Broad gold hits for Prosperity Goldfields in Nunavut
Discovery becomes major drill target on the heels of three drillholes with significant gold mineralization.
Posted: Monday , 07 May 2012
HALIFAX, NS (MINEWEB) -
A junior explorer focused on exploration in Canada's North, Prosperity Goldfields (TSX-V: PPG), reported broad gold mineralized intercepts from a recently discovered gold zone in Nunavut.
Prosperity outlined results from three drillholes it collared in the Rusty zone, which is part of its Kiyuk Lake project and where it drilled a long gold-mineralized intercept last year.
Two of the drillholes were 200 metre stepouts to the south of the discovery drillhole and in them Prosperity hit a series of intercepts with as much as 18 metres @ 3.5 g/t gold and 11 metres @ 4.6 g/t Au.
Nearer to the discovery drillhole Prosperity cut as much as 62 metres @ 3.3 g/t Au. All three drillholes contained numerous other multi-metre intercepts in the 1 to 7 g/t Au range.
Gold mineralization in the two step drillholes was by and large between about 150 to 300 metre below surface, whereas gold mineralization around the discovery drillhole started closer to surface.
Adrian Fleming, Prosperity's president, said the latest drilling results were "excellent" in a prepared statement and that the Rusty zone was "now a major target for the summer drill program." Prosperity has about C$5 million in cash.
Fleming's name will be familiar to those that follow exploration in Canada's North. Along with Prosperity director Darryl Cardey, he founded Underworld Resources that was taken out by Kinross in 2010 and helped touch off a second Yukon gold rush.