Prodigy Drills 261m Grading 1.13 gpt Gold Including 104.6m Grading 2.06 gpt Gold at Magino
16 März 2011 - 5:52PM
Marketwired
Prodigy Gold Incorporated (TSX VENTURE: PDG) is pleased to announce
initial results its in-fill and resource expansion drilling program
at its 100% owned Magino mine gold project in Ontario. Highlights
include drill MA11-004 which intercepted 261 metres grading 1.13
gpt gold including 104.6 m grading 2.06 gpt gold. Gold
mineralization in MA11-004 begins at a depth of only 80 metres
below the surface in an area with little previous drilling (please
see cross section and drill hole location map below). Deeper in
drill hole MA11-004, a zone of gold mineralization was cut over 103
metres at a grade of 1.03 gpt gold. This zone projects up dip into
a previously undrilled part of the system, generating new targets
for resource expansion. Similar results were seen in drill holes
MA11-001 and MA11-003 (see table below). MA11-002 intercepted a
post-mineral diabase dyke and was terminated at 186 metres.
From To Length Grade
Drill Hole (metres) (metres) (metres) (gpt gold)
-------------------------------------------------------------------
MA11-001 151.5 205.0 53.5 1.04
338.2 402.0 63.8 1.02
463.0 486.0 23.0 1.02
MA11-002 none
MA11-003 106.0 244.0 138.0 0.75
Including: 196.0 231.0 35.0 1.41
309.0 330.0 21.0 0.89
MA11-004 122.0 383.0 261.0 1.13
Including: 134.4 239.0 104.6 2.06
600.0 703.0 103.0 1.07
Including: 600.0 623.0 23.0 2.34
The Magino in-fill drilling program is targeting areas for
resource expansion within the known Magino resource. The results
from drill holes MA11-01, -02 and -03 confirm our ability to grow
the resource within the limits of the conceptual pit shell. As
previously reported, the Magino deposit currently contains
Indicated gold resources of 1,924,200 ounces grading 1.16 gpt gold
(51.6M tonnes), and Inferred resources of 587,100 ounces grading
1.04 gpt gold (18.3M tonnes) (News release dated February 28,
2011). To date, Prodigy has completed 1,836 metres of the planned
20,000 metre drill program. When completed, the results of the
in-fill drilling program will be used to update the Magino gold
resource estimate later this year.
Note: To view "Cross section 300SW, Magino mine project", please
click the following link:
http://media3.marketwire.com/docs/pdg0316a.pdf
Cross section 300SW, Magino mine project. Note that gold
mineralization in drill hole MA11-004 begins at shallow depth and
implicates a large of volume of rock for potential gold resource
expansion. The deeper intercept in MA11-004, although below the
bottom of the conceptual pit shell (approx. 90m in elevation),
project upwards to drill hole S-97-02 and opens a 200 metre
vertical section for more drilling and exploration.
Note: To view "Drill hole location map, Magino mine project",
please click the following link:
http://media3.marketwire.com/docs/pdg0316b.pdf
Effective March 2, 2011, Prodigy Gold Inc. has terminated its
option agreement with CanAlaska Uranium Ltd. covering the McTavish
project in northern Saskatchewan.
About Prodigy Gold: Prodigy Gold Incorporated (TSX VENTURE: PDG)
is currently evaluating the Magino mine project in Ontario as an
open-pit mining opportunity with the potential for deeper, higher
grade gold production. The Magino mine project contains Indicated
gold resources of 1,924,200 ounces grading 1.16 gpt gold (51.6M
tonnes), and 587,100 ounces of Inferred gold resources grading 1.04
gpt gold (18.3M tonnes) (please see Prodigy press release dated
February 28, 2011). The Company is producing a Preliminary Economic
Analysis (PEA), establishing the economic parameters of an open pit
mining operation at Magino. The PEA is expected to lead to a full
feasibility study, projected for early 2012. Bringing the Magino
Mine project through the feasibility process and towards
production, coupled with the exploration potential of our
Beardmore-Geraldton exploration properties, are the catalysts to
growing Prodigy Gold, building substantial value for Prodigy
shareholders: Today's Discovery, Tomorrow's Future.
The geological 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
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 greater than 3.0 gpt gold are automatically re-assayed by
the metallic screen method. 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%.
On behalf of the Board of Directors
Brian J. Maher, President and Chief Executive Officer
This news release includes certain forward-looking statements or
information. All statements other than statements of historical
fact included in this release, including, without limitation,
statements relating to the potential mineralization and geological
merits of the Magino mine property and other future plans,
objectives or expectations of Prodigy Gold Incorporated (the
"Company") are forward-looking statements that involve various
risks and uncertainties. There can be no assurance that such
statements will prove to be accurate and actual results and future
events could differ materially from those anticipated in such
statements. Important factors that could cause actual results to
differ materially from the Company's plans or expectations include
risks relating to the actual results of current exploration
activities, fluctuating gold prices, possibility of equipment
breakdowns and delays, exploration cost overruns, availability of
capital and financing, general economic, market or business
conditions, regulatory changes, timeliness of government or
regulatory approvals and other risks detailed herein and from time
to time in the filings made by the Company with securities
regulators. The Company expressly disclaims any intention or
obligation to update or revise any forward-looking statements
whether as a result of new information, future events or otherwise
except as otherwise required by applicable securities
legislation.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Prodigy Gold Incorporated Brian J. Maher President and
Chief Executive Officer 1-604-688-9006 1-604-688-9029 (FAX)
ir@prodigygold.com www.prodigygold.com
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