Prodigy Gold NL announced that exploration activities have recommenced post completion of the rights issue that raised gross proceeds of $11.65 million. Diamond drilling has now commenced at the Phreaker prospect at the Lake Mackay JV Project. The drilling program is a follow-up to Prodigy Gold's drilling program completed mid-2022, which provided some encouraging results but failed to test down-plunge of the high-grade interval from drill hole 21PHDD002 due to drilling challenges.

The Lake Mackay JV Project, which includes the Phreaker prospect as part of the Base Metal JV, is 400km northwest of Alice Springs, adjacent to the Western Australian border, and comprises approximately 10,609km2 of exploration licences and applications (9,809km2 IGO 70%/Prodigy Gold 30% 348km2 Prodigy Gold 60%/IGO 26%/Castile 14% and 452km2 Prodigy Gold 70%/IGO 30% . The Phreaker prospect was discovered using ground electromagnetic geophysical surveys that followed-up on an original airborne EM anomaly. Reverse Circulation drilling completed at the Phreaker prospect in August 2019 confirmed that the mineralised system extends for over 750m of strike.

The drilling intersected copper mineralisation in 2019 with sulphide intersections including 2: 19LMRC028 14m @ 0.84% Cu, 0.15g/t Au, 4.1g/t Ag from 353m 19LMRC031 10m @ 0.98% Cu, 0.06g/t Au, 13.9g/t Ag from 146m, 19LMRC032 11m @ 1.15% Cu, 0.07g/t Au, 7.9g/t Ag from 189m, Three diamond drill holes were then drilled by IGO at Phreaker in 2021. All three holes successfully intercepted high-grade copper 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.

Base metal and gold mineralisation at Phreaker occurs in a broad pyrrhotite-chalcopyrite zone surrounded by garnet alteration. Results of previously completed down-hole electromagnetic (DHEM) geophysical survey suggested that the target had not been adequately drill tested and the previous RC holes have likely been drilled up-dip of the mineralisation previously reported in hole 21PHDD002. The aim of the first 2022 drilling program was to intersect the modelled EM plate down-plunge of the high-grade mineralisation reported in 21PHDD002.

This drilling was completed in June 2022 4. The first drill hole attempted as part of this initial campaign 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, including 5: 5.6m @ 0.23% Cu, 0.35% Zn, 1.2g/t Ag and 0.18g/t Au from 545m, including: 0.45m @ 1.15% Cu, 1.08% Zn, 6.0g/t Ag and 0.2g/t Au from 547.25m, 5.7m @ 0.35g/t Au from 396.9m, 1.0m @ 0.54g/t Au from 391m, and 0.4m @ 2.59g/t Au from 368.5m.

Prodigy Gold announced that the second campaign at the Phreaker prospect has now commenced with a follow-up diamond drill hole to test the EM plate along strike and down-dip from hole 21PHDD002. Completion is anticipated in approximately 2-3 weeks. This drilling campaign will ensure the fulfillment of the sole funding commitment, of expenditure of $850,000, on the Base Metal JV tenements.

The sole funding requirements on the Gold JV tenements through the expenditure of $500,000 and drilling of 24 RC holes across the gold tenements was met prior to 30 June 2022 6. Drill core will be logged and sampled at site with samples anticipated to be submitted to the laboratory shortly after the completion of the program. Receipt of result are expected during the Northern Territory wet season. Any follow up field work that may be required for this program will not occur until later in 2023 after the wet season is finished and will be dependent on an agreed program between Prodigy Gold and IGO.