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Mining Explorers 2013: Prosperity Goldfields Corp.

 

Last updated 11/3/2013 at Noon



PPG: TSX

President and CEO: Adrian Fleming

Technical Advisor: Quinton Hennigh

Corporate Advisor: Darren Devine

Prosperity Goldfields Corp. followed up in 2013 on two previous seasons of exploration at its 590-square-kilometer (228 square miles) Kiyuk Lake gold property near Nueltin Lake in central Nunavut.

A 4,427-meter diamond drill program undertaken between March and April, with 20 holes drilled, tested the Rusty target and other prospects, including Bancroft, North Snake, Cobalt, Rasmussen and Captain Anderson a new target identified from 2013 ground magnetics.

The best drill hole of the program, KI13-004 from Rusty, returned 35.9 meters at 4.95 grams per metric ton gold from a depth of 134 meters.

Notably the gold zone in Hole KI13-004 using a 0 g/t gold cut-off is an interval of 249.8 meters at an average grade of 1.6 g/t gold from 8.2 meters depth.

Eleven holes were drilled at Rusty from which, six returned encouraging grades.

With a total of 15 holes now drilled at Rusty, the limits of the breccia hosted mineralization have been defined to the northwest and southwest, however, the zone is still open in other directions and to depth.

In August, Prosperity also conducted a program of field work at the Kiyuk Lake property, consisting of selective reclogging of cores from the 2011-2013 drill programs, surveying of claims that needed to be converted to lease and other field work.

The program's objective was to give the explorer a better understanding and quantification of mineralization, and ancillary rock effects also can be used to build geological models useful for resource estimation.

During the year ended March 31, 2013, Prosperity received roughly C$3.2 million from a private placement that closed in November and almost C$4.04 million in cash from the acquisition of Smash Minerals Corp. During the six months that ended June 30, 2013, the junior spent about C$2.22 million on mineral exploration and evaluation costs at Kiyuk Lake.

Cash and short-term deposits: C$1.1 million (June 30, 2013)

Working capital: C$945,734 (June 30, 2013)

Market capitalization: C$3 million (Sept. 13, 2013)

Suite 800 - 789 West Pender St.

Vancouver, B. C.

Canada V6C 1H2

Tel: 604-662-3380

Fax: 604-648-8105

http://www.prosperitygoldfields.com

 

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