Prodigy Gold (ASX:PRX) reports detailed planning is being completed on exploration plans for the first half of 2023, with drill programs proposed for the Boco North, Tregony and Hyperion prospects.
The company says these Northern Tanami programs will increase its understanding of the gold deportment between the Central Tanami Project Joint Venture (CTPJV) Groundrush Gold Deposit shared with Northern Star Resources (ASX:NST) in the south, as well as the Crusade Gold Deposit in the north.
As part of the current exploration activities, and as previously announced, diamond drilling has already commenced at the Phreaker Prospect at the Lake Mackay JV Project, and this drilling will be logged and sampled at the completion of the program with results expected over the Northern Territory wet season.
Prodigy Gold Managing Director Mark Edwards said the company is conducting a detailed review of all drilling campaigns planned for early 2023 to ensure it is targeting the highest priority prospects.
“Our investors are keen to understand what these priorities are and what we are planning to do with the funds that were raised during the latest capital raising.
“Our investors are keen to understand what these priorities are and what we are planning to do with the funds that were raised during the latest capital raising”
We want to let our investors know that the team are currently preparing detailed exploration plans for a busy start to the exploration season in early 2023 with programs to drill Boco North, Tregony and Hyperion being considered.
These programs are part of Prodigy’s strategy of committing to advancing projects in the Tanami Region with a keen focus on the trend between the CTPJV Groundrush and Crusade Gold Deposits, that also host our Hyperion mineral resource.
The potential gold endowment for this trend is significant, highlighted by the Groundrush deposit, which is identified as a single million ounce deposit with over 600,000 ounces produced between 2001 and 2004 and over 1.1 million ounces remaining in resources, taking the total endowment for this deposit to over 1.7 million ounces.
It is an exciting time for the company, with the support of our shareholders we can now plan for detailed drilling programs around some of our exciting targets in the Tanami and Lake Mackay regions with drilling currently underway at Lake Mackay.
These drilling programs will advance our understanding of mineralisation along the Suplejack Shear Zone (SSZ) and the potential around the relatively underexplored Lake Mackay region.”
At the Boco North Prospect, a reverse circulation (RC) drilling program co-funded by the Northern Territory Government is currently scheduled for early 2023 and involves the drilling of around 20 RC holes through the non-prospective sedimentary cover sequence targeting potential mineralisation related to the SSZ interpreted to occur below the overlying sediments.
The company reports this is an ‘exciting’ opportunity to test the gold potential within the SSZ structure which hosts several known gold occurrences including the Groundrush Gold Deposit to the south and the Crusade Gold Deposit to the north.
The Tregony deposit is hosted around the contact in the sandstones and siltstones of the Killi Killi Formation of the Tanami Group, and the prospect is bounded by the regional SSZ with mineralisation associated with veins related to local faults offset of this regional structural feature.
Prodigy reports work continues on a review of the historic mineral resource by the company to allow reporting of this resource. The Tregony deposit is located around 20km to the south of the Boco North prospect and around 20km to the north of the Hyperion mineral resource.
The upcoming mineral resource for Tregony will be based on past and recent drilling results including results from 50,000m of aircore and RAB, 14,500m of RC drilling, and 3,000m of diamond drilling that included the historical high-grade 3m @ 106.3g/t Au and 3m @ 44.6g/t Au intercepts.
The resource work undertaken so far has also led to a detailed review of future drill targets with a view to increasing confidence in the resource and to expand the resource potential.
Prodigy anticipates that on completion of the Boco North drilling campaign, the RC rig will move to Tregony for an initial 2,500m drilling program with the potential to extend the program as required.
At the Hyperion Prospect, the company says the mineral resource is located around 20km south of the Tregony prospect along the same regional SSZ structure, and exploration activities in early 2023 will include drilling around 310,000 ounces of gold hosted by the Hyperion mineral resource to identify potential extensions to the known mineralisation.
Planned drilling will be used to collect samples for assaying but also for future metallurgical testwork including a ‘high-level’ review of the metallurgical properties of the mineralisation to best determine the process options available for this deposit.
The current plan is for the rig to mobilise to Hyperion from Tregony to undertake around 1,000m of RC drilling in and around the current mineral resource.
Prodigy reports during the wet season in the Northern Territory, exploration work will focus on drill planning and approvals and a review of existing company and government supplied geophysical information over the Northern Tanami project area will also be undertaken.
The company will also undertake a detailed review of other greenfield targets in the Northern Tanami project area to identify potential new prospects, and the Buccaneer scoping study is continuing with the metallurgical testwork still in progress. This testwork forms a large part of the current study and will be incorporated into the scoping study when completed.
Prodigy Gold is an Australian gold exploration company focused on the Tanami Gold Province in the Northern Territory. Its portfolio includes the Lake Mackay, Buccaneer, North Arunta, Hyperion, Tobruk and Monza JV Projects, as well as the Old Pirate Project.
Images: Prodigy Gold NL
