Prodigy Gold wins $112K grant for deep drilling at Hyperion gold deposit

Northern Territory Backs Prodigy Gold’s Deep Drilling Ambition

Prodigy Gold (ASX:PRX) has secured $112,152 in co-funding from the Northern Territory Government’s Geophysics and Drilling Collaborations Program, part of a record $4 million awarded across 34 projects. The grant will underwrite a 600-metre deep diamond drill hole at the company’s flagship Hyperion Gold Deposit, aiming to test a large, previously untested induced polarisation (IP) chargeability anomaly identified in a 2025 geophysical survey.

The anomaly sits just 150–250 metres south of Hyperion’s current Mineral Resource of 9.8 million tonnes at 1.4 grams per tonne gold, equating to 454,000 ounces. Prodigy Gold’s Managing Director Mark Edwards emphasised the target’s high priority, noting it remains completely untested despite its favourable geological setting adjacent to the known mineralised corridor.

Drilling to Probe Sulphide-Rich Extensions of Hyperion System

The planned diamond drill hole (HYDD26001) will directly test whether the IP anomaly corresponds to a sulphide-rich extension of the Hyperion-Tethys-Seuss mineralised system. The target was delineated from a dipole-dipole IP survey completed last year, which highlighted a large chargeability feature outside the footprint of existing drilling. This anomaly aligns with interpreted structural extensions of the mineralised corridor and lies adjacent to the Hyperion South lode.

The drilling will provide detailed geological data through oriented core sampling, allowing assessment of lithology, alteration, structural controls, vein systems, and sulphide distribution. This will complement ongoing CSIRO-supported research aimed at refining the geological model and exploration targeting across the broader corridor.

Hyperion’s Growth Potential Supported by Strong 2025 Drilling

Prodigy’s 2025 drilling campaign at Hyperion returned multiple significant gold intercepts, including 24 metres at 5.5 g/t gold in the Seuss lode and 2 metres at 17.8 g/t gold at depth in the Tethys lode. These results underpin the interpretation that Hyperion remains open along strike and at depth, with fertile mineralisation extending beyond current drilling limits.

The new drilling program could materially expand the resource base, which recently saw a 70% increase in indicated ounces to 212,000 ounces within the total 454,000-ounce resource. This expansion potential is critical as Prodigy advances mining approvals and feasibility studies for the deposit, which lies strategically between other major Tanami gold projects.

Advancing Towards Mine Development Amid Regulatory Progress

Alongside exploration, Prodigy has lodged a Mineral Lease application covering Hyperion and its extensions, with approvals expected over the next two years. The company is progressing environmental impact assessments and negotiations with Traditional Owners, laying groundwork for future mining and infrastructure development.

Further work planned includes resource development drilling to upgrade confidence levels, metallurgical testwork, geotechnical studies, mining scheduling, and evaluation of ore-sorting technologies. These steps aim to optimise mining strategies and reduce processing costs.

Minister for Mining and Energy Gerard Maley highlighted the importance of such grants in fostering local exploration and securing long-term prosperity for the Northern Territory’s economy. Prodigy’s receipt of funding reflects the technical merit of its exploration approach and the promising potential of the Hyperion system.