometers of access roads.

Previous exploration by historic operators has outlined several mineralized zones from relatively shallow drilling (See Table 1) with additional targets outlined by undrill-tested geochemical and geophysical surveys. Extensive alteration and extensive gold mineralization outline his three mineralization trends: the Golden Door, Klondike and Dixie Trends. Despite the presence of highly unusual rock and soil geochemistry and numerous historical works, the Dixie trend has not been drilled to date.

Table 1 – Select Past Drill Intercepts.

^{*The true thickness is unknown.}

The first production in the area was recorded in 1898 from the Klondike and North Klondike mines, producing about 4,500 tons of gold, averaging 19.3 gpt. The Red Gap Mine was discovered by him in 1904. There are no known production records at the Red Gap mine, but in 1926 a 1 tonne “test release” was made from Tunnel No. 2 and analyzed for 85.8 gpt gold and 497.7 gpt silver. The Golden Door open pit mine is reported to have produced about 20,000 tonnes of gold with thicknesses ranging from 0.61 to 2.45 meters, averaging 7.46 gpt. This mine was closed during World War II. The Dixie Queen mine is reported to have produced about 4,000 tonnes with an average gold grade of 23.3 gpt. Other mines of unknown historical production include the Scout, Jim and Jerry, Apex, Middle Dixie, and Dixie Gold mines.

Modern exploration began in 1975 and continued intermittently until 1995, primarily by reverse circulation (“RC”) and rotary airblast (“RAB”). , although he last completed drilling activity on the project in 1995. Selected historical drilling results and mapped geological and soil geochemical results are shown below. Figure 2.

Table 2 – Color information for selected historical drill holes (coordinates are in datum WGS 84, zone 11N).

Main terms of option contract

The property’s option agreement requires the company to pay US$3,350,000 in cash (“cash payment”) and operating expenses totaling US$1,700,000 (“Spending”) Five years for the Company to acquire 100% interest in the property (“option”). We may expedite payment of cash payments at our sole and absolute discretion. If the Company advances all cash payments, the option will be deemed exercised regardless of whether all expenditures have been incurred. Upon full payment of the cash payment, the Company will transfer the Option Provider and Desert Ventures Inc. (“royalty”).

qualified person

The scientific and technical information in this news release has been reviewed by Rory Ritchie (P.Geo.), Vice President of Exploration for Prosper Gold and qualified per National Instrument 43-101. The results included in this release were completed by the property’s previous operators. Although we were not involved in the initial work on these results, we appear to be following good industry data validation procedures.

On behalf of the Board of Directors

per: “Peter Vernier”
Peter Vernier
President and CEO

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Information contained in this news release may contain forward-looking statements under applicable securities laws. Forward-looking statements are statements about future events, not past events. In this context, forward-looking statements often refer to expected future business and financial performance and are often “anticipate,” “believe,” “plan,” or “estimate.” , “expects”, “intends” and other words. action or event “could”, “could”, “could”, “should” or “will” or other similar expressions; All statements other than statements of historical fact include, but are not limited to: Statements regarding the terms of the option agreement, the potential for exploration of the property, the planned exploration of the property and the grant of royalties are forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, or other Future events may differ materially from any future results, performance or achievements expressed or implied by us. such forward-looking statements. Such factors include, among others, the risks of: Need for additional funding. our ability to meet precedent conditions under option contracts; Operational risks associated with mineral exploration. commodity price volatility; title issues; environmental claims and insurance; and dependence on key personnel. Potential conflicts of interest between certain officers, directors or promoters and certain other projects. competition; dilution; volatility in the price and volume of our common stock, and additional risks, may affect our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange and any applicable The Management Discussion and Analysis section of the Canadian Securities Regulation was identified. Forward-looking statements are based on management’s views, estimates and opinions as of the date the statements were made, and we reserve the right to make changes to these views, estimates and opinions or otherwise. We undertake no obligation to update any forward-looking statements. Applicable Securities Laws. Investors are cautioned against ascribed undue certainty to forward-looking statements.

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