- Prodigy Gold (PRX) reports visual gold from diamond drilling at its Hyperion Project in the Northern Territory
- Individual drill holes have been completed at the Tregony Deposit and PHD prospect
- At Tregony, re-logging and re-interpretation of historic drilling has resulted in a new geological model with diamond drilling confirming this model
- A hole co-funded by the NT Government has been completed at PHD with a narrow interval of veining and sulphidic sediments intersected
- Shares are trading 7.5 per cent higher at 4.3 cents at 1:45 pm AEST
Prodigy Gold (PRX) has reported visual gold from diamond drilling at its Hyperion Project in the Northern Territory.
PRX completed two holes at the north of the project, with a 210.7 metre diamond drill hole at the Tregony Deposit and a 240.7 metre stratigraphic diamond drillhole at the PHD Prospect.
At Tregony, the work was undertaken to test extensions to the structurally controlled vein-hosted gold deposit which were highlighted during an airborne magnetic survey completed in 2019.
The most recent work has reportedly intersected gold veining in the drill hole from 16.7 metres, with down hole intervals up to 9.5 metres wide.
The company says the re-logging and re-interpretation of historic drilling has resulted in a new geological model.
Managing Director Matt Briggs explained that the mineral system was made up of vertically stacked veins in the hanging wall of the Suplejack Fault.
“Eight vein arrays are now modelled with 3 expected to be intersected in the first hole,” he said.
The intersection of multiple structures is said to support the new geological model and highlights potential for plunge and dip extensions to the mineralisation.
Specifically the northern strike extension is seen to be prospective with the structure remaining open for nine kilometres to the north under shallow sandstone cover. The structural data gathered will go towards designs for future drilling in the area.
At the PHD Prospect, a NT Government co-funded stratigraphic diamond drill-hole was completed in conjunction with aircore drilling which tested 11 kilometres of soil gold anomalism.
The anomaly was delineated by previous owenr Ord River Resources in 2005 – 2006 and sampling along strike extended it to 11 kilometres.
Airborne magnetic surveying further highlighted extensions of this structure and potential for parallel structures.
PRX said a narrow interval of veining and sulphidic sediments had been intersected and samples were en route to the laboratory.
Shares were trading 7.5 per cent higher at 4.3 cents at 1:45 pm AEST.