Prosperity Goldfields (TSX-V:PPG) is a gold exploration company focused on defining a resource at Kiyuk Lake, Nunavut’s best new gold discovery. The Kiyuk land package of 590 sq. km has multiple gold targets with gold grades ranging 1-3 g/t from surface. Well-financed and lead by a technical and management team with a track record of discovery, Prosperity Goldfields is set to undertake aggressive
drilling early 2013. Kiyuk Lake, Nunavut
Gold showings were first identified in 1992 at the Cobalt prospect. The 590 sq km 100% owned property saw Prosperity’s first 2,600m, 14 hole drill program in the fall of 2011 test three targets with encouraging goldgrades. Kiyuk Lake is arguably the best new gold discovery in Northern Canada in recent years. The 2012 summer program saw significant fieldwork consisting of mapping and prospecting, plus sampling of surficial media for geochemistry. This work lead to an improved understanding of the known mineralized zones within the property area; providing a basis for assessing the property for other mineralized trends; and prioritize new and existing targets that have not yet been drilled. Kiyuk Lake Potential
Airborne magnetics shows the prospective 10km trend from Gold Point to Cobalt discoveries. Magnetics also shows buried intrusives which are inferred to be important to localize mineralization. Outcrop is poor so prospecting, mapping and systematic geochemistry guided by geophysics has identified additional drill targets. The property is wide open and has the potential to host a significant gold resource. Kiyuk Lake Discoveries
Gold showings were first identified by prospectors at Cobalt in 1992. Further surface sampling identified showings with gold values from background to 35 g/t. Mineralization is in conglomerates with inferred stratigraphic control. During 2011 drilling, 14 holes, 2,700m, discovered strong gold intersections at three separate locations. Drill intersection highlights were as follows; Cobalt Discovery 32.1m at 2.41 g/t Au, Gold Point Discovery 63.6m at 2.8 g/t Au and Rusty Discovery 52.4m at 3.3 g/t Au. Of significance was that the Rusty intersection began at a depth of 5 meters. Additional drilling in spring 2012 saw another 12 holes completed totaling 2,652 m. This program confirmed earlier results at the Rusty discovery with intercepts of 61.5 m @ 3.3 g/t Au from surface and for a distance along strike of at least 250 meters. A new gold discovery, Amundsen, was also identified with an intercept of 42.4 m @ 1 g/t Au. The 2012 Summer Program was the first property-wide geochemical program designed to identify new areas of interest and confirm results from the earlier 2011/2012 programs. The prospecting program took in 558 samples which returned gold grades of up to 25 g/t. Three new targets were identified including Rasmussen, a new drill ready target. The program also confirmed the magnitude of the Rusty Zone, making it a priority for drilling early in 2013.
2013 Winter Drill Program
Commencing early March 2013 Prosperity will be undertaking an agressive 4,000 meter, two-drill exploration program. The focus of this campaign will to expand and further define gold mineralization at the Rusty discovery. 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. 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. Gold values, in till, at the Bancroft showing are higher than gold values found in till directly over the Rusty Zone. 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.
