Prodigy Gold Drills More Gold at Milestone
21 Enero 2011 - 12:17PM
Marketwired
Prodigy Gold Incorporated (TSX VENTURE: PDG) is pleased to announce
results from the recently completed diamond drilling program at its
Milestone Gold Project located in the Beardmore-Geraldton gold belt
of northern Ontario. Prodigy Gold has received results from 35
diamond drill holes totaling 10,857 metres that targeted a 1,200
metre section of the Klob Lake shear zone. Highlights include drill
hole MS10-69 that intercepted 81.7 metres grading 0.51 gpt gold and
drill hole MS10-77 that intercepted 23.0 metres grading 1.47 gpt
gold. These drill intercepts, coupled with the other recently
completed drill holes, continue to affirm the bulk mining potential
of the Milestone project. A table of significant drill results is
provided below; complete drill results can be found on the
Milestone page at the Prodigy Gold web site. Assay results for the
final eight drill holes (MS10-80 to 87) are pending.
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From To Length Au
Hole Number (metres) (metres) (metres) (gpt)
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MS10-50 211.6 230.0 18.4 0.74
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MS10-52 67.5 83.0 15.5 0.95
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MS10-53 332.3 363.0 30.7 0.79
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MS10-54 269.2 287.5 18.3 1.13
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Including 271.0 278.0 7.0 2.55
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MS10-56B 304.0 332.0 28.0 0.51
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MS10-57 275.5 285.5 10.0 1.54
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Including 284.5 285.5 1.0 13.32
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MS10-58 237.5 255.0 17.5 0.81
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MS10-59 310.0 346.5 36.5 0.69
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Including 325.0 334.0 9.0 2.01
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MS10-61 199.0 217.0 18.0 0.87
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MS10-62 166.0 188.0 22.0 1.59
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Including 168.0 177.0 9.0 2.89
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MS10-63 79.0 98.5 19.5 0.87
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MS10-64 47.0 105.0 58.0 0.39
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MS10-67 81.0 101.8 20.8 1.18
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including 82.2 93.8 11.6 2.00
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MS10-69 177.8 259.5 81.7 0.51
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MS10-71 225.0 244.0 19.0 0.51
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MS10-72 241.7 273.0 31.3 0.55
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MS10-73 301.0 330.5 29.5 0.53
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MS10-75 341.0 372.0 31.0 0.51
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MS10-77 237.0 260.0 23.0 1.47
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including 241.0 257.0 16.0 2.03
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MS10-79 71.0 93.4 22.4 0.93
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Exploration and drilling results to date have greatly increased
our geologic understanding of the Milestone gold system. Prodigy
Gold data indicate that gold mineralization at Milestone is
concentrated along the easterly striking Klob Lake Shear
deformation zone and parallel structures. These structures are
cross-cut by north trending faults that are preferentially
localized within fine grained gabbro intrusive rocks. Within these
structural intersections, the deformation zone is intensely quartz
veined, deformed and folded. Quartz veining and silicification is
accompanied by pyrite, chalcopyrite and occasional occurrences of
visible gold. Sulphide formation is thought to be derived through
the destruction of magnetite within the gabbro rocks which are
often better mineralized with respect to gold-bearing quartz
veins.
To view accompanying map click on the following link:
http://media3.marketwire.com/docs/PDG_cross_section.jpg
Gold mineralization at Milestone continues to show remarkable
continuity and extends from the surface to depths of greater than
280 metres and remains open (see cross section above). Following
receipt of assays from the remaining eight drill holes, Prodigy
will begin planning the next phase of diamond drilling at
Milestone. Drilling will concentrate on the known area of gold
mineralization and also along multiple parallel structures on the
Milestone property.
About Prodigy Gold: Prodigy Gold Incorporated (TSX VENTURE: PDG)
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 NI 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
in 2012. Bringing the Magino Mine project through the feasibility
process and towards production, coupled with the resource potential
of our Beardmore-Geraldton exploration properties including
Milestone, will be the catalyst to Prodigy Gold's growth and will
build shareholder value: Today's Discovery, Tomorrow's Future.
The geological information for the Milestone project has been
reviewed and approved by Tom Pollock, Prodigy Gold's Vice President
- Exploration, 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 approximate70 to 100% of the true thickness of the vein.
All Prodigy Gold 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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