Prosperity surveys priority targets

06 October 2007 | 08:50 Code : 15516 Geoscience events
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Prosperity Resources has commenced an Induced Polarity and Electromagne....

  Prosperity Resources has commenced an Induced Polarity and Electromagnetic surveys over six priority gravity anomalies generated from two close-spaced gravity surveys conducted in December 2006 and May 2007.The company has also commenced the second half of the close-spaced gravity survey, which will result in all granted tenements having been surveyed at the conclusion of this program. Two of Prosperity’s 13 Exploration Licences are located between some of the largest producing mines, including Warrego, White Devil, Orlando and Gecko, which have produced gold, copper and bismuth valued at over $6.5 billion at today’s metal prices. The company’s other 11 Exploration Licences lie in close proximity to the Peko, Nobles Nob and Juno mines. Prosperity Resources Managing Director, Ric Dawson said following shareholder approval to acquire this significant tenement package in the rich Tennant Creek Goldfield, the company has continued to obtain a digital historical database and is progressing forward with the IP/EM survey to determine the 3D aspect of the gravity targets and finish off the balance of the outstanding gravity survey. “This acquisition allows the company to refocus its attention towards the Tennant Creek goldfield with drill ready targets and new targets being generated from the remaining close-spaced gravity surveys and EM/IP surveys,” Mr Dawson said. “We are optimistic that the upcoming drilling program may lead to the unearthing of new iron oxide copper gold ‘IOCG’ deposit that may prove to be substantial.“With close proximity to the old Warrego gold plant and existing mining infrastructure and a renewed focus on base metals in the district, the prospectivity for this area is very high,” he said.

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