Prosperity Resources is an Australian explorer focused on the evaluation of potentially very significant gold and copper porphyry and skarn deposits in Aceh Province of Indonesia.
The Company has a two pronged attack within this large project area namely;
1. In the short to medium term to investigate the possibility of developing mines accessing the shallower oxide cap’ gold associated with the identified Skarns in order to generate quick’ cash flow and
2. In the medium to long term to delineate a number of the copper and gold porphyry systems that the Company believes are present below these oxide caps.
In April, the Company completed a share placement to a key Asian investor. The placement raised USD 2,000,000 through the issue of 20,000,000 fully paid ordinary shares at an issue price of 10 cents per share. That the capital raising was completed at a premium to prevailing share price indicates the growing confidence with the company’s exploration outlook and upside potential. The raising will support ongoing exploration activities at the Company’s 41,000 hectare porphyry gold and copper project area in Aceh Province, Indonesia.
The Company is in the early stages of a very ambitious large scale green fields exploration effort in a country noted for large deposits. Many of the currently defined target areas have historic and present artisanal mining activities within the region. The Aceh licenses have never been subjected to systematic modern exploration that is now producing very impressive early stage development targets.
Prosperity holds a 41,000 hectares land package aligned along the coast of Southern Aceh, covering an unexplored, but potentially highly prospective, mineralized belt adjacent to the Sumatra Fault. This is an important feature controlling the location of mineralization in Sumatra.
In 2010 to 2011 the Company completed a very successful regional helicopter borne magnetic survey that has already identified 10 magnetic intrusive targets with associated mineralized skarn on surface and completed mapping as well as surface sampling programs at the Pala, Jelatang, Panton Luas, Mutiara, Pelumat, Kuini and Samadua prospects. Some early drilling has been completed at Pala, Jelatang, Kuini and Panton Luas and has commenced at Pelumat.
The drill intersections achieved in the first hole at Pelumat South achieved significant results, including 17 meters at 6.18 gram per tonne gold from 219 meters including 3 meters at 13.91 gram per tonne gold and 1 meter at 60.0 gram per tonne gold.
Together with encouragement from early stage results from ongoing exploration in the project area, Prosperity Resources is one to watch. That Prosperity Resources achieved good results in the first hole paints a picture of the portent to come for investors. It also provides investors with an early gauge of the potential that exists in Prosperity Resource’s Aceh tenements. With a modest market cap of USD 27 million these results provide much promise for the eagle eyed investor, willing to embark on investment in early stage exploration.
Source - Proactive Investors.com.au
(www.steelguru.com)
