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Resource Clips


Posts tagged ‘Prodigy Gold Inc (PDG)’

Prodigy reports Ontario Gold Results including 1.19 g/t over 261.2m

April 30th, 2012

Resource Clips - essential news on junior gold mining and junior silver mining(Update: On December 11, 2012, Prodigy Gold Inc was acquired by Argonaut Gold Inc TSX:AR.)

Prodigy Gold Inc TSXV:PDG announced results from its Magino Gold Project in south-central Ontario. Highlights include

1.19 g/t gold over 261.2 metres
(including 1.84 g/t over 67 metres)
0.83 g/t over 201.5 metres
(including 1.07 g/t over 133 metres)
1.37 g/t over 125 metres
0.62 g/t over 278 metres
(including 1 g/t over 134 metres)
1.48 g/t over 109 metres
(including 9.52 g/t over 10 metres)
1.01 g/t over 89 metres
(including 1.44 g/t over 54.3 metres)

A full feasibility study for the proposed open-pit mine is scheduled for completion in 2012. President/CEO Brian Maher commented, “The tremendous success of our infill and resource expansion drilling program, both at Lovell Lake and in the main Magino Deposit, has prompted the company to plan for an updated gold resource estimate for the Magino Project in June 2012. In addition, the current drill results demonstrate excellent continuity within the Magino Gold Deposit in areas previously modeled as inferred resources.”

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Contact:
Prodigy Gold Inc
604.688.9006
888.688.9006

by Greg Klein

Prodigy reports Ontario Gold Assays including 1.24 g/t over 189.2m

March 20th, 2012

Resource Clips - essential news on junior gold mining and junior silver mining(Update: On December 11, 2012, Prodigy Gold Inc was acquired by Argonaut Gold Inc TSX:AR.)

Prodigy Gold Inc TSXV:PDG announced assays from its Magino Mine gold project in Ontario. Results include

0.78 g/t gold over 131 metres (including 2.06 g/t over 40.3 metres)
1.78 g/t over 55 metres
1.05 g/t over 121.5 metres
1.24 g/t over 149.4 metres
1.09 g/t over 17 metres
1.17 g/t over 40 metres
1 g/t over 78 metres
0.67 g/t over 158 metres (including 1.06 g/t over 41 metres)
1.58 g/t over 10 metres
0.88 g/t over 89 metres (including 2.31 g/t over 22 metres)
6.24 g/t over 6 metres
1.12 g/t over 13 metres
0.61 g/t over 117 metres (including 1.86 g/t over 20 metres)
1.15 g/t over 28 metres
9.42 g/t over 5 metres
0.87 g/t over 42 metres
0.97 g/t over 22 metres
0.91 g/t over 34 metres

President/CEO Brian Maher said, “The company is very pleased with the latest Magino drill results. As the Magino gold deposit continues to grow, we will add additional drill capacity to accelerate the progress of the gold resource definition and expansion drilling. Prodigy is seeking to identify the ultimate size and scale of the Magino gold resource in anticipation of settling on final design criteria to be utilized in the upcoming bankable feasibility study. Completing this drilling program will allow us to select the proper process plant capacity and mining fleet size to optimize project economics.”

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Contact:
Prodigy Gold Inc
604.688.9006

by Ted Niles

Prodigy reports Ontario Gold Assays up to 0.97 g/t over 139.6m

March 13th, 2012

Resource Clips - essential news on junior gold mining and junior silver mining(Update: On December 11, 2012, Prodigy Gold Inc was acquired by Argonaut Gold Inc TSX:AR.)

Prodigy Gold Inc TSXV:PDG announced results from its Magino Gold Project in northern Ontario. Assays include

0.97 g/t gold over 139.6 metres
0.42 g/t over 265 metres
(including 1.06 g/t over 40 metres)
0.66 g/t over 155 metres
(including 1.22 g/t over 45 metres)
4.2 g/t over 24 metres
(including 8.35 g/t over 10 metres)
0.42 g/t over 279 metres
(including 1.02 g/t over 38 metres)
0.69 g/t over 72 metres

Magino has a resource estimate of 67.6 million tonnes grading 1 g/t for 2.18 million ounces gold indicated and 54.2 million tonnes grading 0.99 g/t for 1.72 million ounces inferred using a 0.35 g/t cutoff. A December 2011 PEA shows a pre-tax NPV of $939 million and an IRR of 36% using a 5% discount rate. Production is estimated at 249,300 ounces a year over an 11-year mine life.

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Contact:
Prodigy Gold Inc
604.688.9006

by Greg Klein

Prodigy reports Ontario Gold Assays up to 1.27 g/t over 203m

January 24th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningProdigy Gold Inc TSXV:PDG announced drill results from its Magino Mine gold project in Ontario. Highlights include

1.06 g/t gold over 92 metres
0.97 g/t over 114 metres
1.07 g/t over 17 metres
1.09 g/t over 16 metres
1.01 g/t over 64 metres
0.7 g/t over 208 metres (including 1.69 g/t over 70 metres)
1.09 g/t over 143 metres
1.01 g/t over 38 metres
1.01 g/t over 81 metres
1.01 g/t over 106 metres
1.1 g/t over 52 metres
1.06 g/t over 127 metres
2.42 g/t over 22 metres
1.27 g/t over 203 metres
1.05 g/t over 45 metres

President/CEO Brian Maher remarked, “Drilling in the main Magino gold deposit continues to demonstrate the potential to increase the total gold resource. These results, including the confirmation of a southwest extension to the Magino deposit, clearly indicate that the ultimate size of the deposit has yet to be determined. While we continue to grow the gold resource at Magino, we will revise pit-optimization studies and evaluate possible expansion of the proposed open-pit mining operation. Defining the full scale of the mining operation at Magino is a key step in completing a feasibility study for the project during 2012.”

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Contact:
Prodigy Gold Inc
604.688.9006

by Ted Niles

Prodigy CEO Brian Maher on updated Magino Project PEA

December 29th, 2011

Resource Clips - essential news on junior gold mining and junior silver miningProdigy Gold Inc TSXV:PDG announced an updated preliminary economic assessment for its Magino Gold Project in northern Ontario. The report assumes a gold price of $1,200 an ounce and estimates resources to be 74.23 million tonnes grading 1.15 g/t gold with a strip ratio of 2.1:1. The pre-production capital cost is estimated at $405.6 million. The mine life is estimated at 11 years averaging 249,300 ounces gold annually, totalling over 2.61 million ounces at an average cash cost of $461 an ounce. At a 5% discount rate, the project is calculated to have a pre-tax net present value of $939 million. At an 8% discount rate, the NPV comes to $709 million. In the base case scenario the internal rate of return is 36% with a payback period of 1.9 years.

President/CEO Brian Maher tells ResourceClips.com, “We’re looking at having full feasibility done about the middle of the year, so it’ll be late 2Q, early 3Q. It’s absolutely our intention to take this into production ourselves.

It’s absolutely our intention to take this into production ourselves—Brian Maher

“Our new VP of Operations, Fred Mason, has been in the industry over 40 years building and operating gold mines and milling facilities globally. So we’ll have no problem with the next stages,” Maher adds.

“We’re always looking to add to our properties package in the district. We think very highly of that particular greenstone belt, so if an opportunity presents itself, we’ll certainly add to our ground.

“We have some land up in the Beardmore-Geraldton area, but by and large our focus now is on the Magino Project,” he says. “We’ve spun out some of our assets into a new company called Goldstream Exploration. It’s a private company right now, but it’ll be going public in Q1 of 2012. We’ve done that so we could focus our personnel as well as our financial resources on Magino.

“We have about $30 million in the bank right now, so our treasury is very well set. We can be patient with financing and do so if and when we feel market conditions are appropriate,” Maher emphasizes.

“I would encourage investors to look at the scope of this project,” he concludes. “As we go through the process of de-risking it by taking it to feasibility, I think it’s a clear pathway to share price appreciation and, given the fact that we’re located in the mining-friendly jurisdiction of Ontario, the fact that the project has very robust economics, there’s excellent infrastructure, an active mining district—when you add together all those incremental attributes you start to see why this is such a compelling project.”

View Company Profile

Contact:
Prodigy Gold Inc
604.688.9006

by Greg Klein

Prodigy reports Ontario Magino Gold PEA with $939M NPV, 36% IRR

December 22nd, 2011

Resource Clips - essential news on junior gold mining and junior silver miningProdigy Gold Inc TSXV:PDG announced an updated preliminary economic assessment for its Magino Gold Project in northern Ontario. The report assumes a gold price of $1,200 an ounce and estimates resources to be 74.23 million tonnes grading 1.15 g/t gold with a strip ratio of 2.1:1. The pre-production capital cost is estimated at $405.6 million. The mine life is estimated at 11 years averaging 249,300 ounces gold annually, totalling over 2.61 million ounces at an average cash cost of $461 an ounce. At a 5% discount rate, the project is calculated to have a pre-tax net present value of $939 million. At an 8% discount rate, the NPV comes to $709 million. In the base case scenario the internal rate of return is 36% with a payback period of 1.9 years.

President/CEO Brian Maher tells ResourceClips.com, “We’re looking at having full feasibility done about the middle of the year, so it’ll be late 2Q, early 3Q. It’s absolutely our intention to take this into production ourselves.

It’s absolutely our intention to take this into production ourselves—Brian Maher

“Our new VP of Operations, Fred Mason, has been in the industry over 40 years building and operating gold mines and milling facilities globally. So we’ll have no problem with the next stages,” Maher adds.

“We’re always looking to add to our properties package in the district. We think very highly of that particular greenstone belt, so if an opportunity presents itself, we’ll certainly add to our ground.

“We have some land up in the Beardmore-Geraldton area, but by and large our focus now is on the Magino Project,” he says. “We’ve spun out some of our assets into a new company called Goldstream Exploration. It’s a private company right now, but it’ll be going public in Q1 of 2012. We’ve done that so we could focus our personnel as well as our financial resources on Magino.

“We have about $30 million in the bank right now, so our treasury is very well set. We can be patient with financing and do so if and when we feel market conditions are appropriate,” Maher emphasizes.

“I would encourage investors to look at the scope of this project,” he concludes. “As we go through the process of de-risking it by taking it to feasibility, I think it’s a clear pathway to share price appreciation and, given the fact that we’re located in the mining-friendly jurisdiction of Ontario, the fact that the project has very robust economics, there’s excellent infrastructure, an active mining district—when you add together all those incremental attributes you start to see why this is such a compelling project.”

View Company Profile

Contact:
Prodigy Gold Inc
604.688.9006

by Greg Klein

Prodigy reports Ontario Gold Assays including 1.24 g/t over 147m

September 27th, 2011

Resource Clips - essential news on junior gold mining and junior silver miningProdigy Gold Inc TSXV:PDG announced assays from its Magino Mine gold project in Ontario. Results include

0.68 g/t gold over 62 metres
3.46 g/t over 21 metres
0.84 g/t over 47 metres
0.75 g/t over 113.6 metres
0.63 g/t over 306 metres (including 1.23 g/t over 28 metres)
0.82 g/t over 140 metres (including 3.08 g/t over 21 metres)
1.24 g/t over 147 metres (including 13.5 g/t over 10.2 metres)
2.12 g/t over 28 metres
0.85 g/t over 51 metres (including 1.19 g/t over 33 metres)

The Magino Mine project has an NI 43-101 mineral resource estimate of 1.9 million ounces gold indicated and 587,100 ounces gold inferred. A full feasibility study for the proposed open-pit mining project is expected to be completed by mid-2012.

View Company Profile

Contact:
Prodigy Gold Inc
604.688.9006

by Ted Niles

Beyond Eldorado

August 2nd, 2011

Oro Uses Sound to Find Mexico Gold

By Greg Klein

Whether it was supposed to be a land, a lake, the mother of all motherlodes, a city or even a person covered in glittering raiment, the El Dorado myth has fascinated us since the time of the Conquistadors. Now, in the Mexican state of Sinaloa, junior explorer Oro Mining plans to go into production where giant Eldorado Gold Corp pulled out.

“We’re on to a discovery at the Trinidad Property,” says Oro President Darren Bahrey. “We’re drilling the Taunus Deposit, which was previously mined by Eldorado in the late 1990s. After they left, the ground became available, and we staked this abandoned open-pit mine. Essentially, Eldorado was just scratching the surface. They mined around 90,000 ounces, something like that. It was based on just vertical RC drilling, relatively shallow. We came in around 2006 or 2007 and staked it. We realized that there’s more there, especially when we made a major discovery below the zone they called the Eldorado Zone, the zone that they mined.”

Oro Uses Sound to Find Mexico Gold

Oro’s discovery didn’t come easily. It was, as Bahrey states, “one of the more complicated deposits I’ve come across. And this one’s not just complicated geologically, but technically as well—try to drill this thing.” A few years of reverse-circulation and diamond drilling brought up broken, clay-rich material. “The gold is free and fine, so it’s washing away,” he recalls.

So Oro turned to a new technique—sonic drilling. (For a demo video, click here and scroll to the bottom of the page.) “We’re one of the first companies to use this as an exploration tool,” Bahrey says. “It’s just based on vibration; you’re not using any fluids. You’re vibrating the tube down and pulling up the material. This is the tool to use on this deposit because you’re not losing any of the gold.”

For example, one set of assay results released May 5 show that sonic drilling in the Eldorado Zone found an average grade of 2.6 grams per tonne gold over 12.7 metres, compared to nearby, previously drilled RC holes averaging 1.1 g/t over 13.5 metres.

July 21 assays included 4.07 g/t over 32 metres, 8.07 g/t over 12.7 metres, 3.37 g/t over 25.6 metres and 0.83 g/t over 72.4 metres. May 18 results included 2.24 g/t over 54.3 metres (including 5.04 over 20.9 metres), while May 5 highlights included 2 g/t over 166.6 metres (including 7.7 g/t over 24.6 metres), 4.6 g/t over 29 metres, 3.7 g/t over 20 metres and 2.5 g/t over 28 metres.

“Our most recent results are good news—32 metres of 4.07 g/t,” Bahrey comments. “That’s pretty good grade. It will definitely add to the model. It just confirms that there’s more down there at depth, and that will just keep adding to what we’ve found already.”

The property’s resource estimate shows 3.87 million tonnes grading 1.51 g/t at a 0.3 g/t cut-off for 187,000 gold ounces indicated and 2.54 million tonnes grading 1.45 g/t at a 0.3 g/t cut-off for 118,000 gold ounces inferred. The estimate was released January 6, prior to this year’s 5,000-metre sonic-drilling campaign.

I still think we’re one of the best-kept secrets in the market. The market doesn’t know us yet. That will soon change —Darren Bahrey

According to Bahrey, Oro’s plan is firm: “Let’s go mining.” For that purpose, the company brought in new blood. John Brownlie, former CEO of Capital Gold Corp and a mine builder with “a track record to make things happen pretty fast and at low cost” became Oro CEO and COO in October. In April, Capital Gold’s General Manager of Mexico Operations Marco Antonio Galindo became Oro’s VP of Operations. They joined a team that includes Oro Executive VP Frank Powell, formerly Africa exploration manager for Placer Dome, and Bahrey, Oro’s founder and a geologist with 20 years’ experience in Mexico and Central America.

“This is a group that’s been involved in major discoveries, like over 10-million-ounce discoveries during the Placer Dome days in the 1990s,” Bahrey says. “They’ve taken projects from discovery stage all the way to prefeasibility. Now that we’ve attracted John and Marco, we’re a complete package. We’ve scheduled 2012 for a PEA and 2013 for breaking ground.” The company currently projects a mine producing 40,000 to 60,000 gold ounces a year.

Trinidad is one of several Oro projects. “We have an extensive portfolio in Mexico, close to 3,000 square kilometres. So I guess we can be considered a land baron out there,” Bahrey quips.

In Zacatecas State, Oro’s 2,750-hectare El Compas Project has a January 2011 resource estimate of 524,000 tonnes grading 4.38 g/t gold and 65.5 g/t silver containing 74,000 gold ounces and 1.1 million silver ounces indicated, and 419,000 tonnes grading 3.98 g/t gold and 47.5 g/t silver containing 54,000 gold ounces and 641,000 silver ounces inferred. Back in Sinaloa State, the 8,100-hectare Cimarron Project has an inferred estimate of 3.7 million tonnes grading 0.65 g/t gold for 77,000 gold ounces.

At press time Oro had 120.6 million shares outstanding at $0.315 per share for a market cap of $38 million. As of June, the company had $7 million cash on hand. Institutions hold about 50% of shares and insiders 8%.

Despite Oro’s modest share price, Bahrey remains confident. “I still think we’re one of the best-kept secrets in the market,” he says. “The market doesn’t know us yet. That will soon change.”

Prodigy reports Ontario Gold Assays up to 1.32 g/t over 261m

April 15th, 2011

Prodigy Gold Inc TSXV:PDG announced results from Magino Mine Gold Project in Ontario. Assays include 1.32 g/t gold over 261 metres (including 2.06 g/t over 104.6 metres), 1.07 g/t over 103 metres, 0.9 g/t over 82 metres (including 2.26 g/t over 21 metres), 2.11 g/t over 38 metres, 1.38 g/t over 51.1 metres, 3.13 g/t over 20 metres, 1.54 g/t over 143 metres and 1.16 g/t over 10 metres.

The Magino Project has a mineral resource estimate of 1.92 million ounces gold indicated, and 587,100 ounces inferred. There are four drills currently working on the project.

View Company Profile

Contact:
Brian J. Maher
President/CEO
604.688.9006

by Ted Niles

Prodigy reports Ontario gold assays as high as 1.13 g/t over 261m

March 17th, 2011

Prodigy Gold Inc TSXV:PDG announced results from its Magino Mine Gold Project in Ontario. Assays include 1.04 g/t gold over 53.5 metres, 1.02 g/t over 63.8 metres, 1.02 g/t over 23 metres, 0.75 g/t over 138 metres (including 1.41 g/t over 35 metres), 0.89 g/t over 21 metres, 1.13 g/t over 261 metres (including 2.06 g/t over 104.6 metres) and 1.07 g/t over 103 metres (including 2.34 g/t over 23 metres).

The Magino Deposit has a mineral resource estimate of 1.92 million ounces gold at a 0.35 g/t cut off and 587,100 ounces inferred.

View Company Profile

Contact:
Brian J. Maher
President/CEO
604.688.9006

by Ted Niles