Prodigy Gold NL (ASX: PRX) is a part of metal and mining industry. It has a range of exploration projects including greenfields and brownfields in Tanami Gold district. The company is very optimistic that the Central Desert is a prospect with huge magnitude for gold discovery.
The company reported assay results from its drilling in Suplejack Gold Project in the Tanami Goldfields, Northern Territory, fully owned by the company.
The location of the Suplejack Project is 58km away, to the northeast of the Central Tanami Processing Plant site. The area is known for its sporadic shallow drilling being in the depleted oxide zon. Prodigy however wants a focused exploration strategy, for growing resources at Suplejack and progressing the discovery of new standalone projects.
The Managing Director of the company Matt Briggs said that the Suplejack RC program was built to drill the intersection of mafic sediments with the Suplejack Fault. Drilled holes into these sediments have previously resulted in high quality results. Briggs further mentioned that the holes in the southern missed the sediment, however these were within the Suplejack Fault, which is a 60km long regional structure. Thick quartz breccias were intersected resulting in intersections of 89m @ 0.3g/t Au and 43m @ 0.4g/t Au. The holes were extended up to 50m but remained within mineralisation with one hole ending in 0.7g/t Au after drilling through quartz breccia and pyrite for 89m.
As stated, this structure was not mineralized previously because RAB holes drilled adjacent to the structure have failed to become an indicator of any mineralisation. The primary reason for this is because the oxide in this region is depleted of gold. The structure is mapped to the north and south by its geochemical signature. The discovery of the Seuss Fault previously and mineralisation on the Suplejack Fault currently is an indicator of the potential for new deposits that may be discovered at Suplejack.
There has been series of announcements related to the company recently related to its shareholding structure and the results of the recent drillings. It came up with a notice for change of interest of substantial holding of the company. Moreover, the company announce its assay results from Blue Bush Gold Project, where the field activity is supposed to commence late first quarter of 2019. Furthermore, it has come up with results which confirmed a substantial hydro-thermal system, which has ample potential for significant gold resources.
The company revenue stood at $1,41,739 with the total assets at $6,136,652 and with a cash outflow from operations at $5,413,314 for FY 2018. The cash flow from investing of the company stood at $58,374 for FY 2018.
Stock performance: The current market price of the stock is $0.065 with the close of trading session today (20th December 2018). It offers a YTD return of -25.29% and a return of -35% over the past six months. The stock posted a 52-week high and low of $0.130 and $0.060 respectively. The market capitalization of the company stands at 31.24 million.