Prosperity Resources’ Indonesian subsidiary PT Prosperity Surya Persada has earned an 80% share of two significant gold-copper licences in Aceh province. It has spent more than US$1.25 million on the highly prospective Pelumat gold-copper porphyry target since October 2009, earning an 80% interest in the PT Bintang Agung licence.
In the first drill hole at Pelumat, Prosperity intersected copper-molybdenum mineralization making it the sixth gold-copper anomalous magnetic target defined at the project. Rock ship samples from Pelumat have ranged up to 109 grams/tonne gold, 37% copper and 490 grams/tonne silver, which the company says indicates the project’s highly prospective nature.
Pelumat is one of 10 known magnetic skarn and intrusive targets along 60km of strike length on the 410sqkm project.
The second licence covering the Mutira gold-copper porphyry target is within the same geological belt and immediately to the south of Pelumat. PT Mulia Kencana Makmur now holds 49% of the licence after Prosperity secured a 51% share in June 2010.
The company says the recent Pelumat drilling results are important as they are improving Prosperity’s understanding of the physical attributes of the targets at Aceh. Preliminary logging of the first 120 metres drilled in the hole at the prospect has returned intersections containing disseminated, fracture and vein hosted pyrite-chalcopyrite-molybdenite mineralization.
Prosperity’s chairman Mo Munshi says, “These new drill intersections achieved at the start of our drilling program at Pelumat are very exciting and support the very encouraging geochemical results we obtained.
“The drilling results are also important in that they are improving our understanding of the physical attributes of the targets we are locating in Aceh and controls on mineralization distribution within them which in turn influences our evolving model for the deposits we are selecting for assessment.”