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Message: Prodigy Gold drills 10 m of 8.55 g/t Au at Magino

Prodigy Gold drills 10 m of 8.55 g/t Au at Magino

2012-03-13 07:32 ET - News Release
Shares issued 241,292,907
PDG Close 2012-03-12 C$ 0.73

Mr. Brian Maher reports

PRODIGY DISCOVERS NEW HIGH GRADE ZONE: 10.0 METRES GRADING 8.55 GPT GOLD IN FOOTWALL OF MAIN MAGINO DEPOSIT

Prodigy Gold Inc. has discovered a significant thick zone of high-grade gold mineralization in the footwall of the main Magino deposit: drill hole MA11-205 cut 10.0 metres (83.0 to 93.0 metres) grading 8.55 grams per tonne gold within a thicker zone of 24.0 metres grading 4.22 grams per tonne gold (82.0 to 106.0 metres). This drill intercept correlates with a district scale zone of higher grade gold mineralization that extends from drill hole MA11-205 through the main Magino deposit and continues to the east to the Island zone being mined by Richmont Mines east of the Magino property (please see map below). This drill hole was targeted to confirm geologic interpretations by the Prodigy geologic staff; the results are significant for several reasons:

* The high grade mineralization seen in MA11-205 defines a distinct high grade structural zone at shallow levels in the Magino system. The gold mineralization in MA11-205 is in the footwall of the main Magino deposit, within the outline of the proposed open pit mining operation, and expands the gold resource potential of the Magino project. The gold zone is open at depth and along strike.

* The structural interpretation that led to the discovery confirms the model developed by the Prodigy geologic team. Deeper drilling along the structure, below the currently proposed open pit mining operation, will focus on the high grade zone cut by MA11-205. The potential for significant volumes of high grade gold mineralization, similar to the deep high grade zones at the adjacent Island mine, has been confirmed by this drill hole.

To view the map referred to above, please click on the following link: http://www.usetdas.com/pr/prodigymar132012002.jpg

Cross section and plan map of the Grif zone, Magino mine gold project. Drilling by Prodigy has also encountered thick intervals of low grade mineralization below the previously announced gold resource, confirming the potential to expand the proposed opne pit mining operation as the project is advanced to the feasibility stage later in 2012.

To view the map above, please click on the following link: http://www.usetdas.com/pr/prodigymar132012003.jpg

* Gold mineralization in drill hole MA11-205 is hosted by quartz-carbonate altered mafic metavolcanic rocks and associated iron formation. This is the first significant drill intercept by Prodigy in these host rocks and greatly expands potential target areas for additional high grade metavolcanic rock hosted gold mineralization.

Prodigy has also received the final results from its 2011 drilling program at Magino. Resource expansion drilling on the southwest end of the Magino gold deposit continues to document thick intervals of potentially bulk minable gold mineralization, results are tabulated below. Prodigy expects to release drilling results from early 2012 drilling at Magino shortly.

-***-
----------------------------------------------------------------------
                             SW and SW Extension                            
----------------------------------------------------------------------
DRILL               FROM          TO         LENGTH            AZIMUTH
HOLE            (METRES)    (METRES)       (METRES)          (360 DEG)
----------------------------------------------------------------------
MA11-180           188.0       189.0             1.0             164.1
MA11-184           217.0       239.0            22.0             161.3
MA11-186             nsv         nsv             nsv             162.7
MA11-188           210.0       214.0             4.0             158.4
MA11-190             nsv         nsv             nsv             160.9
MA11-197            90.0        92.0             2.0             155.5
                   124.0       133.0             9.0                  
MA11-198           324.0       589.0           265.0             161.4
including          331.0       371.0            40.0                  
MA11-203            62.0       341.0           279.0             160.3
including           62.0       100.0            38.0                  
MA11-205            82.0       106.0            24.0             162.9
including           83.0        93.0            10.0                  
                   271.0       343.0            72.0                  
                   325.0       343.0            18.0                  
MA11-207           262.0       289.0            27.0             161.8
MA11-208           313.0       337.0            24.0             164.3
----------------------------------------------------------------------

-****-
-***-
----------------------------------------------------------------
Dip         Est. True          From         To(Depth    Grade 40
(angle      Thickness        (Depth            below         gpt
Below        (metres)         below          surface      capped
                            Surface        (metres))  (gpt gold)
                          (metres))
----------------------------------------------------------------
-50.4            0.8           142.9           143.6        2.61
-49.9           16.7           164.9           181.6        0.79
-51.1             na              na              na         nsv
-49.4            3.0           159.6           162.6       10.50
-51.2             na              na              na         nsv
-50.3            1.5            68.4            69.9        2.35
                 6.8            94.2           101.1        0.74
-48.7          201.4           246.2           447.6        0.42
                30.4           251.6           282.0        1.06
-49.1          212.0            47.1           259.2        0.42
                28.9            47.1            76.0        1.02
-49.4           18.2            62.3            80.6        4.22
                 7.6            63.1            70.7        8.35
                54.7           206.0           260.7        0.69
                13.7           247.0           260.7        1.27
-49.9           20.5           199.1           219.6        0.89
-47.6           18.2           237.9           256.1        0.55
       True Thickness is estimated to be 76% of the Length value
----------------------------------------------------------------
-****-
-***-
----------------------------------------------------------------------
                             In-Fill/Expansion (Deep Holes)                      
----------------------------------------------------------------------
DRILL               FROM          TO         LENGTH            AZIMUTH
HOLE            (METRES)    (METRES)       (METRES)          (360 DEG)
----------------------------------------------------------------------
MA11-183           347.0       486.6           139.6             166.8
MA11-191           370.0       525.0           155.0             166.5
including          424.0       469.0            45.0                  
                   666.0       702.0            36.0                  
----------------------------------------------------------------------
-****-
-***-
----------------------------------------------------------------
Dip         Est. True          From         To(Depth    Grade 40
(angle      Thickness        (Depth            below         gpt
Below        (metres)         below          surface      capped
                            Surface        (metres))  (gpt gold)
                          (metres))
----------------------------------------------------------------
-58.9           106.9         265.8            372.7        0.97
-66.4           118.7         283.4            402.2        0.66
                 34.5         324.8            359.3        1.22
                 27.6         510.2            537.7        1.09
       True Thickness is estimated to be 76% of the Length value
----------------------------------------------------------------
-****-
-***-
----------------------------------------------------------------------
                             Condemnation 
----------------------------------------------------------------------
DRILL               FROM          TO         LENGTH            AZIMUTH
HOLE            (METRES)    (METRES)       (METRES)          (360 DEG)
----------------------------------------------------------------------
MA11-185            nsv          nsv           nsv                92.8
MA11-189            nsv          nsv           nsv                95.5
MA11-193            nsv          nsv           nsv                92.7
MA11-194            nsv          nsv           nsv               164.1
MA11-195            nsv          nsv           nsv               345.2
MA11-196            nsv          nsv           nsv                90.7
MA11-199            nsv          nsv           nsv               344.7
MA11-200          229.0        239.0           10.0               97.0
MA11-201            nsv          nsv           nsv               165.7
MA11-202            nsv          nsv           nsv               346.2
MA11-204            nsv          nsv           nsv               345.3
MA11-206            nsv          nsv           nsv                96.9
----------------------------------------------------------------------
-****-
-***-
----------------------------------------------------------------
Dip         Est. True          From         To(Depth    Grade 40
(angle      Thickness        (Depth            below         gpt
Below        (metres)         below          surface      capped
                            Surface        (metres))  (gpt gold)
                          (metres))
----------------------------------------------------------------
-50.2            nsv            nsv             nsv          nsv
-50.0            nsv            nsv             nsv          nsv
-50.7            nsv            nsv             nsv          nsv
-49.8            nsv            nsv             nsv          nsv
-50.9            nsv            nsv             nsv          nsv
-50.5            nsv            nsv             nsv          nsv
-48.7            nsv            nsv             nsv          nsv
-50.0            7.7          175.4           183.1         0.52
-50.5            nsv            nsv             nsv          nsv
-51.2            nsv            nsv             nsv          nsv
-50.2            nsv            nsv             nsv          nsv
-49.6            nsv            nsv             nsv          nsv
       True Thickness is estimated to be 76% of the Length value
----------------------------------------------------------------
-****-

All scientific and technical information for the Magino project has been reviewed and approved by Tom Pollock, P.Geo., Prodigy Gold's Vice President - Exploration, who is a qualified person under the definitions established by National Instrument 43-101. Drill core at Magino is boxed, covered, and sealed at the drill rig and moved to the Prodigy logging and sample preparation facilities by Prodigy Gold personnel. The core is then split down the centre using a typical table fed circular rock saw normally at one metre intervals. One half of the core is sent for assay to ALS Chemex, 2090 Riverside Dr., Timmins, ON, P4R 0A2, while the other half is returned to the core box and stored at Prodigy's sampling facility in a secure, fenced off, area. Prodigy QA/QC procedures include the regular use of blanks, standards and duplicate samples in addition to sending 10% of the samples off to a second lab for check assays. Samples assaying > 3.0 gpt gold are automatically re-assayed by the metallic screen method. Gold assays greater than 40 gpt are capped at 40 gpt when calculating composite intervals in drill holes. Drill holes are directed as much as possible perpendicular to the strike and dip of the mineralization at Magino. As a rough estimate the true thickness of the above intercepts is approximately 76%.

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