Prodigy Gold NL announced results from diamond and reverse circulation (RC) drilling at the Lake Mackay project in the Northern Territory and Western Australia. The Lake Mackay Project is a joint venture ("JV") with IGO Limited ("IGO"). A total of 25 RC holes and 1 diamond hole were completed at the project returning further encouraging copper results at the Phreaker prospect and anomalous gold reported in three RC holes targeting gold-in-soil anomalies.

A highly anomalous copper result was also returned from RC drilling at the gold-in-soil anomalies, highlighting the potential for additional polymetallic occurrences across the project. Anomalous gold at Phreaker also opens the possibility for additional mineralisation closer to surface than previous results indicated. Prodigy is currently assessing the results with IGO and planning further drilling at Phreaker.

The Phreaker prospect is located within the Lake Mackay JV on EL30731, 42km east of Kintore and 400km west of Alice Springs. The polymetallic mineralisation at the Phreaker prospect was initially discovered by IGO using airborne and follow-up ground electromagnetic (EM) surveys in 2018 and 2019. Follow-up RC drilling completed at the prospect by IGO in August 2019 confirmed that the mineralised system extends for over 750 metres of strike.

Three diamond drill holes were drilled by IGO at the prospect in 2021. All three holes successfully intercepted high-grade copper (gold-silver) sulphide mineralisation 75m to 430m below previous RC drilling. The best two recorded intersections were in drill hole 21PHDD002: 4.5m @ 3.03% Cu, 1.78g/t Au and 14g/t Ag from 562m and 17.47m @ 2.13% Cu, 0.21g/t Au and 9g/t Ag from 575.23m.

The aim of the 2022 drilling program was to intersect the modelled EM plate down-plunge of the high- grade mineralisation reported in 21PHDD002. The first drill hole attempted (PRDD2201) failed to reach planned depth and was abandoned at 570.9m prior to reaching target. Drill hole PRDD2202 was completed to 639.9m, however due to substantial uncontrolled lift the hole did not intersect the target plate down plunge of the high-grade intersections in 21PHDD002.

The hole intersected the plate up-plunge and along strike of the high-grade zone but still contained encouraging base metal results (Table 1), including: 5.6m @ 0.23% Cu, 0.35% Zn, 1.2 g/t Ag and 0.18 g/t Au from 545m, including: o 0.45m @ 1.15% Cu, 1.08% Zn, 6.0 g/t Ag and 0.2 g/t Au from 547.25m Several intervals of anomalous gold were also reported in hole PRDD2202 including: 5.7m @ 0.35 g/t Au from 396.9m 1.0m @ 0.54 g/t Au from 391m, and 0.4m @ 2.59 g/t Au from 368.5m. The anomalous gold results at Phreaker may indicate additional zones of gold enrichment away from the conductive EM plate and closer to surface. Further drill testing is required to better understand the spatial relationship between gold and base metal mineralisation.

A downhole EM (DHEM) survey completed by IGO in PRDD2202 confirmed that the drillhole intersected the same continuous conductive plate containing the high-grade intersection from drill hole 21PHDD002. Prodigy Gold will complete a further diamond hole aimed at testing the original 2022 target down-dip from drill hole 21PHDD02. The DHEM survey also identified an additional off-hole response centred at 530m depth and along strike northeast of drill hole PRDD2202.

This off-hole response has been modelled as a 2500 Siemens conductor, which is interpreted to be an extension of mineralisation at Phreaker. Prodigy Gold completed 25 holes for 3,412 m comprising 13 holes within Western Australia and 12 holes within the Northern Territory. The drilling program was supported by co-funding under both the Western Australian Government's Exploration Incentive Scheme (EIS) and the Northern Territory Government's Geophysics and Drilling Collaborations (GDC) Program.