Prosperity Goldfields Announces Spring 2011 Drill Program

Mar 09, 2011, 10:03 ET from Prosperity Goldfields Corp.

VANCOUVER, March 9 /PRNewswire/ - Prosperity Goldfields Corp. (TSXV: PPG) (the "Company" or "Prosperity") is pleased to announce plans for its spring 2011 drill program at its 100% controlled Kiyuk gold project located in southern Nunavut.  Between late March and mid-May, a minimum of 1,000 meters of diamond drilling, up to a potential 2,500 meters depending on drill results, will test five gold targets. Permits are expected back by mid-March after which mobilization will commence.

Gold at Kiyuk is hosted by a sequence of conglomerates and breccias occurring along and 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 of host rocks 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. 

Grab samples are selective by nature and are unlikely to represent average grades on the property.

These five gold occurrences lie within a belt of gold mineralization as defined by rock chip sampling that is approximately 20 km long situated on the SE flank of the Kiyuk sub-basin.

"We are delighted that our drill program so quickly follows the listing of our new company," states Quinton Hennigh, Chief Geologist for Prosperity Goldfields Corp. "The Kiyuk project is one of the largest green fields gold projects in North America, with gold showings occurring throughout an area of several hundred square kilometres.   We hold a huge land position in the Kiyuk sub-basin and are prepared to aggressively test some of these robust near-surface targets."

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.

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 acquire the mineral claims comprising the "Kiyuk Property" near Nueltin Lake in Nunavut. Prosperity's principal objective is to explore the Kiyuk Property.   Quinton Hennigh, Ph.D., P.Geo., is the "qualified person" (as such term is defined by NI 43-101) responsible for the preparation of the technical information in this release.

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.