Testing Promising Gold Target In Northern Tanami
Prodigy Gold NL (ASX: PRX) has commenced aircore drilling at the PHD Gold Target (PHD), located within the company’s Hyperion Project in Australia’s Northern Territory.
A programme of 80 aircore holes drilling on 1,000m line spacing along seven km of strike is now underway. In addition, Prodigy Gold’s application for co-funding for a planned diamond drilling at PHD under the Northern Territory Government’s “Resourcing the Territory” initiative has been successful.
Following completion of this initial programme of aircore drilling, Prodigy Gold plans to test the most prospective parts of the PHD structure with a follow-up program of reverse circulation (RC) and diamond drilling later this year.
PHD is an 11km soil gold anomaly within the Hyperion Project, located 30km northwest of the existing 4.93Mt @ 1.93g/t 310koz gold resource1 and 40km north of Northern Star’s 1.1Moz Groundrush Resource. Shallow RC drilling by previous owner Ord River Resources in 2005 and 2006 defined gold within two zones over 3.5km of strike at PHD.
Sampling along strike of the historic anomalism extended the soil gold anomaly over the structure to 11km in length. Airborne magnetic surveying completed in 2019 highlighted the extensions of the structure along strike and the potential for parallel structures.
“PHD is a promising gold target within relatively close proximity to the gold resource at Hyperion, so we are pleased that drilling is underway. We are also encouraged to have secured co-funding from the Northern Territory Government’s ‘Resourcing the Territory’ initiative and we are thankful for their support of Prodigy Gold’s exploration strategy,” Management said.
“The most promising areas of the PHD target structure are planned to be tested with a program of RC and diamond drilling later this year, so this initial phase of aircore drilling will provide our team with important geological data in the near-term.
“The northern region of the Tanami has renewed focus, with Northern Star spending over $40 million on exploration on their Groundrush to Crusade Projects which surround Prodigy Gold’s 100% owned Hyperion Project, and Northern Star acquiring an additional 10% of the Central Tanami Project for $15M.
Northern Star and Tanami Gold agreed to form a new Joint Venture with the express purpose of commencing mining of the Groundrush deposit as soon as practicable.
The area of interest is underlain by sequences belonging to the favourable Tanami Group. It is poorly exposed, with the majority of the geology interpreted from regional magnetics and limited drilling. Localised outcrop that occurs on the PHD and Tregony Prospects has been the focus of historic exploration. Five existing deposits known along the Suplejack Fault, the major structural control of the project.
For further information please visit: https://www.prodigygold.com.au/
