Fatprophets report sorry I couldn't coppy diagrams. Prosperity Resources has report the results from the third hole (PNGD022) drilled at is Kuini gold project in Aceh Indonesia. The results of this hole have confirmed the presences of both gold and copper. Hole PNGD022 follows on from the previous two holes PNGD020 and ONGD021 that also intersected gold and copper. The following figure shows a geological schematic of the Kuini tenement with current drill results indicated.
The better intersections from hole PNGD022 across multiple intersections include, 39.8 metres showing 2.74 grams (g/t) per tonne gold and 0.45% copper from 36 metres deep and a sweet spot of 3.3 metres showing 2.08g/t gold and 1.05% copper. The hole also intersected molybdenum of five metres showing 0.12%. The following is a scIhematic of the deposit intersected by hole PNGD022.
As Members can see the deposit is likely open at depth. The company is considering the next course of action. We consider the gold grade, seam and proximity to the surface of the intersections from all three holes drilled have certainly warranted the company taking its patient approach in being able to return to exploring on the tenement. The results from hole PNGD022 and those of the PNGD020 and PNGD021 have reinforced our view on the prospective nature of the tenement as we reported in FAT-MIN-303. We reiterate our buy recommendation on Prosperity Resources for Members who do not already have exposure to the stock. We will provide a further update soon.
PSP Price at posting:
8.0¢ Sentiment: Hold Disclosure: Held