Prodigy Gold NL : Exceptional Results in Buccaneer Diamond Drilling

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ASXANNOUNCEMENT/MEDIARELEASE

17 December 2021

ASX: PRX

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Exceptional Results in Buccaneer Diamond Drilling

KEY POINTS

• Buccaneer Resource is 10Mt @ 1.8g/t Au for 585koz above a 1g/t cut off
• Scoping study geotechnical and metallurgical diamond drilling completed to further evaluate a potential low-cost, heap leach processing scenario for the Buccaneer Resource
• Program of 8 holes for 1,419m of diamond drilling completed
• 200m of 946m of the drilling is mineralised at >0.3g/t Au
• Results for the unreported four holes include:

1. 16.07m @ 5.8g/t Au from 140.43m - BCDD2103 including
2. • 6.57m @ 3.1g/t Au from 140.43m and
   • 5.5m @ 13.2g/t Au from 151m

1. 1.5m @ 17.9g/t Au from 74.5m - BCDD2109

• 1. 22m @ 1.1g/t Au from 81m - BCDD2109 including 8m @ 2.1g/t Au from 93.1m
  1. 12.6m @ 1.1g/t Au from 226m - BCDD2102
• These results are in addition to BCDD2104 recently reported which included:
• 1. 13.35m @ 3.9g/t Au from 79.7m including 3.3m @ 13.5g/t Au from 79.7m
• Intersections provide excellent confirmation of the indicator resource model and adjacent prior drillholes
• Tregony results demonstrate stacked vein system with 5 zones of mineralisation intersected
• Poor core recovery has impacted mineralised intervals
• Best results from hole TGDD2101 at Tregony are:
• 1. 4.5m interval from 14.3m with 2.4m @ 1.1g/t Au recovered

1. 2.4m interval from 43.8m with 1m @ 1.7g/t Au recovered

• 1. 6.5m interval from 53.3m with 5.15m @ 2.5g/t Au recovered
• Unsampled historic diamond core containing visible gold at Golden Hind has been sampled and submitted for assay

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Prodigy Gold NL (ASX: PRX) ('Prodigy Gold' or the 'Company') is pleased to announce further results from diamond drilling on its projects in the Northern Territory.

Assay results have been returned for a further four HQ diameter diamond holes drilled to provide composite material for ongoing metallurgical studies at Prodigy Gold's 100% owned Buccaneer Gold Resource.

Results are also reported for a diamond drillhole at the Tregony Deposit, with initial observations1 of drill intersections highlighting several intervals of veining, including one with visible gold.

Management Commentary

Prodigy Gold Managing Director, Matt Briggs said: "The Company is advancing mining studies on the 10Mt @ 1.8g/t Au Buccaneer Resource. The recently completed diamond drilling program drilled areas outside the existing resource while upgrading confidence in broadly drilled areas. The drilling includes over 200m of mineralisation (>0.3g/t Au) across 946.1m of drilling. Mineralisation occurs in several stacked zones in the oxide and multiple shallowly dipping stockwork vein arrays in the fresh rock.

The additional results support the indicator resource model with mineralisation intersected where predicted. Samples for the generation of metallurgical composites to commence metallurgical test work have arrived in Perth. These will initially be used for crush size recovery testwork, followed by column leach testwork to simulate the gold extraction performance of the average material that would be stacked on a heap leach.

The diamond drilling intersected high grade mineralisation in fresh rock. The result of 16.07m @ 5.8g/t Au from 140.3m in BCDD2103 is an example of the high grades that occur within the 10 Mt @ 1.8g/t Au resource. The structural data collected should allow the geologists to generate a predictive model on where to target extensions to the high grades in future drilling. Intervals of over 5g/t Au are often seen within broader intervals (20-40m) of 0.6g/t - 2g/t Au.

The 2.3km long monzogranite (Figure 3) host rock at Buccaneer is a key control of the gold mineralisation. The majority of drilling is focussed in the south 500-700m with great potential for additions to the resource to the north where the drill spacing increases, and the monzogranite remains undrilled.

Results are also reported for the diamond drillhole at Tregony. This hole increases our understanding of the structural controls of the system. The interpretation derived from the hole will be used to plan a drill program to screen for a large system undercover to the north of Tregony. The same stratigraphy that hosts Tregony extends for over 9km to the north under shallow cover and is completely undrilled."

Metallurgical Diamond Drilling

An 8 hole program of geotechnical and metallurgical diamond drilling was completed to provide samples for metallurgical recovery testwork to optimise the crush size for heap leach extraction of the gold. The program also aimed to provide core to allow the Company geologists to generate a predictive model of high grade structures within the thicker mineralised intervals.

The drilling has intersected mineralisation in oxide, transitional and fresh material allowing the generation of metallurgical composites that reflect each material type, and average composition of material represented in the conceptual evaluation of the resource.

The results confirm multiple stacked zones of mineralisation. Up to three horizons are seen in the supergene, broadly horizontal in orientation. Recent aircore drilling demonstrated extensions of oxide mineralisation to the south of the existing resource. Mineralisation in the fresh rock dips shallowly (10

1 ASX: 15 Nov 2021

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• 20 degrees) to the northeast. Most holes represent a 40m step off from existing drilling and upgraded the confidence in those areas.

The mineralised system at Buccaneer is open to the north and down dip. RC infill of broad spaced drilling for the deposit area and the northern extensions of the system are proposed for 2022.

Holes drilled for geotechnical assessment have not yet been sampled. This is scheduled for the New Year following the completion of the scoping study geotechnical review. Further results are pending for 15m of oxide material (23m-31m and 37.35m-43.5m) from BCDD2105. These are expected to be released during the first quarter of 2022.

Figure 1 - North-South cross section through recent metallurgical holes highlighting notable results. See appendices for a listing or all results.

Buccaneer Project - Background

The Buccaneer Resource is currently estimated to be 10Mt @ 1.8g/t Au for 585koz above a 1g/t cutoff grade2 (Appendix 5). The resource cut-off grade is based on processing at a mill the scale of Northern Star's Central Tanami JV Processing Plant or a similar mill built on the Twin Bonanza Mineral Lease.

Gold mineralisation is disseminated within a monzogranite intrusion, and typically associated with quartz veins with visible gold often observed in the quartz stockwork veining. Mineralisation extends from near surface to a depth of over 500m and has been defined in several zones over an area of 2,300m by 800m (Figure 3). Mineralisation is often up to 150m thick with intervals of 20-40m wide at 1-5g/t Au3. The deposit remains open at depth, and aircore and RAB drilling suggest the potential for further strike extensions.

The project is well advanced featuring:

• Granted mineral lease
• Over 300 RC and diamond drillholes
• Exploration and mining agreement with the Traditional Owners administered by the Central Land Council

1. ASX: 1 September 2017
2. ASX: 20 May 2021

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• Heritage, flora and fauna baseline surveys
• Accommodation camp and workshops
• Water bores with marginal to fresh water
• Airstrip
• Haul road access nearby to the Tanami Road
• 220kl of fuel storage

Studies undertaken over the last year have evaluated a heap leach processing scenario for the Buccaneer Deposit. When the type of mineralisation is appropriate, heap leaching is a simple, low- cost process that can result in significant savings in capital expenditure and operating cost, which can significantly improve a project's economics. Deep weathering in the Tanami results in softer weathered rocks, and sulphide is often completely oxidised up to 100m below surface.

Figure 2 - Buccaneer Prospect collar map with highlighted results. See the appendices for details.4

4 BCDD2104 results ASX: 29 November 2021

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BCDD2103

16.07m@5.8g/tBCDD2102 12.6m@1.1g/t

BCDD2105

7.5m@0.8g/t

BCDD2104

13.35m@3.9g/tBCDD2109 22m@1.1g/t

Figure 3 - Highlighted recent and previous drill intercepts (max Au) along the Buccaneer Monzogranite5

5 ASX: 6 October 2021

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