Prodigy Gold Incorporated: Magino Mine Gold Project Update, Resource Estimate and PEA Timeline
04 Fevereiro 2011 - 1:35PM
Marketwired
Prodigy Gold Incorporated (TSX VENTURE: PDG) is pleased to provide
the following update and project timeline for its 100% owned Magino
Mine gold project located in Ontario. Prodigy is in the process of
revising the current gold resource estimate, emphasizing the open
pit mining potential of the project. The revised resource estimate
is on schedule and is expected to be released by late February
2011. The company has also initiated a previously announced in-fill
and resource expansion drill program (please see News Release dated
January 13, 2011). Assay results from the first drill holes are
expected shortly.
The Magino Mine project currently has Measured and Indicated
Resources of over 2 million tonnes grading 6.74 gpt for a total of
453,000 ounces gold. Total Inferred Resources are estimated at 5.8
million tonnes grading 6.29 gpt for a total of 1,178,000 ounces
gold at a cutoff of 3 gpt gold (InnovExplo 43-101 compliant
Technical Report issued 28 May, 2009, available on the Prodigy Gold
web site). The revised resource estimate will use a lower cut off
grade, appropriate for open pit mining, and also utilize new drill
data not included in the previous resource estimate.
Gold mineralization at Magino measures 1,400 metres by 700
metres, and presently extends to a depth of greater than 600
metres. Drill hole and surface data demonstrates the potential to
expand the size of the gold resource, both within the area already
drilled and along strike and down dip from known gold
mineralization. The geologic database shows significant and
continuous lower grade gold mineralization enveloping the higher
grade areas. Preliminary modeling of the deposit has identified a
large volume of gold mineralization that may be minable using
low-cost open pit methods, increasing the size of the resource.
The Preliminary Economic Assessment, expected in early April
2011, will examine the economics of a potential open pit mine at
Magino with mill capacities of up to 15,000 tonnes per day which
would be capable of producing as much as 150,000 ounces gold per
year. The economic assessment will target cash costs of less than
$500 per ounce. Underground mining may comprise a separate phase of
the mine life. A full feasibility study is due out in the first
quarter of 2012. The proposed scope of the PEA is based upon an
internal analysis and is not an assessment of the project as
defined by NI 43-101. The ultimate scale and scope of the project
will be determined during the PEA process.
About Prodigy Gold: Prodigy Gold Incorporated (TSX VENTURE: PDG)
was created by unifying the assets of two Canadian Junior
exploration companies: Kodiak Exploration Limited and Golden Goose
Resources Inc. Prodigy is currently evaluating the Magino Mine
project in Ontario as an open-pit mining opportunity with the
potential for deeper, higher grade gold production. Bringing the
Magino Mine project through the feasibility process and towards
production, coupled with the exploration potential of our
Beardmore-Geraldton exploration properties, are the catalysts to
growing Prodigy Gold, building substantial value for Prodigy
shareholders: Today's Discovery, Tomorrow's Future.
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.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Prodigy Gold Incorporated Brian J. Maher President and
Chief Executive Officer 1-604-688-9006 1-604-688-9029 (FAX)
ir@prodigygold.com www.prodigygold.com
Prodigy Gold Inc. (TSXV:PDG)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Prodigy Gold Inc. (TSXV:PDG)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024