Mining Explorers 2012: Prosperity Goldfields Corp.
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Last updated 11/11/2012 at Noon
PPG: TSX
President and CEO: Adrian Fleming
Technical Advisor: Quinton Hennigh
Corporate Advisor: Darren Devine
Prosperity Goldfields Corp. initiated its first drill program on the 590-square-kilometer (228 square miles) Kiyuk Lake Property near Nueltin Lake in central Nunavut in the summer of 2011, testing the Rusty, Cobalt and Gold Point targets.
In May Prosperity completed a spring diamond core drill program to follow up the initial drilling and test undrilled targets with encouraging characteristics.
The company completed 12 drill holes covering 2,652 meters at the Rusty, Gold Point, Cobalt, North Snake and Amundsen targets.
The drilling intersected multiple zones of gold mineralization and confirmed the substantial potential at the Rusty Zone.
The best intersection was 61.5 meters at 3.3 grams per metric ton gold, including 7.5 meters at 3.7 g/t gold; and 15.0 meters at 6.7 g/t gold from 159 meters in hole KI12-003.
Amundsen, a newly discovered gold zone, is the fourth gold zone at Kiyuk to provide significant drill results (following Rusty, Cobalt and Gold Point).
Amundsen is located about 1kilometer (0.62 mile) southwest of the Cobalt gold zone.
The junior spent $2,253,872 on exploration and evaluation costs during the three months that ended June 30.
In July and August Prosperity completed a field check of a new glacial geology map of the property; collected till geochemical samples over the entire area and grid till samples of priority targets.
The explorer also prospected and geologically mapped known targets and new areas of interest to refine its drill targeting.
In October, Prosperity reported a new surface showing (Rasmussen) with values up to 6.96 g/t gold; three untested targets delineated from grid till sampling with values up to 3.6 parts per million gold and new areas of interest outlined from regional prospecting with values up to 25 g/t gold.
Prosperity also terminated its option agreement on the Whiskey Property in Yukon Territory to focus on the Kiyuk project.
Cash and short-term deposits: C$2.7million (June 30, 2012)
Working capital: N/A
Market capitalization: C$13.02 million (Oct. 8, 2012)
Suite 800 - 789 West Pender St.
Vancouver, B.C. Canada V6C 1H2
Tel: 604-662-3380 Fax: 604-648-8105
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