Prosperity Goldfields Drills Three Gold Zones at Kiyuk
Reports 30.5 Meters at 4.90 gpt Au, Within 157.6 Meters at 1.70 gpt Au
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/15/11 -- Prosperity Goldfields Corp. (TSX VENTURE: PPG) ("Prosperity Goldfields") is pleased to announce all assay results from Phase One drilling on three gold targets at its 100% controlled Kiyuk Gold Project, southern Nunavut, Canada. Best results are from the Rusty Zone, with 157.6 meters at 1.70 gpt Au (516.9 ft at 0.05 opt Au), including 30.5 meters at 4.90 gpt Au (100.0 ft at 0.143 opt Au). Drilling indicated strong gold mineralization at all three targets, Rusty, Gold Point and Cobalt. Prosperity Goldfields plans to undertake a major, follow-up drill program starting in February, 2012.
All drilled gold zones include scattered, small grains of native gold, generally from less than 0.1 mm up to 0.5 mm in size, along with minor sulphide grains (pyrite, pyrrhotite and arsenopyrite). Strong albite-magnetite and albite-actinolite-quartz-carbonate alteration accompanies the gold mineralization. See Kiyuk project basin magnetics map at:
"These initial results from Kiyuk are extremely encouraging to us," comments Dr. Quinton Hennigh, Chief Geologist for Prosperity Goldfields. "The gold mineralization at the Rusty Zone is interpreted as being stratabound and nearly horizontal, with drill hole RU11-001 approximately perpendicular to the gold mineralization. We knew that we had the potential for a very large system here, because of the extensive gold anomalies from scattered outcrops and float sampling, but this drilling confirms the size potential, and it confirms the potential for thick intersections of high grade gold." Dr. Hennigh continues, "Our geophysical surveys trace the potential mineralized horizon for 24 kilometres along the southeast limb of the Kiyuk basin, nearly 10 km along the Snake Lake Trend, and 16 km along the northwest limb of the basin. We have only just begun to test the potential of these huge target areas."
Dr. Hennigh comments, "Alteration at Kiyuk is dominated by sodic minerals. Although Kiyuk shares some similarities with the large iron oxide copper-gold (IOCG) deposits, little to no copper has been observed in the system at Kiyuk. Strong geologic comparisons can be made between Kiyuk and the Kumtor deposit (Centerra Gold) in the Kyrgyz Republic, where sedimentary rocks including conglomerates host extensive gold mineralization accompanied by quartz-carbonate-albite-chlorite-sericite-pyrite alteration. Kumtor is primarily an open pit operation with proven and probable reserves of 62.4 million metric tonnes grading 3.1 grams gold per tonne." (source: Centerra Gold website)
About the Kiyuk Gold Project and Drill Targets
Gold at Kiyuk is hosted by a sequence of conglomerates and breccias occurring along an unconformity between two thick sedimentary units, the Hurwitz Supergroup and overlying Kiyuk Group. The Kiyuk sub-basin in which numerous gold showings occur, measures roughly 60 km NE-SW and 35 km NW-SE. Other bulk mineable gold deposits in Nunavut, Canada, include Agnico Eagle's Meadowbanks mine where gold is produced from open pit deposits with proven and probable reserves of approximately 34 million metric tonnes grading 3.18 grams per tonne gold (source: Agnico Eagle website).
Core was logged then split using diamond saws with one half sent for analyses and the other half stored for future reference. Quality control programs include the use of field and laboratory duplicates, standards, blanks, and internal and external check assaying. Certified sample standards were submitted with the normal sample stream. Gold assays were completed by SGS Canada Inc. in Red Lake, Ontario using a 30 gram charge, fire assay, with an ICP finish. For over limit assay results, initial assays in excess of 10.0 grams per tonne Au, a gravimetric finish is utilized. A program of follow-up metallic screen assays will be completed due to the presence of visible gold in multiple holes at Kiyuk.
About Prosperity Goldfields Corp.
Prosperity's principal business is the acquisition, exploration and development of resource properties for the mining of precious metals. Prosperity acquired the option to purchase the mineral claims comprising the "Kiyuk Property" near Nueltin Lake in Nunavut. Prosperity's principal objective is to explore the Kiyuk Property. In compliance with National Instrument 43-101, Quinton Hennigh, Ph.D., P.Geo. is the Qualified Person responsible for the accuracy of this news release. For more information about Prosperity please visit: .
On Behalf of the Board of Directors
PROSPERITY GOLDFIELDS CORP.
R. Bruce Duncan, CEO and Director
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
Contacts:
Prosperity Goldfields Corp.
R. Bruce Duncan
CEO and Director
905 813-8408
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Datum: 15.09.2011 - 12:55 Uhr
Sprache: Deutsch
News-ID 66305
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VANCOUVER, BRITISH COLUMBIA
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Mining & Metals
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