Prosperity reports positive results from 3rd hole in Aceh
Monday, February 6 2012 - 02:23 AM WIB
Prosperity Resources Limited reported a positive result from the third hole in its 2011-2012 drilling program at the Kuini Prospect in southern Aceh.
The company said over the weekend that the hole was designed to test a section approximately 120 metres to the morthwest of holes PNGD020 and PNGD021 in which significant gold and copper mineralization associated with magnetic bearing endoskarn in a microdiorite intrusive. The program continues testing the 650-meter recognized strike of the magnetite bearing skarn target.
"We are excited to be able to report these new results from our drilling at the Kuini Prospect. These add to the significance of the drill hole intersection results from Hole PNGD020 on the adjacent section," the company's Chairman Mo Munshi said.
"The intersections of high molybdenum grades with the gold and copper further highlight the potential of the system and connections with a deeper porphyry source for the mineralization," he added.
According to the company's press statement, the third hole is also located 110 meters southeast of 2nd hole (Hole PNGD017) in which highly anomalous grade intersections of Cu-Au is intersected in an earlier drill program. It has reported the drilling program to the Australian Stock Exchange on February 2, 2012.
It stated that a fourth hole was in progress but had not been completed.
The Kuini Prospect is one of ten known porphyry related skarn and intrusive targets recognized from regional helicopter-borne magnetics flown by Prosperity along 60 kilometers of strike length in Prosperity?s 410 square kilometer Aceh Project.
Editing by Benget Besalicto Tnb.