www.prosperity.net.au
Prosperity Resources (ASX: PSP) is a Western Australian based gold-copper explorer.The Company's strategic focus is on Indonesia, having recently acquired the Pinang-Pinang Gold-Copper Project in Aceh, Indonesia. Prosperity also has significant land holdings in the historic mining region of Tennant Creek in the Northern Territory, and iron ore and gold interests in the Murchison region of Western Australia.
Prosperity Resources intersects bonanza gold in first hole drilled at Pelumat in Indonesia
Prosperity Resources (ASX: PSP) has delivered high grade gold-copper-molybdenum intersections from the first hole drilled at the Pelumat South Prospect at its Aceh Project in Indonesia.
Indicating the prospectivity of the area, one intersection returned a bonanza grade of 60 grams per tonne (g/t) gold.
Highlights include:
- 17 metres at 6.18g/t gold from 219 metres, including 3 metres at 13.91g/t and 1 metre at 60g/t;
- 10 metres at 0.97% copper from 227 metres; and
- 26 metres at 1.5g/t gold and 0.43% copper from 254 metres, including 2 metres at 15.4g/t gold and 1.4% copper, and 2 metres at 1.84g/t gold with 1 metre at 2.05% copper.
Further upside to Pelumat is it is displaying similarities to Newcrest Mining’s (ASX: NCM) 2.2 billion tonne Cadia-Ridgeway deposits.
Mo Munshi, chairman, said, “The drill intersections achieved in our first hole at Pelumat are very exciting particularly when taken together with the encouragement we are getting from our ongoing exploration in the project area.
“The intersections have also added significantly to our regional understanding of the controls of mineralisation in the local district and elsewhere in Aceh where we have found mineralisation and will assist with planning our drilling program regionally."
Importantly, the intersections are associated with a zone of brecciated retrograde skarn.
Munshi told Proactive Investors today drilling is still at the upper end of the system, it has not yet intersected the porphyry.
“If you look at the map of the model, we’re still at the upper end of this system, so all the good stuff is yet to come.”
Munshi said with further drilling Prosperity will get a better "feel" for the geometry, as well as the geology at Pelumat.
Additional drilling has been initiated to test the broad zone of highly anomalous gold-copper-molybdenum values in soil and rock chip samples associated with outcropping skarns and altered microdiorite intrusives.
These include 16.3 metres at 0.27g/t gold from 30.5 metres, 28 metres at 0.24g/t from 69 metres, 11.9 metres at 0.36% copper from 85 metres, including 13.1 metres at 0.03% molybdenum, and 19 metres at 0.3g/t gold, including 3 metres at 1.33% copper and 1 metre at 3.39% copper.
The recent drilling results are important as they are improving Prosperity's understanding of the physical attributes of the targets at Aceh.
Indicating the types of grades possible from the Pelumat Prospect, rock chip samples ranging up to 109g/t gold, 37% copper and 490g/t silver have been returned previously.
Aceh Project
The Pelumat Prospect is one of 10 known magnetic skarn and intrusive targets along 60 kilometres of strike length at the 410 square kilometre Aceh Project.
It is the sixth gold‐copper anomalous magnetic target defined at the project.
Prosperity's 81%-owned Indonesian subsidiary PT Prosperity Surya Persada recently acquired an 80% equity interest in two key gold-copper licences in Indonesia.
The subsidiary earned 80% of the PT Bintang Agung Mining licence by spending more than US$1.25 million (A$1.2 million) on the highly prospective Pelumat gold-copper porphyry target since October 2009.
The second exploration licence, PT Mulia Kencana Makmur, is located within the same geological belt as the PT Bintang Agung Mining licence, immediately to the south.
The PT Mulia Kencana Makmur licence hosts the highly prospective Mutiara gold-copper porphyry target.
PT Prosperity Surya Persada moved to 51% ownership of the second licence in June 2010.
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