Page 47 - pd285-Aug20-mag-web_Neat

Prodigy

fired up for

NT restart

return to the field in the Tanami region
A was on the cards for Prodigy Gold NL in
late July.
Unexpected delays and COVID-19 in-
duced access restrictions have kept Prodigy
at bay in the Tanami, however, potential
changes to quarantine rules at the time of
print had the company preparing to restart
exploration work.
As indicated by the Northern Territory
Government, reducing the quarantine period
from 14 days upon entry was being consid-
ered and a decision expected on July 17.
The Central Land Council was assessing
whether the NT Government’s stance would
apply to the land it administered, neverthe-
less Prodigy had the ball rolling in the event
access was granted.
“We had some permits come through last Information obtained from WA DMIRS Q1 2020 reporting and ABS Australian National
year and we’re waiting for some additional Accounts: State Accounts 2018-19
ones to come, while some of the heritage
clearances have already been completed;
we hope to be drilling in July,” Prodigy man- Though the opportunities in NT are com- “They are still charging us to rent the land;
aging director Matt Briggs told Paydirt. parable with Western Australia, it is believed if it was a landlord on your own house charg-
A cash balance of $11.4 million means that Australia’s top end is some seven times ing you even though you couldn’t stay there,
Prodigy can dive straight into aircore drill- less explored. that would be challenging to put up with,”
ing at Bluebush, West Bonanza, Tregony, There are clear barriers to entry which Briggs said.
Hyperion and the North Arunta projects and have prevented companies from taking a “We have made repeated requests for that
follow-up with RC programmes subject to chance in NT. But Prodigy has taken the to be looked at and AMEC [Association of
results. time to establish its presence and can now Mining and Exploration Companies] has as
Prodigy was particularly active in NT in enjoy the status of being a significant player well and we will keep on doing so. Added to
2019, spending $5.7 million on exploration in the State’s exploration sector. It has pro- that is the logistically challenging areas to
and has substantially increased its drilling jects owned outright and in JV with the likes access and then having to bear those costs
from 5,000m to 46,000m per year. of Newcrest Mining Ltd at the Euro, New- outside of our control makes it more chal-
The company has 19 targets across the mont Mining Corp at Tobruk, private group lenging.”
highly prospective Tanami and North Arunta TRL Tanami at Old Pirate and IGO Ltd JV The size of the prize keeps Prodigy fo-
regions to be “screened for large-scale gold at Lake Mackay adjacent to the WA border. cused in NT, while like many in the industry
deposits”. “A lot of companies dip out through the during COVID-19, Briggs has had ample
Bluebush/Bonanza and North Arunta will [time consuming] process and that is why time to assess opportunities to add to the
receive immediate exploration attention in the exploration hasn’t been done previously portfolio.
NT where Briggs said there was heightened and that is why I think there are a lot of dis- Advanced staged or near-term gold pro-
interest in the gold sector from the end of last coveries to be made,” Briggs said. ducing assets in WA have been on the com-
year. “We have already been through that pro- pany’s radar.
Given the gold price strength, Briggs ex- cess and that pain. We have the ground and “We have been through a lot of projects
pects companies to find NT an attractive ex- that is why we have the strategy with New- and I’d have to say it is like we are back in
ploration destination. crest because they have something they the 2010 period where you look at a project
“Towards the end of last year with the can move straight into. Within six weeks of and what people are saying is not quite what
sustained elevated gold price, the amount the initial agreement being signed we were it seems when you go in and have a look at
of drilling that was being completed in NT on the ground operating, which even by WA the data,” Briggs said.
started to increase and that has probably standards is pretty good.” “So when we monitor what companies are
dramatically dropped since the COVID shut- Although happy with the standing Prodigy putting out we find it is not quite what they
down,” he said. has built in NT, Briggs called upon the Gov- are saying and it is like trying to find a needle
“There are large areas under-explored ernment to back the exploration sector dur- in the hay stack at the moment, particularly
that don’t have the intensity of work. There ing a difficult time for industry. with the gold price up everything becomes
are also world-class deposits out there. NT is the only state in Australia not provid- a silk purse.”
These are two things that attract exploration ing either relief or offered deferrals on rental – Mark Andrews
companies.” payments.

aUSTRaLIa’S PaYDIRT aUgUST 2020 Page 47