Join our daily newsletter At The Bell to receive exclusive market insights
- Prodigy Gold (PRX) has completed a 400-metre diamond hole at the Scimitar target within its Reynold’s Range Project in the Northern Territory
- The hole was drilled to confirm a base metal association with a two-kilometre-long moving-loop electromagnetic conductor
- The conductor is located in the centre of a geochemical anomaly that was identified late last year
- Prodigy Gold is planning to drill a second diamond hole to test the conductor and this will be followed by testing other high-priority targets within the project
- Prodigy ended the day 8 per cent in the red to trade at 4.6 cents
Prodigy Gold (PRX) has completed a 400-metre diamond hole at the Scimitar target within its Reynold’s Range Project in the Northern Territory.
The Scimitar target is the first of several prospective gold and copper targets to be tested within the Reynolds Range Project. Significantly, Scimitar is situated along trend from the historical Reward copper deposit which averaged 11 per cent copper.
The drilling of hole SCDD2001 was co-funded by the Northern Territory Geological Survey (NTGS) as part of the Resourcing the Territory initiative.
The hole was designed to confirm a base metal association with a two-kilometre-long southwest dipping moving-loop electromagnetic (MLEM) conductor.
The MLEM conductor is located in the centre of a geochemical anomaly that was identified late last year.
Now that the hole has been completed, downhole electromagnetic (DHEM) work will be conducted which will confirm whether the identified sulphidic shales are the cause of airborne and MLEM anomalies.
Depending on the assay results, Prodigy Gold will drill a second diamond hole, of 500 metres, to test the conductor.
“We are pleased to report the completion of the first of two diamond holes planned for the Scimitar copper-gold target,” Managing Director Matt Briggs said.
“The second hole, which is planned to be drilled 600 metres to the north of SCDD2001, will test the strongest zone of the EM conductor and we expect to complete this hole at the cessation of the wet season,” Matt said.
Prodigy expects to receive assays from the first hole some time this month and will soon commence its 2021 field season.
Aside from follow-up drilling at Scimitar, Prodigy will test the Reward, Falchion and Sabre targets.
Prodigy ended the day 8 per cent in the red at 4.6 cents at market close.
