EXPLORATION & DEVELOPMENT

Currie tempts junior

Prosper Gold planning more exploration for Ontario project

Staff reporter

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The latest results included 7.9m at 2.55g/t gold, 16.6g/t silver and 0.4% zinc, 45m northwest of the "massive pyrite intercept" reported in November of 19.6m at 1.04g/t gold, 118.7g/t silver and 1.6% zinc.

Prosper had entered an option agreement in March 2018 to acquire 100% of Currie, 8km south of the Destor-Porcupine fault and in what Prosper has described as the "very exciting and historically under-explored portion of the Timmins gold camp".

Prosper raised C$250,000 (US$187,000) in November in a private placement at 10c per unit to Stichting Depositary Plethora Precious Metals Fund, giving it 9.8% of Prosper on an undiluted basis.

The junior then raised a further $350,000 (US$262,000) at 12c per flow-through unit in December for exploration in Ontario.

Prosper expects to seek further debt or equity financing after reporting cash of about $210,000 (US$157,000) at the end of January, which it said would not be sufficient to meet its current liabilities of about $579,000 (US$$434,000) due within one year.

Its shares have ranged between 5.5-18c over the past year and closed up half-a-cent on Friday to 8c to capitalise it at $4.8 million (US$3.6 million).

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