Prosper Gold Spots a $100 bill on the Ground, Picks it up
Napoleon said that he would rather have his generals be lucky rather than skillful under the theory that you can always beat skill but you can never beat luck. It sounds like a great theory to me.
Prosper Gold (PGX-V) is headed by Peter Bernier who founded Richfield Ventures, drilled 14 holes, found gold in 13 and sold out in two years for $500 million after spending $10 million. He's at it again, this time in Ontario.
Four prospectors sampled a road cut made during logging work near Matheson in Egan Township, Ontario in 2017. They found visible gold at surface and took their samples to Peter and his head geo, Dirk Tempelman-Kluit who agreed with Napoleon.
Prosper promptly took fifteen grab samples, eight of which returned values from 1.2 g/t gold to 22.9 g/t Au. Prosper and the prospectors did a deal calling for PGX to pay the prospectors $500,000 over three and a half years and 1.1 million shares to get a 100% interest in the project subject to a 3% NSR.
What Prosper calls the Egan project is a virgin discovery within the Timmins camp with no historic work or drilling except for a Ontario Geological Survey till sample program done in 1984-1987. That program revealed a 5 km train of elevated gold in tills. There has been no modern exploration or drilling on the 8,000 ha project.
PGX just completed another option agreement with two prospectors on what they call the Currie property just north of the Egan property. PGX will pay the prospectors $130,000 over two years and issue 450,000 shares to get a 100% interest subject to a 2% NSRT. Currie is a 2,000 ha project that has had minor drilling done in the past with results as high as 2.07 g/t Au with 132 g/t Ag and 3% zinc over 2.1 meters.
The market for Prosper Gold is up about 20% since the announcement in January about the Egan deal. Volume has dried up to almost nothing as investors begin to understand what Prosper is doing to move forward. The company did just complete a $500,000 placement that will get them started on the ground surveys necessary prior to trenching and drilling.
The company is at PDAC and telling the story of their new discovery. Naturally they will need to do another raise to get the money to drill. For now they are a work in progress.
I have participated in the latest PP and the company is an advertiser. Naturally that makes me biased and you are as always responsible for your own due diligence.
Prosper Gold Corp