Prosperity Goldfields Corp. Kiyuk Gold Project Update; Additional Assay Results, Spring Drill Program
22 February 2012 - 12:00AM
Marketwired Canada
Prosperity Goldfields Corp. (TSX VENTURE:PPG) ("Prosperity Goldfields") is
pleased to provide an update on its 100% controlled Kiyuk Gold Project in
Nunavut.
Metallic Screen Gold Assays
Prosperity Goldfields has recently received metallic screen assays for select
drill intervals first reported in a news release dated September 15, 2011.
Metallic screen assay results for the single drill hole (RU11-001) that tested
the Rusty Zone show an increase in average gold grade of 11% from 1.70 gpt Au to
1.92 gpt Au from surface to 157.6 meters total depth. The interval 5.2 - 35.7
meters increased 14% from 4.91 gpt to 5.69 gpt Au. Results of metallic screen
fire assays for the Gold Point Zone and the Cobalt Zone are more variable,
showing both increases and decreases in the gold assay results for the longer
assay intervals (greater than 10 meters). Statistical analysis of the metallic
screen assays versus initial fire assay data indicates a positive variance of
0.04 grams per tonne Au based on a population of 423 samples. However, the data
show a minor, yet systematic, increase in gold captured by the metallic
screening process: +0.18, +0.52, and +2.67 grams per tonne gold for samples that
register greater than 1.0, greater than 5.0, and greater than 10.0 grams per
tonne Au, respectively.
Results for the longer assay intervals (greater than 10 meters) from drill holes
at the three zones are shown in the tables below.
Summary of Metallic Screen Results from the Rusty Zone
----------------------------------------------------------------------------
Gold Gold Gold Gold
(gpt)- (gpt)- (opt)- (opt)-
Initial Metallic Initial Metallic
From To Length Fire Screen Length Fire Screen
Hole (meters)(meters)(meters) Assay Assay (feet) Assay Assay
----------------------------------------------------------------------------
RU11-001 0.0 157.6 157.6 1.70 1.92 516.9 0.050 0.056
including 0.0 52.4 52.4 3.27 3.82 171.9 0.095 0.112
including 5.2 35.7 30.5 4.90 5.68 100.0 0.143 0.166
including 16.5 35.7 19.2 6.17 7.49 63.0 0.180 0.219
including 28.0 31.1 3.1 20.84 30.55 10.2 0.609 0.892
including 76.8 86.3 9.5 3.31 3.58 31.2 0.097 0.105
----------------------------------------------------------------------------
Summary of Metallic Screen Results from the Gold Point Zone
----------------------------------------------------------------------------
Gold Gold Gold
Gold (gpt)- (opt)- (opt)-
(grams Metallic Initial Metallic
From To Length per Screen Length Fire Screen
Hole (meters)(meters)(meters) tonne) Assay (feet) Assay Assay
----------------------------------------------------------------------------
GP11-002 102.7 121.0 18.3 1.41 1.54 60.0 0.041 0.045
including 104.3 108.8 4.5 3.21 3.38 14.8 0.094 0.099
GP11-003 99.4 104.0 4.6 6.10 4.99 15.1 0.178 0.146
148.6 212.2 63.6 2.84 2.77 208.6 0.083 0.081
including 148.6 187.2 38.6 4.15 4.12 126.6 0.121 0.120
including 151.2 156.6 5.4 11.64 10.58 17.7 0.340 0.309
including 177.1 182.9 5.8 8.58 8.41 19.0 0.251 0.246
GP11-005 108.8 122.6 13.8 2.06 2.35 45.3 0.060 0.069
178.0 191.2 13.2 2.32 2.57 43.3 0.068 0.075
GP11-006 214.7 222.7 8.0 6.25 5.58 26.2 0.183 0.163
including 214.7 218.0 3.3 11.95 9.89 10.8 0.349 0.289
319.2 329.4 10.2 1.56 1.17 33.5 0.046 0.034
including 325.9 328.0 2.1 4.27 2.50 6.9 0.125 0.073
----------------------------------------------------------------------------
Summary of Metallic Screen Results from the Cobalt Zone
----------------------------------------------------------------------------
Gold Gold Gold
Gold (gpt)- (opt)- (opt)-
(grams Metallic Initial Metallic
From To Length per Screen Length Fire Screen
Hole (meters)(meters)(meters) tonne) Assay (feet) Assay Assay
----------------------------------------------------------------------------
CS11-002 52.4 84.5 32.1 1.82 1.91 105.3 0.053 0.056
including 64.1 81.4 17.3 2.41 2.70 56.7 0.070 0.079
CS11-004 67.7 98.2 30.5 1.20 1.24 100.0 0.035 0.036
including 84.5 96.6 12.1 2.01 1.98 39.7 0.059 0.058
CS11-005 90.5 96.6 6.1 2.03 1.63 20.0 0.059 0.048
CS11-007 104.3 110.4 6.1 4.38 3.46 20.0 0.128 0.101
----------------------------------------------------------------------------
Weighted averages were used to calculate all reported intervals
Spring Drilling Program
The Company plans to commence a 4,500 meter core drill program in early March,
2012. The goals of this program are twofold: 1) to follow up on the positive
drill results from the three gold zones, Rusty, Gold Point and Cobalt, that were
drilled in 2011, and 2) to drill test new targets that display geochemical and
geophysical characteristics similar to the aforementioned mineralized zones.
"The follow up core drilling program should make for a very exciting year for
Prosperity Goldfields and the Kiyuk Gold Project," comments Dr. Quinton Hennigh,
Chief Geologist for Prosperity Goldfields. "Not only will we be following up on
the exciting drill results from 2011, we will also start drill testing several
new targets with strong geologic similarities to the discoveries we made in
2011."
About the Kiyuk Gold Project
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. Gold Mineralization at Kiyuk is unusual, both in terms of host-rocks
and style of alteration that is dominated by sodic minerals. Although Kiyuk
shares some similarities with iron oxide copper-gold deposits, little to no
copper has been observed in the system at Kiyuk. The objective of exploration at
Kiyuk is to discover multiple deposits of near-surface, bulk mineable gold
mineralization. Other bulk mineable gold deposits in Nunavut include Agnico
Eagle's Meadowbank mine where gold is produced from open pit deposits with
proven and probable reserves of approximately 34 million metric tonnes grading
3.18 grams per tonne gold (source: Agnico Eagle website).
About Prosperity Goldfields Corp.
Prosperity's principal asset is the mineral claims comprising the "Kiyuk
Property" near Nueltin Lake in Nunavut over which Prosperity has the option to
acquire a 100% interest.
"The expected completion of the recently announced amalgamation of Prosperity
Goldfields with Smash Minerals will result in a well financed company with a
strong technical team that will assure an effective follow up drill program at
Kiyuk," comments R. Bruce Duncan, CEO of Prosperity Goldfields. "The
significantly mineralized trends at Kiyuk are spatially extensive and
underexplored, as shown by the successful 2011 summer drilling campaign. The
combination of these two companies will give us the strength and depth to
continue exploration and discovery at Kiyuk, a system that we have really only
just begun to explore. Prosperity Goldfields is also pleased to announce the
filing of an updated National Instrument 43-101 Technical Report prepared by
David Turner, M.Sc., P.Geo., which is now available on Sedar."
In compliance with National Instrument 43-101, Quinton Hennigh, Ph.D., P.Geo. is
the Qualified Person responsible for the accuracy of this news release.
On Behalf of the Board of Directors
PROSPERITY GOLDFIELDS CORP.
R. Bruce Duncan, 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 Precipitate Goldfields Corp. Statements regarding expectations of
exploration results from drilling at the Company's Kiyuk property are subject to
all of the risks and uncertainties normally incident with undertaking mineral
exploration, including but not limited to: technical, operational and
environmental risks associated with gold exploration and core drilling and
cannot be relied upon until final independent assay results are obtained from
samples taken from drilling. Statements regarding the Company's expectations to
complete its amalgamation with Smash Minerals Corp. are also subject to a number
of assumptions, risks and uncertainties, including but not limited to the
receipt of regulatory and shareholder 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.
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