Prosperity updates Aceh gold/copper project activity
Wednesday, July 21 2010 - 02:20 AM WIB
After successful accumulation of a sizeable regional tenement position and generation of encouraging reconnaissance exploration results from recent drilling/trenching/rock chip and soil sampling, Prosperity Resources Limited is embarking on aggressive follow up exploration programs in Aceh in the 2010/11 financial year.
Prosperity is pleased to announce it has contracted GPX Surveys Pty. Ltd. to conduct a helicopter-borne aeromagnetic survey over its five exploration and one exploitation IUP license areas located in the Aceh Selatan Regency.
Prosperity holds a total land package of 41,000 Ha (410km2). Exploration by Prosperity to date has identified six gold-copper mineralised porphyry centres in this region. Numerous other geochemical anomalies have been identified and require follow up exploration work.
Aceh Helimag Survey
Drilling at Pala and Jelatang and mapping at Panton Luas and Mutiara Prospects indicates disseminated and stockwork-hosted gold-copper mineralisation hosted within these recognised intrusive centres, is spatially and genetically associated with pervasive alteration of variable intensity. Locally strongly developed hydrothermal magnetite alteration and magnetite-rich replacement endoskarn alteration is also recognised. This relationship suggests the regional magnetic survey should be a highly effective tool for better understanding the extent and character of known gold-copper mineralisation, and to identify new domains of shallowly buried magnetite alteration which associates closely with gold-copper mineralisation in the region.
Areas of the tenement package containing the most advanced prospects and/or largest surface anomalies will be flown at 100 metre flight line spacing. The remaining portions of the land package will be flown at 200 metre line spacing. The helicopter-borne survey has been designed to encompass the critical NW-SE structural corridor recognised as containing all the known mineralisation occurrences and geochemical anomalies delineated to date. Some sections of the IUPs lying outside this controlling corridor and regarded as having little prospectivity will not be flown.
A drilling program to follow up the results of the helimag program and previous exploration results is scheduled to commence in August 2010. (ends)