Prodigy Gold Begins 20,000 Metre Magino Resource Expansion Drilling Program
13 Enero 2011 - 10:16AM
Marketwired
Prodigy Gold Incorporated (TSX VENTURE: PDG) is pleased to announce
that is has begun a 20,000 metre diamond drilling program at its
100% owned Magino Mine project located in Ontario. The drilling
program is intended to in-fill and expand the known gold resource
at Magino. Initial drilling will concentrate on the area around
recently announced diamond drill holes 06-10 (169.3 metres grading
1.02 gpt gold), 06-15 (114.0 metres grading 1.84 gpt gold) and
drill hole 06-14 (53.4 metres grading 2.43 gpt gold) (please see
Prodigy Gold press releases dated January 5, 2011 and December 16,
2010). Currently there are two drill rigs operating at the Magino
mine site, with a third drill rig to be added later this month.
As previously announced, Prodigy Gold is in the process of
producing an updated National Instrument 42-101 compliant resource
estimate and Preliminary Economic Assessment (PEA) for the Magino
Mine project. The current drilling program will provide important
metallurgical and engineering data as the project moves through the
PEA phase. The drilling program, which will last several months, is
expected to expand and upgrade the gold resources on the property,
in anticipation of heading toward a full Feasibility study later in
2011.
About Prodigy Gold: Prodigy Gold Incorporated (PDG: TSX.V) was
created by unifying the assets of two Canadian Junior exploration
companies: Kodiak Exploration Limited and Golden Goose Resources
Inc. Prodigy 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 company is producing a new
N.I. 43-101 compliant resource estimate for Magino that will serve
as the basis for a Preliminary Economic Analysis (PEA),
establishing the economic parameters of an open pit mining
operation. The PEA is expected to lead to a full feasibility study,
expected in 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 Quentin J. Browne, Prodigy Gold's Magino
Project Manager, who is a qualified person under the definitions
established by National Instrument 43-101. Prodigy Gold QA/QC
procedures are as follows: Prodigy Gold channel samples are 5 cm
wide cut perpendicular to the strike of the vein and/or shear zone
from mapped alteration in the footwall continuously through the
vein and/or shear zone and into mapped alteration in the hanging
wall. Channels are cut with a motorized circular saw to a depth of
10 cm and removed with a hammer. Channel sample spacing is
nominally every 20m along strike, dependent on outcrop size and
geometry. Sample intervals are selected according to geologic
contacts and visible mineralization, placed into a sample bag, and
shipped to the assay lab for quantitative analysis of select
elements. Prodigy Gold drill cores are split down the center with a
typical table feed circular rock saw or are split with a hydraulic
slitting device. Sample intervals are selected according to
geologic contacts, visible mineralization, and alteration, placed
into sample bags and shipped to the assay lab where they are
quantitatively analyzed for select elements. Drill cores are boxed,
covered, and sealed at the drill rig and moved to the Prodigy Gold
logging and sample preparation facilities by Prodigy Gold
personnel. Prodigy Gold angle core holes are directed perpendicular
to the mapped dip of the vein therefore reported drill hole
intercepts approximate true thickness of the vein. All Prodigy
Goild samples are currently being assayed by Chemex ALS, 2090
Riverside Dr,Timmins, ON P4R 0A2. Blank and standard samples are
routinely submitted with all sample batches sent to the lab for
assay. Samples are routinely sent to other labs for additional
checks.
On behalf of the Board of Directors
Brian J. Maher, President and Chief Executive Officer
This release may contain forward-looking statements or
statements that relate to programs that involve a number of risks
and uncertainties. Actual events or results could differ materially
from the Company's expectations and projections.
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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