First and Last Word on Metals and Mining

Prosperity Goldfields Corp. (the “Company” or “Prosperity”) (TSX VENTURE:PPG) reports that assay results have been received from three holes of the recently completed 12 hole spring drill program on its 100 percent owned Kiyuk Lake gold property (the “Property”) located in southern Nunavut.

Three holes were drilled at the Rusty zone and intersected multiple zones of gold mineralization (Table 1). Significant intercepts include:

  • 19.5 m at 3.5 g/t Au from 19.5 m and 61.5 m at 3.3 g/t Au from 159 m, including 7.5 m at 3.7 g/t Au; and 15.0 m at 6.7 g/t Au in hole KI12-003;
  • 18 m at 3.5 g/t Au from 156.5 m and 22.5 m at 1.8 g/t Au from 218.0 m in hole KI12-002; and
  • 23 m at 1.5 g/t Au from 81.5 m and 10.5 m at 4.6 g/t Au from 128.5 m in hole KI12-001.

“These excellent early results confirm the potential of the Rusty Zone which was discovered by the last hole of the 2011 drill campaign,” comments Adrian Fleming, Prosperity CEO. “Grades in the breccia are very consistent and extend over significant widths. More importantly with an aggressive 200 m step out we continued to find well mineralized breccia. Since the mineralization contains magnetic minerals, magnetite and pyrrhotite, the magnetic data strongly suggests mineralization extending over at least 200 m along strike. The Rusty Zone is still open in all directions. It is now a major target for the summer drill program.”

“I am looking forward to the assays from the remaining nine holes of this latest drill program.”

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Reviews

Small So Far But Good to See Good Grades

May 7, 2012 at 7:14 pm
silverax silverax

The initial drill holes to follow up the discovery at the Rusty Zone, one of several prospective targets at the Kiyuk Lake property in Nunavut, do not yet define a large zone but it is encouraging to see 3+ gram intervals showing up over good widths in each of these holes along with broader zones of 1+ gram gold. The higher grades are definitely important for establishing an attractive project in remote northern areas such as this (as well as in the Yukon). The Rusty Zone itself does not appear to have a large strike extent based on geophysical signature (magnetics) but it could still develop decent size (several hundred thousand ounces by itself) if a good width (say 30-50 meters) and plunge are established and especially if parallel structures are found to be gold bearing as well. The Rusty Zone could also turn out to be one of many discreet deposits over a large regional gold corridor — the model for this would be a central processing facility fed by several high-grade, near surface gold deposits. Overall this is a very solid continuation of the exploration efforts at Kiyuk Lake but of course in this market pretty much all positive news is considered a “liquidity event” so the shares sold off unsurprisingly. This should not be taken as a sign that the drilling results have disappointed the market.

2 years ago

2 Responses to Prosperity Goldfields Reports 61.5 m at 3.3 g/t Au, Including 15.0 m at 6.7 g/t Au From Core Drilling at Rusty Zone, Kiyuk Lake, NunavutComment RSS Feed

  1. kjm

    Nice numbers, but here we go with Nunavut again.

  2. Now now, Nunavut is a huge territory so it does matter what part you are in. These guys are right at the southern border with Manitoba, still a remote and challenging environment but nothing like Hope Bay or even Meadowbank. Still, grade is probably the best way to have a prospective project in such an area and that is why it is good to see plenty of the 3 gram stuff.

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