Prodigy Gold NL reports Lake Mackay Project Progress; Project Grows By 50%.

  • Apr 11, 2019 AEST
  • Team Kalkine
Prodigy Gold NL reports Lake Mackay Project Progress; Project Grows By 50%.

A mineral exploration company, Prodigy Gold NL (ASX: PRX) on 11 April 2019 advised that the 9,600m Reverse Circulation (“RC”) drilling program is under progress at the Lake Mackay Project. This project is a joint venture between PRX and Independence Group NL in the ratio 3:7 (PRX- 30% and IGO 70%).

An Overview of Exploration Program:

The managing JV partner, Independence Group, has started the 9,600 metre RC drilling program. The RC drilling program is designed for testing the bedrock conductors that was generated from the Moving Loop Electromagnetic (MLEM) Surveys. At present, this MLEM survey is undertaken over the 63 identified target in the airborne electromagnetic survey (“AEM”) that got completed In January 2019. At the Grimlock Ni-CoMn Prospect as well as several conductors in the Blaze Au-Cu-Pb-Zn Prospect area, the MLEM survey is under progress. In order to determine the cause of the conductors and the presence of any metals, each conductor will be tested with 1-2 RC holes. The integration of the testing of the conductor along with the downhole EM will help in identifying a number of targets tested at a rapid rate over the next 2-3 months.

At present, the company aims to execute the RC drilling of 9,600 metres in this financial year. However, it might experience a challenge as there is a large number of conductors as well as other anomalies being targeted for initial drill-testing, which could extend the drilling program till FY2020.

In the month of March 2019, the MLEM started again. The plan is to test all remaining Priority 1 conductive target followed by the selection of Priority 2 and 3 targets to assess a range of conductors with the ranking based on prospective structural and geological settings and/or the favorable surface geochemistry results.

The managing director of Prodigy Gold Mr. Matt Briggs highlighted that the drilling at Lake Mackay is under progress, where IGO has started the aggressive RC drilling to test various compelling base metals target. He also notified the investors that the Lake Mackay Project area has increased by 50% to 19,202 sq. km.

On 20 February 2019, the company provided an update on the exploration activities on the Lake Mackay Joint Venture that was managed by the Independence Group NL. The company highlighted that the JV airborne EM recognized 63 targets. It was also highlighted that in the early Q2 of CY2019, the RC drilling of 9600 metres would commence. Also, 2% cobalt, 1% nickel and 11.2% manganese from recognized from the rock chip sampling at second Nickel-Cobalt prospect.

By the end of 1H FY2019 on 31 December 2018, the company incurred a loss of $3,363,284. The balance sheet of Prodigy Gold NL reported a slight increase in the net asset base. The total shareholders’ equity was worth $16,709,937. By the end of the 1H FY2019 reporting period, the net cash and cash equivalent with the company was $6,627,476.

With the commencement of 2H FY2019, on 14 January 2019, the company provided an update related to further gold assay results from Kroda.

By the closure of the market on 11 April 2019, the closing price of the shares of PRX was A$0.084, down by 1.176% as compared to its previous day’s close. PRX has a market capitalization of A$40.85 million and approximately 480.63 million outstanding shares.


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