Prosperity Goldfields Reports 35.9 m at 4.95 g/t Au, from Core Drilling, Rusty Zone, Kiyuk Lake, Nunavut
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/09/13 -- Prosperity Goldfields Corp. (the "Company" or "Prosperity") (TSX VENTURE: PPG) reports assay results from the first four drill holes from the ongoing winter drill program on its 100% owned Kiyuk Lake gold property (the "Property"). Multiple zones of gold mineralization have been intercepted in three of the first four drill holes from the Rusty Zone. Highlights include:
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Hole KI13-001 35.9 m at 4.95 g/t Au from 134.1 m
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Hole KI13-003 12.0 m at 6.61 g/t Au from 80.0 m
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Hole KI13-004 24.1 m at 3.40 g/t Au from 34.0 m
28.0 m at 1.53 g/t Au from 66.0 m
8.0 m at 8.24 g/t Au from 168.0 m
30.0 m at 2.87 g/t Au from 224.0 m
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"Our initial holes at Rusty Zone further define this robust breccia-hosted gold system by demonstrating continuity of mineralization, confirming strong gold grades, and that mineralization begins near surface," commented Prosperity CEO, Adrian Fleming. "Grades quoted are for a 0.5 g/t Au cut-off using a rigorous statistical treatment. At a zero g/t Au cut-off and averaging all of assays of the mineralized core in hole KI13-004 we see a wide gold zone; 249.8 m at 1.6 g/t Au from 8.2 m. Although more drilling is required to adequately define the Rusty Zone, it is clear from these early holes that we are dealing with a strongly mineralized gold system. I'm looking forward to the assays from the balance of our current two-drill program."
Table 1 lists composite assay results from the first four holes of the winter drill program completed at Rusty Zone.
Table 1: Composited Gold Assay Results, Rusty Zone
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Hole ID From (m) Length (m)(1) Au (ppm)(2)
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KI13-001 40.0 6.0 2.12
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KI13-001 48.0 6.0 1.27
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KI13-001 82.0 8.0 1.28
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KI13-001 102.0 8.0 2.53
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KI13-001 134.1 35.9 4.95
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KI13-002 No significant assays
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KI13-003 80.0 12.0 6.61
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KI13-003 256.0 8.0 1.30
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KI13-004 8.2 11.8 1.46
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KI13-004 34.0 24.1 3.40
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KI13-004 66.0 28.0 1.53
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KI13-004 104.0 14.0 1.70
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KI13-004 132.0 10.0 1.72
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KI13-004 168.0 8.0 8.24
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KI13-004 182.0 8.0 1.17
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KI13-004 196.0 10.0 3.01
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KI13-004 224.0 30.0 2.87
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(1) Apparent thickness of composite intervals
(2) weighted averages calculated using 0.5 g/t Au cut-off; minimum composite
grade 1.0 g/t Au over minimum 6 m interval, maximum internal dilution length
and grade 4 m and +0.1 g/t Au respectively
Gold mineralization at Rusty is hosted by brecciated sandstone with a matrix composed of varying proportions of albite, actinolite, calcite, dolomite and quartz. Magnetite and pyrrhotite occur in the matrix of the breccia creating an intense magnetic high visible in ground magnetic data collected in 2012. KI13-001 and KI13-004 drilled through the core of the magnetic body (see Figure 1, Drill Plan: http://media3.marketwire.com/docs/ppg-0409-fig1.pdf). These holes demonstrate continuity of mineralization by filling a 200 m gap between 2012 drill holes (previously reported KI12-001 and KI12-003) and by extending the zone of mineralization further to the west-north west. As shown by the intercept at the bottom of KI13-003 gold mineralization also occurs within magnetic low zones flanking the main body. The reported widths of composite intervals are apparent thicknesses and the overall shape of the mineralized zone is not yet known. KI13-004 ended in mineralization at target depth (see Figure 2, Hole 4 Cross Section: http://media3.marketwire.com/docs/ppg-0409-fig2.pdf).
To date nine drill holes have been completed at the Rusty Zone, three at Bancroft, two at North Snake and one at Rasmussen. Further assay results are pending. Additional drilling is proceeding at untested targets including Rasmussen. Table 2 provides details of collar coordinates and Figure 3 (http://media3.marketwire.com/docs/ppg-0409-fig3.pdf) shows details of the current winter drill program.
Table 2: Drill hole collar coordinates
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Total
Hole_ID Easting(1) Northing(1) Elevation (m) Azimuth Dip depth (m)
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KI13-001 425844 6699966 332 140 -50 243.06
KI13-002 425762 6699905 326 140 -50 273.43
KI13-003 425898 6699898 327 140 -50 276.45
KI13-004 426016 6700038 330 230 -50 267.4
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(1) Coordinate System: UTM NAD 83, Zone 14N
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The exploration program is being directed by Adrian Fleming, CEO and a Director of Prosperity with additional specialist expertise in geology, geochemistry and geophysics being provided by CSA Global Geoscience Ltd.
A comprehensive QA/QC program is in place to monitor precision and accuracy of assay results. Drill core samples are submitted with certified reference materials and analyzed by SGS Minerals Services, Red Lake, Ontario. Gold analyses are by fire assay using a 30 g charge and an atomic absorption spectrometry finish. Over-range assays greater than 3 g/t are re-assayed using a gravimetric finish. SGS Mineral Services is ISO 9001 accredited.
Adrian Fleming RPGeo, MAusIMM(CP) is a Qualified Person and is responsible for the technical content of this news release.
Additional information including maps and cross sections displaying these drill results can be viewed on the company web site at www.prosperitygoldfields.com.
ON BEHALF OF THE BOARD OF PROSPERITY GOLDFIELDS CORP.
Adrian Fleming, CEO and Director
This press release includes "forward-looking statements" including forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Prosperity Goldfields Corp. Statements regarding mineral exploration operations and objectives are subject to risk, including, but are not limited to, exploration and geologic risk, inflation and costs of goods and services, property title issues and regulatory approvals. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Prosperity Goldfields Corp. does not assume the obligation to update any forward-looking statement, except as required by applicable law.
NEITHER THE 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 NEWS RELEASE.
Contacts:
Prosperity Goldfields Corp.
Dwane Brosseau
Investor Relations
Toll Free: 1 855 237 6274 or Direct: 604 662 3380
info@prosperitygoldfields.com
www.prosperitygoldfields.com
Frontline Communications
Leo Karabelas
Mobile: 416 543 3120