VANCOUVER, June 21, 2011 /CNW/ - Prosperity Goldfields Corp. (TSX-V: PPG) (the "Company" or "Prosperity")
is pleased to announce it has received all necessary permits needed to
proceed with its 2011 drill program at its 100% controlled Kiyuk gold
project located in southern Nunavut. Camp construction will begin
immediately and drilling is scheduled to begin around July 10.
Approximately 3,500 meters of diamond drilling will test five gold
"Prosperity Goldfields is in an excellent position to now explore its
Kiyuk gold project," states Quinton Hennigh, Chief Geologist for
Prosperity Goldfields Corp. "Through a protracted permitting process,
we have obtained permission to build a camp on site which will allow us
to more effectively test our targets this year. In July and August, we
plan to drill approximately 3,500 meters testing our five most robust,
near-surface gold targets."
About the Kiyuk Gold Project and Drill Targets
Gold at Kiyuk is hosted by a sequence of conglomerates and breccias
occurring along an unconformity between two thick sedimentary units,
the Hurwitz Supergroup and overlying Kiyuk Group. The Kiyuk sub-basin
in which numerous gold showings occur, measures roughly 60 km NE-SW and
35 km NW-SE. Gold mineralization is associated with intense magnetite
and albite replacement and displays variable geochemical associations
with cobalt, nickel, arsenic and uranium. Assays from a suite of over
500 grab samples from the property include values ranging from below
detectable levels to as high as 36 grams per tonne gold.
Five targets will be tested during this program. These include:
Gold Point Zone where gold grades from grab samples range from below
detectable levels up to 24 grams per tonne in a sequence of heavily
magnetite- and albite-altered conglomerates up to 200 meters thick.
This zone is at least 400 meters long and open to the NE and SW.
Rusty Zone where gold grades from grab samples range from below
detectable levels up to 9 grams per tonne in a sequence of strongly
albitized conglomerates up to 250 meters thick. This zone is at least
300 meters long and open to the NE and SW.
Cobalt Zone where gold grades from grab samples range from below
detectable levels up to 16 grams per tonne in a sequence of strongly
albitized conglomerates up to 200 meters thick. This zone is at least
700 meters long and open to the NE and SW.
North Snake Lake showing where gold grades from grab samples range from
below detectable levels up to 36 grams per tonne in a sequence of
albitized conglomerates of unknown thickness.
Heart Pond showing where gold grades from grab samples range from below
detectable levels up to 6 grams per tonne gold in strongly albitized
conglomerates of unknown thickness.
These five gold occurrences lie within a belt of gold mineralization as
defined by rock chip sampling that is approximately 20 km long and is
situated on the SE flank of the Kiyuk sub-basin.
Gold assays were completed by either ALS Minerals, ALS Canada Ltd.,
Vancouver, using a 30 gram charge fire assay with ICP finish or
Activation Laboratories Ltd, Geraldton using a 30 gram charge fire
assay with AA finish.
"The acquisition of the exploration permit for the Kiyuk property is a
significant positive development for Prosperity Goldfields," comments
R. Bruce Duncan, CEO. "It is not often that a junior company gets the
opportunity to control and explore a gold system that extends for over
20 kilometres along strike. We are very excited to finally get the
opportunity to start our exploration drilling on these five targets
within the much larger gold system."
About Prosperity Goldfields Corp.
Prosperity's principal business is the acquisition, exploration and
development of resource properties for the mining of precious metals.
Prosperity acquired the option to purchase the mineral claims
comprising the "Kiyuk Property" near Nueltin Lake in Nunavut.
Prosperity's principal objective is to explore the Kiyuk Property. In
compliance with National Instrument 43-101, Quinton Hennigh, Ph.D.,
P.Geo. is the Qualified Person responsible for the accuracy of this
For more information about Prosperity please visit: www.prosperitygoldfields.com
On Behalf of the Board of Directors
PROSPERITY GOLDFIELDS CORP.
"R. Bruce Duncan"
R. Bruce Duncan
CEO and Director
"Neither 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 release."
SOURCE Prosperity Goldfields Corp.
For further information:
FOR MORE INFORMATION REGARDING PROSPERITY GOLDFIELDS, PLEASE CONTACT:
R. Bruce Duncan
Tel: (905) 813-8408