RC Drilling At The Capstan Prospect Led To The Discovery Of 4m @ 6.1g/t Gold

There was an ongoing reverse circular drilling (RC drilling) at the Capstan Prospect of Prodigy Gold NL (ASX: PRX) which has defined a 1.2km long zone of interest in bedrock.

At hole BLRC001, from the earlier exploration of 129 meters, further drilling of 4 meters led to the discovery of 6.1g/t of gold. There was another drilling of 1 meter from its previous 129 meters which led to the discovery of 23.9g/t of gold.

At hole BLRC021, from the earlier exploration of 31 meters, further drilling of 9 meters led to the discovery of 1.3g/t of gold.

Both the holes BLRC001 & BLRC021 have drilled 640 meters apart and are parallel with quartz veining and alteration.

At the Hat Target located 4 km in the southern direction of the Capstan North, the air-core drilling at the target has defined a corridor of gold mineralization which stretches till 4 km length. There were two drilled holes BLRC019A and BLRC004 with the space of 320 meters.

At hole BLRC019A, from the earlier exploration of 111 meters, further drilling of 4 meters led to the discovery of 1.2g/t of gold.

At hole BLRC004, from the earlier exploration of 102 meters, further drilling of 1 meter led to the discovery of 2.0g/t of gold.

The official listing date of PRX on ASX is 21 August 1986. Since then, the performance of the company remains negative. The performance of the company since its inception was -49.50%. Since last year, the performance of the company is -21.84%.

For the financial year 2018 ending on 30 June 2018, the company made a net loss of $5,693,350. The balance sheet of the company appears to be strong with a net asset base of $16,427,131 and a debt-equity ratio of 0.158. The company holds a total current asset of $6,388,058 and a total current liabilities of $849,895 which indicates that the company is in a position to manage its short-term obligations as well as its working capital requirements. However, if we compare the accumulated loss of FY2017 and FY2018, there is an increase in the accumulated losses of the company in FY2018, which could create a negative impact on the shareholders and the investors. The total shareholder’s equity is worth $16,427,131.

By the end of FY2018, the net cash and cash equivalent of the company was $6,136,652.

With the market open on 18 December 2018, the share traded flat on ASX. By the end of trading on 18 December 2018, the market price of the share was A$0.068 with the stock holding a market capitalization of $32.68 million. Also, the closing price recorded for the day is near to 52 weeks low price. Further, there is no change in the price movement of today’s closing price as compared to the previous day’s closing price.


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