Prodigy Drills 143m Grading 1.54 gpt Gold at Magino
14 April 2011 - 4:36PM
Marketwired
Prodigy Gold Incorporated (TSX VENTURE: PDG)(FRANKFURT: KX3) is
pleased to announce additional results from its in-fill and
resource expansion drilling program at its 100% owned Magino mine
gold project in Ontario. Highlights include drill MA11-006 which
intercepted 143 metres grading 1.54 gpt gold including 67 metres
grading 2.12 gpt gold. Higher grades were intercepted in drill hole
MA11-005: 38 metres grading 2.11 gpt gold including 25 metres
grading 3.13 gpt gold. The grades and widths seen in these two
drill holes are consistent with earlier announced in-fill drill
holes and continue to expand the known zone of gold mineralization
within the proposed open pit modeled in the recently announced
Preliminary Economic Assessment (PEA) (April 4, 2011).
Prodigy Gold sampling protocol mandates a metallic screen assay
for any sample that produces a fire assay greater than 3 gpt gold.
Revision to the sampling protocol now requires that any sample with
visible gold is also subjected to a metallic screen assay. As a
result, Prodigy has received new metallic screen assays for
previously reported drill hole MA11-004 that have resulted in a
recalculation and increase in the composite grade to 261 metres
grading 1.32 gpt gold (previously reported as 261 metres grading
1.13 gpt gold, March 16, 2011). A table with all assay results
including the restated data for hole MA11-004 is below.
Drill Hole From (metres) To (metres) Length (metres) Grade (gpt gold)
--------------------------------------------------------------------------
MA11-004 122.0 383.0 261.0 1.32
Including: 134.4 239.0 104.6 2.06
Including: 271.9 340.0 68.1 2.69
Including: 308.1 308.9 0.8 40.00(i)
Including: 315.5 316.0 0.5 40.00(i)
600.0 703.0 103.0 1.07
Including: 600.0 623.0 23.0 2.34
MA11-005 131.0 177.0 45.0 0.37
192.0 274.0 82.0 0.90
Including: 199.0 220.0 21.0 2.26
309.0 347.0 38.0 2.11
Including: 321.0 347.0 26.0 3.17
360.0 411.1 51.1 1.38
373.0 393.0 20.0 3.13
MA11-006 123.0 266.0 143.0 1.54
Including: 123.0 190.0 67.0 2.12
295.0 305.0 10.0 1.16
529.0 652.0 123.0 0.36
(i)Note: All gold assays greater than 40 gpt gold are capped at 40 gpt
when calculating composite intervals.
The Magino in-fill drilling program now consists of four diamond
drill rigs targeting areas for resource expansion within the
proposed open pit. To date, Prodigy has completed 18 drill holes
totaling 6,901 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 and PEA later this
year. A drill hole location map is shown below.
Note: To view "Magino Drilling map", please click the following
link: http://media3.marketwire.com/docs/Prodigy_map_0414.pdf
Magino mineral resource update: A NI 43-101 compliant technical
report entitled "Prodigy Gold Incorporated: Mineral Resource
Estimate, Magino Gold Project, Ste. Sault Marie Mining District,
Ontario" was filed on SEDAR yesterday, April 13th, and will also be
available on the company's web site.
About Prodigy Gold: Prodigy Gold Inc. (TSX VENTURE:
PDG)(FRANKFURT: KX3) is currently evaluating the development of the
Magino mine gold project in Ontario as an open-pit mining
opportunity with the potential for deeper, higher grade gold
production. The Magino project contains Indicated gold resources of
1,924,200 ounces grading 1.16 gpt gold (51.6 million tonnes), and
587,100 ounces of Inferred gold resources grading 1.04 gpt gold
(17.5 million tonnes) (Available on SEDAR or Prodigy's web site). A
Preliminary Economic Assessment (PEA) of the project shows a
pre-tax NPV of $351million and an IRR of 49% using a 5% discount
rate (please see Prodigy press release dated April 4, 2011). The
proposed operation would have an average annual gold output of over
166,000 ounces a year during a nine year project life. Total gold
production is estimated to be 1.50 million ounces at cash costs of
approximately US$496 (Cdn$521) per ounce. Please note: mineral
resources that are not mineral reserves do not have demonstrated
economic viability.
A full feasibility study for the proposed open pit mining
project at Magino is scheduled 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 and building substantial value for Prodigy
shareholders: Today's Discovery, Tomorrow's Future.
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 greater than 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%.
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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