Prodigy Gold's Tanami North Project: Promising Drilling Results and Future Plans
PRX (PRX) Share Update November 2024 Wednesday 13th
Prodigy Gold Announces Promising Drilling Results at Tanami North Project
Prodigy Gold NL (ASX: PRX) has announced promising results from its recent drilling activities at the Tanami North Project, highlighting potential for future development.
Instant Summary:
- Samples from Hyperion and Tethys lodes sent for metallurgical testing.
- PhotonAssay analysis to verify high-grade gold samples.
- Plans for further exploration and development in 2025.
Overview of Recent Drilling Activities
Prodigy Gold NL has provided an update on its exploration activities at the Tanami North Project, focusing on the Hyperion and Tregony deposits. The company has sent samples from recent Reverse Circulation (RC) drilling to Independent Metallurgical Operations Pty Ltd for testing. This follows successful metallurgical work on the Suess lodes earlier in the year.
The samples, which include high-grade findings, are also undergoing PhotonAssay analysis at Bureau Veritas in Adelaide. This analysis aims to verify the grades and assess the presence of coarse gold, potentially enhancing the company's resource estimates.
Metallurgical Testwork and Results
The metallurgical testing is expected to take approximately 3-4 months. The tests will focus on sample characterisation, gravity and cyanide leach testwork, and a 7-stage diagnostic leach testwork. Previous tests have shown high recovery rates, with gold recovery ranging from 95.1% to 97.9% through both gravity and cyanide leaching.
These results are promising for future extraction processes, indicating that processing restrictions are unlikely to limit potential gold recovery.
PhotonAssay Analysis
Prodigy Gold is using PhotonAssay to confirm high-grade results from its 2024 RC drilling program. The technique, which showed strong correlation with fire assay results in previous tests, is part of the company's quality assurance and quality control (QAQC) process.
Thirty high-grade samples, initially reporting over 8.5g/t Au, have been submitted for analysis. The results will help in updating the mineral resource estimates and understanding the distribution of gold within the deposits.
Future Exploration and Development Plans
Looking ahead, Prodigy Gold is planning further exploration activities for the 2025 field season. The company is analyzing recent drilling data to shape its exploration strategy, focusing on high-grade intercepts and potential new targets.
Additional drilling is being considered at the Brokenwood and Pandora sites, with plans to better understand the quartz veining orientations through surface costeaning, subject to approvals.
The announcement of promising drilling results and high recovery rates could positively impact Prodigy Gold's stock price. The potential expansion of resources and successful metallurgical testing may boost investor confidence and interest in the company's future projects.
Investor Reaction:
Analysts are likely to view the results positively, given the high recovery rates and the potential for resource expansion. The ongoing exploration and development plans may further enhance investor sentiment.
Conclusion:
Investors should keep an eye on the results of the metallurgical testing and PhotonAssay analysis, as these will provide further insights into the project's potential. Prodigy Gold's strategic focus on exploration and development could offer significant opportunities for growth.