Prosperity reports Aceh gold project drilling progressing

Australian-listed firm Prosperity Resources Limited said Tuesday that it has completed the first three diamond core holes at the exciting Panton Luas gold prospect in Aceh province.

?This first phase exploratory drilling commenced on 12 February 2011 to test beneath magnetic anomalism related to hydrothermal magnetite alteration and a zone of gold bearing chlorite-sericite-silica-pyrite alteration,? the company said in statmenet

The planned six hole program with 2 rigs entails each hole being drilled to approximately 250 metres in length at a - 50 declination, testing across a broad zone of geochemical anomalism in patchy outcropping bedrock and will assist in understanding the geological controls on mineralisation, grade distribution and alteration relationships, it said.

The company said that examples of the magnetite and chlorite-sericite-silica-pyrite alteration have been intersected. The completed holes are currently being cut for logging and sample analysis. (romel)