VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/14/13 -- Prosperity Goldfields Corp. (the "Company" or "Prosperity") (TSX VENTURE: PPG) announces details of a planned 4,000 meter diamond drill program to commence early March at its 590 square kilometer Kiyuk Lake property in Southern Nunavut. This will be the first two-diamond drill program on the property and is expected to complete 16 to 18 holes. Initial assay results from this program are expected in April.
"The Prosperity Goldfields technical team is eager to get back to Nunavut with this two drill program. We feel there is excellent potential at Rusty to define a large gold system." commented Adrian Fleming, CEO of Prosperity Goldfields. "In addition wildcat drilling-of new highly prospective targets is likely to further confirm our view that Kiyuk Lake has the hallmarks of a major gold camp."
The focus of the drill campaign will be the Rusty Zone where previous drilling in 2011 and 2012 returned intercepts including 37.8m grading 4.18 g/t Au from surface and 61.5m grading 3.34 g/t from 159m (previously released May 7, 2012). The objective of the drilling at Rusty is to expand and further define the breccia-hosted gold mineralization which drilling in 2012 indicated extends from surface and for a distance along strike of at least 250 meters. The location and orientation of the planned holes are based on previous drilling plus ground magnetics, till geochemistry, gold grain counts and grain shape analyses from bulk till samples. Abundant gold grains with pristine shapes (758 grains), suggesting limited glacial transport, found 400m down ice from the original Rusty discovery, suggests a south-ward extension of the known mineralization.
Drilling is also planned for the Cobalt and Amundsen Zones. Drilling at Cobalt will test an undrilled area directly up-ice of a till sample with a highly anomalous number of pristine gold grains (762 grains) and several mineralized boulders with grades from below detection to 14 g/t Au. One of the planned drill holes at Cobalt will test an undrilled chargeability anomaly outlined in IP surveys completed in 2007 and 2009. Drilling at Amundsen will test for an extension to surface and along strike of the known gold mineralization (42.4 m grading 0.97g/t Au) intersected during drilling in 2012.
In addition to these follow-up drill holes, drilling is planned at the untested Bancroft and Rasmussen showings. The Bancroft showing, identified in 2012, is defined by mineralized boulders coinciding with highly anomalous gold values in till and a chargeability and resistivity anomaly. Gold values from the boulders range from below detection to 6.7 g/t Au. The till geochemical anomaly represents the up-ice limit or 'head' of a well-defined gold-in-till dispersal ribbon, which is interpreted to approximate the location of the bedrock source of the anomaly. Gold values, in till, at the Bancroft showing are higher than gold values found in till directly over the Rusty Zone. New gold grain results from the Bancroft area show a high proportion of pristine grains supporting the interpretation of a local bedrock source.
The Rasmussen showing, also identified during prospecting in 2012, is defined by gold mineralization in frost heaved boulders which are interpreted to have undergone minimal transport. Gold values from boulders at the Rasmussen showing range from 0.1 to 6.9 g/t Au.
Several styles of gold mineralization have been identified at the Kiyuk Lake property including: pyrrhotite- +/- magnetite-rich brecciated and altered sandstone (Rusty); pyrrhotite-rich altered felsic volcaniclastic and/or conglomerate; and pyrite-rich altered polymicitic conglomerate. Based on core logging and thin section petrography, the main alteration minerals include albite-quartz-actinolite-carbonate+/-scapolite+/-chlorite+/-tourmaline, the proportion of which varies depending on mineralized Zone or Target.
As with previous sampling programs conducted by Prosperity, a comprehensive QA/QC program will be in place to track chain of custody of sample shipments, and to monitor precision and accuracy of assay results. Analysis will be completed at an ISO 9001 accredited Laboratory.
Adrian Fleming RPGeo, MAusIMM(CP) is a Qualified Person and is responsible for the technical content of this press release.
Technical support for the drill program is being provided by CSA Global Canada Geoscience Ltd.
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.
Prosperity Goldfields Corp.
Toll Free: 1 855 237 6274 or Direct: 604 662 3380
Mobile: 416 543 3120
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