Jan 24 2011
Prodigy Gold Incorporated (TSX VENTURE:PDG) has announced results from the recently completed diamond drilling program at its Milestone Gold Project located in the Beardmore-Geraldton gold belt of northern Ontario.
Prodigy Gold has received results from 35 diamond drill holes totaling 10,857 metres that targeted a 1,200 metre section of the Klob Lake shear zone. Highlights include drill hole MS10-69 that intercepted 81.7 metres grading 0.51 gpt gold and drill hole MS10-77 that intercepted 23.0 metres grading 1.47 gpt gold. These drill intercepts, coupled with the other recently completed drill holes, continue to affirm the bulk mining potential of the Milestone project. Assay results for the final eight drill holes (MS10-80 to 87) are pending.
Exploration and drilling results to date have greatly increased our geologic understanding of the Milestone gold system. Prodigy Gold data indicate that gold mineralization at Milestone is concentrated along the easterly striking Klob Lake Shear deformation zone and parallel structures. These structures are cross-cut by north trending faults that are preferentially localized within fine grained gabbro intrusive rocks. Within these structural intersections, the deformation zone is intensely quartz veined, deformed and folded. Quartz veining and silicification is accompanied by pyrite, chalcopyrite and occasional occurrences of visible gold. Sulphide formation is thought to be derived through the destruction of magnetite within the gabbro rocks which are often better mineralized with respect to gold-bearing quartz veins.
Gold mineralization at Milestone continues to show remarkable continuity and extends from the surface to depths of greater than 280 metres and remains open. Following receipt of assays from the remaining eight drill holes, Prodigy will begin planning the next phase of diamond drilling at Milestone. Drilling will concentrate on the known area of gold mineralization and also along multiple parallel structures on the Milestone property.
Source: Prodigy Gold Incorporated