Prosperity Goldfields' Gold Grain Analyses Suggests Southern Extension of the Rusty Discovery
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/14/12 -- Prosperity Goldfields Corp. (the "Company" or "Prosperity") (TSX VENTURE: PPG) announces the receipt of gold grain analysis completed on 44 bulk till samples collected during the summer exploration program at its Kiyuk Lake project, Nunavut (the "Property"). Up to 1,720 gold grains per sample were counted in material from the Rusty, Cobalt and Amundsen discoveries. Abundant gold grains (926) in a sample 400m down-ice from the original Rusty discovery may indicate a proximal bedrock gold source suggesting significant south-ward extension of known Rusty mineralization.
Bulk till samples were collected from regions of mineralization and at select locations across the Property. Samples collected around the Rusty discovery are characterized by greater than 1,000 gold grains contained per sample with delicate or pristine shapes indicating limited down-ice transport and proximity to a bedrock gold source. Abundant gold grains (926) in a sample 400m down-ice from the original Rusty drill discovery may indicate a proximal bedrock gold source suggesting significant south-ward extension of known Rusty mineralization (Figure 1 available at the following address: http://media3.marketwire.com/docs/121114_PPG_Fig-1.pdf). Additional bulk till samples, up to one kilometer down-ice from the Rusty discovery, contain up to 313 visible grains. These down-ice samples still contain pristine gold grains indicating mineralization may extend even further south.
Bulk till samples collected south of the Cobalt discovery returned up to 943 gold grains per sample (Figure 2 available at the following address: http://media3.marketwire.com/docs/121114_PPG_Fig-2.pdf). These samples were collected in an area with a high concentration of mineralized boulders assaying from trace up to 13.9 g/t Au (previously reported). Gold grain shape analyses of samples in this area found a majority of grains were pristine (762 of 943 grains). Previous drilling here in 2008 and 2011 targeted the site of these glacially dispersed mineralized boulders but produced negative results. Drilling in 2013 will be located up-ice to discover the lode source for these anomalous boulders and the gold in the bulk till samples.
"This systematic till sampling and additional gold grain analysis from selected till samples has been successful in allowing us to refine targets at Kiyuk." commented Adrian Fleming, CEO of Prosperity Goldfields. "The indicated extensions to Rusty Zone, the Property's highest ranked target, is a very positive development. This information will help the team to more precisely locate drill holes for the upcoming 2013 program."
The bulk till samples involved collecting 10 kilograms of sample material from C-horizon till. All bulk till samples were submitted to Overburden Drilling Management in Nepean, Ontario for grain analysis. Overburden Drilling Management is not an accredited assay laboratory but is a well-established mineral separation facility. No independent QAQC program was in place to monitor the accuracy of the gold grain counts, although field duplicates were used to monitor data precision.
A drilling program is being planned for Spring 2013. The scope of the program is a work in progress including prioritizing drill targets. Adrian Fleming RPGeo, MAusIMM(CP) is a Qualified Person and is responsible for the technical content of this press release.
Additional information and maps displaying these 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