RC drilling at the Lake Mackay Project, May 2019

Prodigy Gold releases results from Lake Mackay

Prodigy Gold NL (ASX: PRX) is pleased to advise that it has received results from the first three reverse circulation drill holes (“RC”) completed at the Grimlock Co-Ni Prospect, located within the broader Lake Mackay Project in the Northern Territory. The Lake Mackay Project is held in Joint Venture (“JV”) with Independence Group NL (ASX: IGO) (IGO 70%; PRX 30%).

Exploration Program Overview

IGO is currently completing an RC drilling program designed to test bedrock conductors over the 63 targets identified in the airborne electromagnetic survey (“AEM”) completed in January 2019. Drilling includes the Grimlock Co-Ni Prospect and several conductors in the Blaze Au-Cu-Pb-Zn Prospect area.

Each conductor is being tested with 1-2 RC holes, to determine the cause of the conductors and any metals present.

IGO is aiming to complete 9,600m of RC drilling this financial year, however, due to a large number of conductors and other anomalies being targeted for initial drill-testing, the drilling program is expected to continue into FY2020.

Three holes totalling 366m were completed at Grimlock adjacent to encouraging rock chip samples containing 1.5% Co and 0.5% Ni collected in 2018 (ASX 26 July 2018). Two holes have been extended to over 150m in length to allow the collection of fresh samples for petrological work and determining the presence of nickel sulphide.

All three holes reported intersected dark manganese-rich horizon and handheld XRF indicated anomalous nickel results. Subsequent laboratory assaying produced results:

  • 4m @ 0.6% Co and 0.49% Ni from 2m in hole 19LMRC003
  • 1m @ 1.86% Co and 0.84% Ni from 8m and 4m @ 0.22% Co and 0.64% Ni from 20m in hole 19LMRC004
  • 4m @ 0.13% Co and 0.32% Ni from 2m and 5m @ 0.15% Co and 0.41% Ni from 13m in hole 19LMRC005

An additional 7 holes (262m) have now been drilled to confirm the presence of the shallow Co-Ni mineralisation in other areas of duricrust mapped at Grimlock. Duricrust similar to that recently drilled is mapped over an area 6km long.

EM Conductor Targets

Moving loop EM and RC drilling is continuing over the 63 targets defined by airborne EM. Drilling into the first four of the 63 targets conductors confirmed the modelled EM plates with stringer sulphide.

Assay results have not yielded significant base or precious metals. Drilling is continuing, with the holes at the Blaze Au-Cu-Pb-Zn Prospect expected to be drilled this week.

Lake Mackay JV Background

The Lake Mackay Project is 400km northwest of Alice Springs and comprises approximately 19,200km2 of exploration licences and applications (18,300km2 IGO 70%/Prodigy Gold 30% JV, 900km2 IGO 35.7%/Prodigy Gold 15.3%/Castile JV 49%)(Figure 2). The Project has consolidated tenure over the favourable Proterozoic margin between the Aileron and Warumpi Provinces and is characterised by a continent-scale geophysical gravity ridge and the Central Australian Suture. The JV partners consider that exploration has the potential to unlock a new metallogenic province hosting multiple styles of precious and base metal mineralisation.

Prodigy Gold – Management Commentary

Prodigy Gold’s Managing Director Matt Briggs said:

“Results from the first three holes drilled at the Grimlock Prospect are highly encouraging and further validate the high-grade sampling results reported last year which returned values greater than 1.5% Co and 0.5% Ni (see ASX release dated 26 July 2018).”

“Importantly, this drilling confirms that Co-Ni mineralisation continues under shallow cover with results of up to 1.86% Co and 0.84% Ni intersected so far. We have since completed a further seven RC holes at Grimlock, to assess the lateral extent of the shallow mineralisation and expect to receive these results shortly.”

“The duricrust containing the Co-Ni mineralisation has been identified in several locations around the perimeter of a gabbro-norite intrusion which is part of the Andrew Young Igneous Complex. The shallow, potentially extensive, high-grade cobalt mineralisation is of particular interest with the growing demand for cobalt used in batteries.”

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