Total
0
Shares
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Prodigy Gold has completed the follow-up diamond drilling program at its Hyperion Project in the Northern Territory
  • Two diamond holes at Hyperion intersected substantial intervals of the target structure
  • The company has also received results from the Capstan Prospect, which is located within the Bluebush Gold Project
  • Prodigy is down slightly this afternoon with shares trading for 7.8 cents apiece

Prodigy Gold has completed a follow-up diamond drilling program at its Hyperion Project in the Northern Territory.

Results have also been returned from reverse circulation (RC) drilling recently completed at the Capstan Prospect located within the Bluebush Gold Project.

The drilling programs at both Hyperion and Bluebush form an important part of Prodigy’s broader exploration strategy, designed to systematically screen its portfolio for gold deposits.

“Drilling has been completed to test a broad structure near our existing gold resource within Hyperion, led by a single diamond hole co-funded by the Northern Territory government as part of the Resourcing the Territory initiative,” Managing Director Matt Briggs said.

“I am pleased to report that both holes have intersected substantial intervals of the target structure with multiple generations of veining and sulphide as seen in three holes completed in 2018,” he added.

The Hyperion Project is located 19 kilometres north of Northern Star’s 1.6 million ounce Groundrush Pit.

The area has historically received sporadic shallow drilling. Drilling often ended in the depleted oxide zone testing the area ineffectively.

Drilling by Prodigy in 2018 identified breccia hosted gold mineralisation associated with the north-south trending Suplejack Fault.

This is a new style of mineralisation in the camp and the prospective structure has the potential to host significant mineralisation where it diagonally intersects the mafic sediments at Seuss.

Aircore drilling at Capstan has defined a large-scale bedrock gold anomaly over an area of eight kilometres with results up to 4g/t gold being returned.

The RC program included 12 holes, for 1000 metres, of strike with the holes designed to confirm the interpreted orientation of mineralisation and infill between previous results including 4 metres at 6.1g/t gold and 9 metres at 1.3g/t gold.

A single RC hole was then drilled at the Hat target to confirm the westerly dip to the north-south striking structure.

A sampling of the hole returned a grade of 2 metres at 0.7g/t gold from 152 metres and confirmed that the interpreted deep westerly dip to mineralisation.

“We have also received the results from recently completed RC drilling at the Capstan Prospect, and although the early indications are that the potential scale of mineralisation may be reduced, we are focused on following up some encouraging areas of mineralisation recently identified,” Matt commented.

Future work at the Capstan Prospect will focus on the areas recently tested by aircore drilling at the Capstan North and Hat Targets.

Prodigy is down slightly this afternoon with shares trading for 7.8 cents apiece at 3:02 pm AEDT.

PRX by the numbers
More From The Market Herald

" AKORA Resources (ASX:AKO) gets pleasing assays from Madagascar project

AKORA Resources (AKO) has received assays from resource drilling at the Bekisopa project in Madagascar.
Carawine Resources (ASX:CWX) - Non Executive Chairman, Will Burbury

" Carawine Resources (ASX:CWX) begins diamond drilling at Red Bull

Carawine Resources (CWX) has begun diamond drilling on two highly significant bedrock conductors at the Red Bull tenement in Western Australia.

" Woomera Mining (ASX:WML) begins Phase 2 drilling at Mt Venn

Precious and base metals explorer Woomera Mining (WML) has launched a Phase 2 reverse circulation drilling program at its Mt Venn Project in
Challenger Exploration (ASX:CEL) - Exploration Manager, Stuart Munroe

" Challenger Exploration (ASX:CEL) extends mineralisation at Sentazon

Challenger Exploration (CEL) has released results from the next eight holes of its drilling program at the Sentazon prospect within the Hualilan gold