PRODIGY GOLD NL For personal use only
ASXANNOUNCEMENT/MEDIARELEASE
ASX: PRX
15 November 2021
Historic High Grades Confirm Upside Potential of Tregony System
KEY POINTS
- Three month review of historic drilling at the Tregony Deposit completed
- Previously unreported and revised results are summarised
- Historic drilling includes:
- 49,714m AC/RAB drilling
- 14,386m RC drilling
- 2,988m Diamond / RC-Diamond drilling
- Significant historical gold intercepts include:
- 3m @ 106.3 g/t in TG05RC517 from 109m
- 6m @ 28.7 g/t in TG05RC523 from 59m
- 10m @ 16.2 g/t in TGRC0008 from 102m
- 6m @ 22.5 g/t in TG05RC517 from 67m
- 4m @ 27 g/t in TGDH0001 from 97m
- 1m @ 96.3 g/t in TRD601 from 254m
- 22m @ 2.9 g/t in TGAR0019 from 30m
- 7m @ 8.8 g/t in TGRC0024 from 59m
- 1m @ 61.1 g/t in TGRC0016 from 119m
- Results of 210.7m diamond drill hole recently completed at Tregony Deposit imminent
Prodigy Gold NL (ASX: PRX) ('Prodigy Gold' or the 'Company') is pleased to advise that a review of historic results of the Tregony Project has been completed. The review further enhances the Company's view of the project and has highlighted additional drill targets for the next field season.
Review work has been completed in parallel to undertaking diamond drilling on the project. A 210.7m diamond hole (TRDD2101) was recently completed which intersected several intervals of veining with one containing visible gold. Assay results of the diamond hole are imminent.
Management Commentary
Prodigy Gold Managing Director, Matt Briggs said: "The Hyperion Project includes the existing resource at Hyperion and a historic discovery at Tregony, 25km to the north. The projects, along with the Central Tanami JV Groundrush and Crusade Deposits, are located adjacent to the regionally significant Suplejack Fault. The previous owners of the Tregony Deposit were challenged for funding under a low gold price resulting in Prodigy Gold being able to acquire the project.
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Gold was identified for over 4km of strike at Tregony in aircore and RAB drilling. There are only a few sections with RC and diamond drilling. Relogging of the historical data by the company geologists this year produced a new geological model for the Tregony Deposit. A review of historic data identified drillholes that were entered incorrectly into the Company's database at acquisition, some of which were previously thought to be barren.
Corrections to the database have resulted in increases and decreases in thickness and grade when compared to results in the acquisition database. Overall there has been a substantial increase in linear grades (interval thickness x grade) above the 0.5g/t cut off. An extreme example of the change is RAB hole TGAR0033 previously documented as 4m @ 0.5/t Au from 35m now is re-reported as 9m @ 4.4g/t Au from 30m.
The previous errors occurred in ppb to ppm conversions, subsequent assays of metre samples for composites not being entered, assays not being loaded, fire assays of leachwell tails being entered as primary assays, and holes not being entered into the database.
The data has now been validated and significant corrections were made. Historical results confirm the high grade intercepts and support the interpreted stacked vein system. The database contains 23 intersections of over 30 gram metres in at least 4 distinct shoots over 10kms of strike. These are re- reported in Appendix 2.
The new geological model, reinforced by updated historical results and the visual gold in intercepts in the recent diamond hole, clearly demonstrates the potential of the system to extend under shallow sandstone cover, and beneath the shallow RAB drilling and warrants further RC and diamond drilling."
Tregony Deposit - Previous work
Tregony is a structurally controlled vein-hosted gold deposit within the Hyperion Project, located 30km northwest of the Company's 100% owned Hyperion 4.93Mt @ 1.95g/t 310koz gold resource1 and 40km north of Northern Star's 1.1Moz Groundrush Resource (Figure 2).
The last systematic exploration to occur over the Tregony Project was completed by AngloGold Ashanti (AGA) and Acacia Resources between 1995 - 2000, following up on work (soils, rock chip and limited post hole campaigns) completed by Messenger and Dominion Mining in the early 1990's. AGA discovered the Tregony Deposit and identified the Boco, Thomas, PHD, Five Mile, Maly, Montague Duck, and Trucks Prospects. Ord River Resources conducted limited exploration at the Tregony Deposit between 2004 and 2012. In 2012 Ord drilled 12 RCD holes.
Analysis of soil sampling indicates that the majority have been ineffective at screening areas that are covered by shallow aeolian sand cover, drainage, Cambrian Plateau basalts or the post mineralisation Suplejack sandstone. The shallow cover (aeolian sand, paleo-drainage) has masked the underlying rocks, resulting in zero anomalism and thus have not been followed up with drilling. Historic drilling only followed up where soil samples returned anomalous results. Large areas of Suplejack North remain effectively untested, despite the presence of favourable lithological units.
Only 32% of total historical holes drilled to a depth >30m. Of those holes >30m, 15% were drilled at Tregony alone (excluding follow up RC and diamond drilling) and ~65% were drilled along strike from Tregony. Much of the drilling directly to the south and west of Tregony failed to drill through the shallow Cambrian cover to test the underlying stratigraphic unit, with the majority of drilling <30m in this area.
1 ASX: 31 July 2018
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Figure 1 - Recent intercept and maximum gold in historic drilling at the Tregony Deposit
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Figure 2 - Location of the Tregony and PHD Prospects
Review and validation of previously reported results
All drilling and assay data was made available in digital format to the Company during the acquisition of the project in 2015 from Ord River Resources. Documentation of historical quality assurance and quality control procedures is variable. Previous documentation includes open file reports by previous exploration companies to the NT Geological Survey and an independent technical report by 2012 Geos
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Mining on the Mineral Resources produced under the JORC 2004 reporting code for the Tregony Deposit - commissioned by Ord River Resources.
Prodigy Gold's review of historic data identified drillholes that were entered incorrectly into the Company's database at acquisition of the project. The review and validation identified assay results from RC composite samples that turned out to have been subsequently re-assayed on a 1m sample basis but were not previously correctly entered into to the database, and not previously reported. The corrected and validated results also include mineralised intercepts, some of which were previously thought to have no assays and thus wrongly thought to be barren. The re-reported results now include the updated intercepts. Some resampling of core found on site has been completed to further verify the historic results, with results pending.
Significant historical mineralised intercepts are listed in Appendix 2. The corrected and validated results further validate the geological model and the extensive strike potential of the system at depth and to the north and south of the emerging system at Tregony.
A summary of historical drilling and drilling techniques is listed in Tables 1 and 2 respectively. Holes and results that have been modified since previous Company reporting are flagged in Appendix 2.
Table 1: Summary of recent (2021) and historical (1993-2012) drilling at Tregony
Company | Years | Hole Type | Number of holes | Total metres drilled | ||||||||||
Dominion Mining | 1993 | RAB | 386 | 6,801 | ||||||||||
VAC | 72 | 196 | ||||||||||||
Acacia Resources | 1995-1999 | DD | 7 | 986 | ||||||||||
POST | 223 | 3,362 | ||||||||||||
RAB | 632 | 42,913 | ||||||||||||
RC | 97 | 11,810 | ||||||||||||
Suplejack Resources | 2005 | RC | 35 | 2,286 | ||||||||||
Ord River Resources | 2012 | DD | 1 | 178 | ||||||||||
RC | 2 | 290 | ||||||||||||
RCD | 7 | 1,834 | ||||||||||||
Prodigy Gold | 2021 | DD | 1 | 210.7 |
Table 2: Drilling techniques recorded at Tregony
Company | Hole Type | Size | Collar Survey | Downhole | ||||||||||
Method | Survey | |||||||||||||
Dominion Mining | RAB | Not recorded | Not recorded | No | ||||||||||
VAC | Not recorded | Not recorded | No | |||||||||||
Acacia Resources | DD | HQ | Not recorded | Yes | ||||||||||
POST | Not recorded | Not recorded | No | |||||||||||
RAB | Not recorded | Not recorded | No | |||||||||||
RC | 130mm | Not recorded | Yes | |||||||||||
Suplejack Resources | RC | Not recorded | GPS | Yes | ||||||||||
Ord River Resources | RC | Not recorded | GPS | Yes | ||||||||||
DD | HQ3 /NQ2 | GPS | Yes | |||||||||||
RC - 115mm | ||||||||||||||
RC / DD | DD - HQ3 / NQ2 | GPS | Yes | |||||||||||
Prodigy Gold | DD | HQ | GPS | Yes |
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Prodigy Gold NL published this content on 14 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 November 2021 22:49:02 UTC.
