Prodigy Gold NL acknowledged highly anomalous gold identified in the assay results received for further drill holes carried out in Kroda Prospect, a gold prospect in the North Arunta Joint Venture Project.
Today, Prodigy Gold came forward to publish the ASX release of partner Gladiator Resources Ltd. In the announcement dated 14 January 2019, Gladiator Resources informed that it had received assay results from Kroda 3 and 4 prospects. These gold deposits are located 200km south of Tennant Creek on the North Arunta project, a joint venture between Prodigy Gold NL (ASX: PRX) and Gladiator Resources Ltd.
The assay results relate to 2 RC holes, KRC003 and KRC010, and for pre-collar samples from hole KRC005 at Kroda. Looking to the overall assay results, Gladiator Resources foresee high-potential for the discovery of gold deposit through the application of advanced geophysical techniques.
Hole KRC003 reportedly intersected the Kroda 3 chargeability anomaly 350m west of the area previously drilled, returning Highly anomalous gold more than 100 ppb over a 20m downhole width between 272 and 292 meters. Moreover, this anomalous gold is said to be associated with numerous quartz veins, pervasive silicification, disseminated and vein sulphides and elevated arsenic.
Moreover, Induced Polarisation (IP) chargeability anomalies have been reportedly identified down plunge of existing thick intersections and in the footwall of known mineralization at Kroda 3 and 4. Gladiator further told that With these results in place, the gold mineralized zone has almost extended to double at Kroda 3.
Hole KRC010 intersected a chargeability anomaly immediately west of Kroda 4. The report read that it returned two 1meter intervals gold more than 0.1 g/t, broadly associated with a 30m downhole interval of disseminated pyrite and anomalous arsenic.
Based on the observations of the density of veining, distribution of sulphide minerals, alteration zonation and broad zones of anomalous gold, Gladiator believes that the Kroda system may be the surface expression of a much more massive Intrusion Related Gold system.
Further, the assay samples have been reportedly submitted for analysis with the results expected to be delivered by the end of the January. The study will include screen fire assay given that the new findings and historical drilling are indicative of course nuggety gold. Therefore, the company awaits the results of ongoing assays assessment before coming to any conclusion for Kroda’s gold potential. Lithological logging of the diamond core is further expected to be completed this week which was delayed over the Christmas and New Year holiday.
In today’s trading session, Prodigy Gold NL stock edged up by 2.564% to last trade at $0.080 on 14 January 2019. In the past 12 months, PRX’s stock price has declined 3.70%.