Prodigy Gold
Prodigy Gold drills 10 m of 8.55 g/t Au at Magino
2012-03-13 07:32 ET - News Release
Shares issued 241,292,907
PDG Close 2012-03-12 C$ 0.73
Mr. Brian Maher reports
PRODIGY DISCOVERS NEW HIGH GRADE ZONE: 10.0 METRES GRADING 8.55 GPT GOLD IN FOOTWALL OF MAIN MAGINO DEPOSIT
Prodigy Gold Inc. has discovered a significant thick zone of high-grade gold mineralization in the footwall of the main Magino deposit: drill hole MA11-205 cut 10.0 metres (83.0 to 93.0 metres) grading 8.55 grams per tonne gold within a thicker zone of 24.0 metres grading 4.22 grams per tonne gold (82.0 to 106.0 metres). This drill intercept correlates with a district scale zone of higher grade gold mineralization that extends from drill hole MA11-205 through the main Magino deposit and continues to the east to the Island zone being mined by Richmont Mines east of the Magino property (please see map below). This drill hole was targeted to confirm geologic interpretations by the Prodigy geologic staff; the results are significant for several reasons:
* The high grade mineralization seen in MA11-205 defines a distinct high grade structural zone at shallow levels in the Magino system. The gold mineralization in MA11-205 is in the footwall of the main Magino deposit, within the outline of the proposed open pit mining operation, and expands the gold resource potential of the Magino project. The gold zone is open at depth and along strike.
* The structural interpretation that led to the discovery confirms the model developed by the Prodigy geologic team. Deeper drilling along the structure, below the currently proposed open pit mining operation, will focus on the high grade zone cut by MA11-205. The potential for significant volumes of high grade gold mineralization, similar to the deep high grade zones at the adjacent Island mine, has been confirmed by this drill hole.
To view the map referred to above, please click on the following link: http://www.usetdas.com/pr/prodigymar132012002.jpg
Cross section and plan map of the Grif zone, Magino mine gold project. Drilling by Prodigy has also encountered thick intervals of low grade mineralization below the previously announced gold resource, confirming the potential to expand the proposed opne pit mining operation as the project is advanced to the feasibility stage later in 2012.
To view the map above, please click on the following link: http://www.usetdas.com/pr/prodigymar132012003.jpg
* Gold mineralization in drill hole MA11-205 is hosted by quartz-carbonate altered mafic metavolcanic rocks and associated iron formation. This is the first significant drill intercept by Prodigy in these host rocks and greatly expands potential target areas for additional high grade metavolcanic rock hosted gold mineralization.
Prodigy has also received the final results from its 2011 drilling program at Magino. Resource expansion drilling on the southwest end of the Magino gold deposit continues to document thick intervals of potentially bulk minable gold mineralization, results are tabulated below. Prodigy expects to release drilling results from early 2012 drilling at Magino shortly.
-***- ---------------------------------------------------------------------- SW and SW Extension ---------------------------------------------------------------------- DRILL FROM TO LENGTH AZIMUTH HOLE (METRES) (METRES) (METRES) (360 DEG) ---------------------------------------------------------------------- MA11-180 188.0 189.0 1.0 164.1 MA11-184 217.0 239.0 22.0 161.3 MA11-186 nsv nsv nsv 162.7 MA11-188 210.0 214.0 4.0 158.4 MA11-190 nsv nsv nsv 160.9 MA11-197 90.0 92.0 2.0 155.5 124.0 133.0 9.0 MA11-198 324.0 589.0 265.0 161.4 including 331.0 371.0 40.0 MA11-203 62.0 341.0 279.0 160.3 including 62.0 100.0 38.0 MA11-205 82.0 106.0 24.0 162.9 including 83.0 93.0 10.0 271.0 343.0 72.0 325.0 343.0 18.0 MA11-207 262.0 289.0 27.0 161.8 MA11-208 313.0 337.0 24.0 164.3 ---------------------------------------------------------------------- -****-
-***- ---------------------------------------------------------------- Dip Est. True From To(Depth Grade 40 (angle Thickness (Depth below gpt Below (metres) below surface capped Surface (metres)) (gpt gold) (metres)) ---------------------------------------------------------------- -50.4 0.8 142.9 143.6 2.61 -49.9 16.7 164.9 181.6 0.79 -51.1 na na na nsv -49.4 3.0 159.6 162.6 10.50 -51.2 na na na nsv -50.3 1.5 68.4 69.9 2.35 6.8 94.2 101.1 0.74 -48.7 201.4 246.2 447.6 0.42 30.4 251.6 282.0 1.06 -49.1 212.0 47.1 259.2 0.42 28.9 47.1 76.0 1.02 -49.4 18.2 62.3 80.6 4.22 7.6 63.1 70.7 8.35 54.7 206.0 260.7 0.69 13.7 247.0 260.7 1.27 -49.9 20.5 199.1 219.6 0.89 -47.6 18.2 237.9 256.1 0.55 True Thickness is estimated to be 76% of the Length value ---------------------------------------------------------------- -****-
-***- ---------------------------------------------------------------------- In-Fill/Expansion (Deep Holes) ---------------------------------------------------------------------- DRILL FROM TO LENGTH AZIMUTH HOLE (METRES) (METRES) (METRES) (360 DEG) ---------------------------------------------------------------------- MA11-183 347.0 486.6 139.6 166.8 MA11-191 370.0 525.0 155.0 166.5 including 424.0 469.0 45.0 666.0 702.0 36.0 ---------------------------------------------------------------------- -****-
-***- ---------------------------------------------------------------- Dip Est. True From To(Depth Grade 40 (angle Thickness (Depth below gpt Below (metres) below surface capped Surface (metres)) (gpt gold) (metres)) ---------------------------------------------------------------- -58.9 106.9 265.8 372.7 0.97 -66.4 118.7 283.4 402.2 0.66 34.5 324.8 359.3 1.22 27.6 510.2 537.7 1.09 True Thickness is estimated to be 76% of the Length value ---------------------------------------------------------------- -****-
-***- ---------------------------------------------------------------------- Condemnation ---------------------------------------------------------------------- DRILL FROM TO LENGTH AZIMUTH HOLE (METRES) (METRES) (METRES) (360 DEG) ---------------------------------------------------------------------- MA11-185 nsv nsv nsv 92.8 MA11-189 nsv nsv nsv 95.5 MA11-193 nsv nsv nsv 92.7 MA11-194 nsv nsv nsv 164.1 MA11-195 nsv nsv nsv 345.2 MA11-196 nsv nsv nsv 90.7 MA11-199 nsv nsv nsv 344.7 MA11-200 229.0 239.0 10.0 97.0 MA11-201 nsv nsv nsv 165.7 MA11-202 nsv nsv nsv 346.2 MA11-204 nsv nsv nsv 345.3 MA11-206 nsv nsv nsv 96.9 ---------------------------------------------------------------------- -****-
-***- ---------------------------------------------------------------- Dip Est. True From To(Depth Grade 40 (angle Thickness (Depth below gpt Below (metres) below surface capped Surface (metres)) (gpt gold) (metres)) ---------------------------------------------------------------- -50.2 nsv nsv nsv nsv -50.0 nsv nsv nsv nsv -50.7 nsv nsv nsv nsv -49.8 nsv nsv nsv nsv -50.9 nsv nsv nsv nsv -50.5 nsv nsv nsv nsv -48.7 nsv nsv nsv nsv -50.0 7.7 175.4 183.1 0.52 -50.5 nsv nsv nsv nsv -51.2 nsv nsv nsv nsv -50.2 nsv nsv nsv nsv -49.6 nsv nsv nsv nsv True Thickness is estimated to be 76% of the Length value ---------------------------------------------------------------- -****-
All scientific and technical information for the Magino project has been reviewed and approved by Tom Pollock, P.Geo., Prodigy Gold's Vice President - Exploration, who is a qualified person under the definitions established by National Instrument 43-101. Drill core at Magino is boxed, covered, and sealed at the drill rig and moved to the Prodigy logging and sample preparation facilities by Prodigy Gold personnel. The core is then split down the centre using a typical table fed circular rock saw normally at one metre intervals. One half of the core is sent for assay to ALS Chemex, 2090 Riverside Dr., Timmins, ON, P4R 0A2, while the other half is returned to the core box and stored at Prodigy's sampling facility in a secure, fenced off, area. Prodigy QA/QC procedures include the regular use of blanks, standards and duplicate samples in addition to sending 10% of the samples off to a second lab for check assays. Samples assaying > 3.0 gpt gold are automatically re-assayed by the metallic screen method. Gold assays greater than 40 gpt are capped at 40 gpt when calculating composite intervals in drill holes. Drill holes are directed as much as possible perpendicular to the strike and dip of the mineralization at Magino. As a rough estimate the true thickness of the above intercepts is approximately 76%.
We seek Safe Harbor.