Prosperity starts Aceh drilling programme

Australia-listed mineral exploration firm Prosperity Resources Limited announced on Monday that the first ever drilling program has commenced at the Panton Luas Prospect in its Aceh Project.

Prosperity controls a 410 km2 contiguous tenement position along a 60 km structural corridor to the west of the Sumatra Fault highly prospective for gold/copper mineralisation. The helicopter borne magnetic survey completed last year has identified several potential porphyry centres and high grade skarn occurrences.

The initial program of shallow drilling (200-250 metres deep) at Panton Luas will be completed using two shallow capacity Drillcorp diamond drill rigs. An ongoing drilling program is anticipated on the basis of successful results from this initial program on these and a number of additional targets defined by Prosperity to date, the company said.

Chairman Mo Munshi said ?This first drilling program at Panton Luas is aimed at confirming the widespread gold mineralisation returned from exploration to date. Panton Luas has the potential to host a large tonnage disseminated gold deposit and represents only one of many gold and porphyry gold/copper targets defined in the Aceh Project to date.?

Based on the outcomes of this first phase of the program, deeper drilling is planned to test the potential and source of the alteration and mineralisation at 500 to 600 metres depth. Scope also exists for mineralisation laterally to that being tested and this will be followed up by additional shallow drilling based on outcomes of this initial drilling. The ultimate objective is to define a mineralised Au-Cu porphyry system in the Panton Luas and related adjacent Mutiara and Pelumat project areas.(alex)