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.”
Nice numbers, but here we go with Nunavut again.
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.