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Prosper Gold has signed a definitive option agreement with several individuals (Optionors) to acquire full interest in the Cyprus Project, comprising the Kaza and Northstar properties in Canada.
To exercise this option, Prosper Gold must meet specific financial and operational milestones over four years.
The Cyprus Project, accessible by road in north-central British Columbia, spans 1,368 hectares (ha) and includes the historical Kaza and Northstar copper prospects.
The Kaza claims cover 450ha and feature a high-level porphyry copper-gold mineralisation footprint measuring 2,000m by 600m, identified through extensive surveys and historical drilling.
Prosper Gold must pay C$725,000, issue 1,650,000 common shares and incur C$2m in work expenditures to exercise the option.
Upon completion, the company will grant a 2% net smelter royalty to the optionors.
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By GlobalData
The historical Kaza copper-gold prospect has been the focus of significant geochemical, geophysical and geological surveys.
These have revealed highly anomalous copper-gold soil and rock geochemistry, which aligns with feldspar porphyry dikes, high IP chargeability and low magnetic response.
Prosper Gold believes the prospect’s potential has not been fully tested, with the deepest historical drill reaching only 195m.
The Northstar claims, located 4km north-east of the Kaza claims, cover 918ha and include the historical Northstar copper prospect.
Two mineralised areas, the Main Zone and the B showing, have undergone 4,900m of combined drilling. The Main Zone features bornite and chalcocite mineralisation, while the B showing includes vein and shear-hosted chalcocite and minor bornite.
Prosper Gold CEO Peter Bernier said: “Prosper has been evaluating this copper-gold exploration opportunity for the past eight months.
“The immediate exploration potential at both Kaza and Northstar is clearly evident and we are keen to implement our exploration strategy for this project.”
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Read More: Prosper Gold granted option to acquire Cyprus Project in Canada
2024-02-21 09:46:09
