Prodigy Gold Reports New Core Assays From Magino: 169 Metres Grading 1.02 gpt Gold
January 05 2011 - 9:19AM
Marketwired Canada
Prodigy Gold Incorporated (TSX VENTURE:PDG) is pleased to announce additional
assay results from its core sampling program at its 100% owned Magino Mine
project located in Ontario. Prodigy Gold (formerly Kodiak Exploration) has been
systematically sampling previously unassayed sections of core from the 2006
drilling campaign, concentrating on thick intervals of disseminated gold
mineralization adjacent to higher grade structures. Prodigy has split and
sampled over 2,800 metres of core and is utilizing the new data in to update the
gold resource estimate for the Magino Mine project. Highlights from drill holes
06-01 through 06-10 include:
-- 169.3 metres grading 1.02 gpt gold in drill hole 06-10
-- 93.0 metres grading 0.74 gpt gold in drill hole 06-09
-- 53.0 metres grading 1.04 gpt gold in drill hole 06-08
-- 50.0 metres grading 0.87 gpt gold in drill hole 06-02
The new assays, coupled with previous drill data, is being utilized by Prodigy
Gold to plan an extensive campaign of in-fill drilling, expected to begin
shortly. The drill holes reported here are angle holes, therefore the depth
below surface for these intercepts is 71% to 86% of the down hole distance,
within the range of a potential open-pit mining operation. The geometry and
grade of the Magino gold system compares favorably to several large scale
low-grade gold systems currently being mined or under development in eastern
Canada.
As illustrated in the table below, gold mineralization is pervasive in the
Magino system. Complete results for drill holes 06-01 through 06-10 are included
in the table below.
Gold Grade
Drill Hole From (m) To (m) Interval (m) (gpt)
---------------------------------------------------------------------------
06-01 60.9 78.00 17.1 0.48
130.0 141.00 11.0 2.34
231.0 251.00 20.0 1.01
06-02 302.0 352.00 50.0 0.87
403.0 433.00 30.0 0.72
06-03 282.0 304.00 22.0 0.70
334.0 342.00 8.0 3.16
06-04 nil
06-05 154.0 171.0 17.0 0.65
228.5 259.0 30.5 0.56
268.9 289.9 21.0 0.22
311.9 325.9 14.0 3.27
383.9 394.9 11.0 2.86
06-06 110.9 142.0 31.1 0.61
156.0 167.0 11.0 4.32
211.0 238.0 27.0 0.42
337.9 367.9 30.0 1.19
450.9 474.9 24.0 0.97
06-07 126.0 151.0 25.0 0.38
156.0 182.0 26.0 0.33
256.0 279.0 23.0 1.12
330.0 342.9 12.9 2.00
367.9 429.9 62.0 0.78
06-08 21.0 40.0 19.0 0.35
145.0 163.0 18.0 1.52
360.9 377.9 17.0 1.40
360.9 413.9 53.0 1.04
399.9 413.9 14.0 1.52
459.9 476.6 16.7 0.54
06-09 52.0 62.0 10.0 0.65
91.0 104.0 13.0 0.41
134.0 150.0 16.0 0.40
134.0 227.0 93.0 0.74
300.0 303.4 3.4 5.83
06-10 115.3 284.6 169.3 1.02
319.9 329.6 9.7 1.19
The geological information for the Magino project has been reviewed and approved
by Quentin J. Browne, Prodigy Gold's Magino Project Manager, who is a qualified
person under the definitions established by National Instrument 43-101. Prodigy
Gold QA/QC procedures are as follows: Prodigy Gold channel samples are 5 cm wide
cut perpendicular to the strike of the vein and/or shear zone from mapped
alteration in the footwall continuously through the vein and/or shear zone and
into mapped alteration in the hanging wall. Channels are cut with a motorized
circular saw to a depth of 10 cm and removed with a hammer. Channel sample
spacing is nominally every 20m along strike, dependent on outcrop size and
geometry. Sample intervals are selected according to geologic contacts and
visible mineralization, placed into a sample bag, and shipped to the assay lab
for quantitative analysis of select elements. Prodigy Gold drill cores are split
down the center with a typical table feed circular rock saw or are split with a
hydraulic slitting device. Sample intervals are selected according to geologic
contacts, visible mineralization, and alteration, placed into sample bags and
shipped to the assay lab where they are quantitatively analyzed for select
elements. Drill cores are boxed, covered, and sealed at the drill rig and moved
to the Prodigy Gold logging and sample preparation facilities by Prodigy Gold
personnel. Prodigy Gold angle core holes are directed perpendicular to the
mapped dip of the vein therefore reported drill hole intercepts approximate true
thickness of the vein. All Prodigy Gold samples are currently being assayed by
Chemex ALS, 2090 Riverside Dr, Timmins, ON P4R 0A2. Blank and standard samples
are routinely submitted with all sample batches sent to the lab for assay.
Samples are routinely sent to other labs for additional checks.
On behalf of the Board of Directors
Brian J. Maher, President and Chief Executive Officer
This release may contain forward-looking statements or statements that relate to
programs that involve a number of risks and uncertainties. Actual events or
results could differ materially from the Company's expectations and projections.
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