Prosperity Resources announces large mineralised copper gold porphyry at Masuparia

Australia-based junior resources exploration firm Prosperity Resources Limited announced Tuesday that the first two diamond holes at Rina prospect of Masuparia Contract of Work (CoW) area in Central Kalimantan had confirmed a large copper gold porphyry system with a width of at least 400m in all directions.

Prosperity said in a statement that significant drill results included 181m @ 0.3% copper, 0.3g/t gold and 135m @ 0.2% copper, 0.2g/t gold. Molybdenum mineralisation to 0.1% Mo was recorded sporadically downhole.

“Porphyry style copper gold mineralisation has also been observed in the completed drillhole RDH-10, 600m to the west and in the current drillhole RDH-11, 1300m to the east of the first two holes. This gives a potential strike of at least 1900 metres and indicates the potential for a very large tonnage mineralised system,” the statement said.

“The Rina porphyry is interpreted by our technical consultants to show similarities to other large mineralised systems such as the Australian porphyry Cadia Hill and other Indonesian porphyries, Grasberg and Batu Hijau,” Prosperity’s Managing Director, Ric Dawson commented.

The Masuparia concession, held by PT Pasifik Masao Mineral, covers an area of 335 square kilometers, next to the Mt Muro CoW area.

Under a 12 month option agreement signed in June to acquire 85 percent in the project, Prosperity is obligated to disburse cash and shares for A$216,000 and an exploration budget of up to A$1,000,000, including for a diamond drilling of up to 2000 meters. (Robert)