Proactiveinvestors United Kingdom PNX Metals Ltd https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom PNX Metals Ltd RSS feed en Fri, 24 May 2019 07:57:23 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Phoenix Copper starts drilling at Mount Bonnie ]]> https://www.proactiveinvestors.co.uk/companies/news/106620/phoenix-copper-starts-drilling-at-mount-bonnie-106620.html Phoenix Copper (ASX:PNX) has started drilling at the Mount Bonnie prospect within the Hayes Creek Project in the Northern Territory. Drilling will target new mineralised positions and extensions to existing high-grade massive sulphide mineralisation.

This will be followed by a downhole electromagnetic survey to provide additional information for refining future drill programs.

During 2015 the company aims to define sufficient resources at the Hayes Creek project to provide inputs to complete a Scoping Study in mid-April 2016.

This will be used to demonstrate the potential viability of the project.   

In January, the company intersected a thick zone of massive sulphide mineralisation with its first hole at the Iron Blow deposit, also within the Hayes Creek Project.

This returned 50.39 metres at 10.12% zinc, 2.66 grams per tonne gold, 132.9g/t silver, 0.57% copper and 1.39% lead from 155.72 metres including 19.45 metres at 15.48% zinc, 2.65g/t gold, 158.2 g/t silver, 0.56% copper and 2.56% lead from 156.5 metres.

In April, Phoenix Copper started electromagnetic surveys to identify any potential new massive sulphide zones, and to assist drill targeting. Results are expected shortly.


Mount Bonnie

The reverse circulation drilling at Mount Bonnie comprises 11 holes totalling 1,250 metres that will target new mineralised positions and extensions to existing high-grade massive sulphide mineralisation.

This is expected to take approximately two weeks to complete with assays available in June 2015.

These assay results will be a key component of an initial resource estimate to be developed later in the year.

Historical exploration at Mount Bonnie returned 9.6 metres at 2.41 grams per tonne gold, 287g/t silver, 10.31% zinc. 2.65% lead and 0.54% copper from 75.2 metres.


Hayes Creek

Iron Blow and Mount Bonnie are polymetallic base-metal deposits that form part of Hayes Creek Project, and are situated on 100% owned mining leases located close to infrastructure, including rail, road, HV power and water.

The deposits are located approximately 180 kilometres south of Darwin and were first discovered in the late 1800’s.
Limited open pit and underground mining occurred around that time.

During the mid-1980’s, oxidised ore was mined by open pit for its gold and silver content, but the primary sulphide orebodies that are the focus of exploration by Phoenix Copper remain.

In November 2014 the Iron Blow deposit was upgraded to a JORC 2012 Inferred Resource of about 200,000oz of gold, 10.7 million ounces of silver and 125,000 tonnes of zinc at potentially mineable grades.

Down hole electromagnetic work will assist with the assessment for the potential for parallel zones at depth in both deposits.
Regionally, there are also a significant number of late stage VTEM anomalies in prospective lithology, and untested geochemical anomalies.

Testing of some of the more prospective regional targets will commence in July subject to government approvals.

The company is well positioned to take advantage of the forecast zinc price rise and stronger gold price.

Any additional zinc and/or gold defined within Hayes Creek project area will add significant value.


Metallurgy

Phoenix Copper has completed QEMSCAN and optical examination of Iron Blow composite material.

Initial sighter flotation and diagnostic metallurgical test work has also been completed with results expected shortly.

This information will be used to design a more comprehensive and optimised flotation program which will commence once the company estimates sufficient resources at Iron Blow and Mount Bonnie to underpin an economic project.


Analysis

Phoenix Copper’s current drill program at Mount Bonnie is expected to define additional shallow resources at the Hayes Creek project which will be complimentary to the Iron Blow deposit.

This drill program will be followed by a downhole electromagnetic survey to provide additional targeting information for future drill programs.

At the Iron Blow deposit a resource of 200,000oz of gold, 10.7 million ounces of silver and 125,000 tonnes of zinc at potentially mineable grades exists, an initial resource estimate at Mount Bonnie, and testing of additional exploration targets to come, the Hayes Creek Project is looking better and better.

Both deposits are on granted mining leases, and a significant portion of resources defined to date are amenable to open pit mining.

As well, the Hayes Creek Project is situated close to infrastructure, including rail, road, HV power and water; the Scoping Study should reflect these advantages.

There is also further work planned at Iron Blow, significant gold zones exist at depth that have not been included in the existing resource, and there is good potential for further resource growth.

Regional exploration to test a number of areas with base metals and gold potential is also due to commence shortly.
Discovery of additional zinc and gold will take advantage of the forecast zinc price rise and stronger gold price.

Share Price Catalysts
- Drill Results from Mount Bonnie;
- Results of downhole EM;
- Results from regional exploration work; and
- Move to drill test regional targets.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 11 May 2015 14:31:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/106620/phoenix-copper-starts-drilling-at-mount-bonnie-106620.html
<![CDATA[News - Phoenix Copper starts electromagnetic surveys at Hayes Creek ]]> https://www.proactiveinvestors.co.uk/companies/news/68494/phoenix-copper-starts-electromagnetic-surveys-at-hayes-creek-79779.html Phoenix Copper (ASX:PNX) has commenced its Northern Territory field season with electromagnetic surveys to identify massive sulphide mineralisation at its Hayes Creek Project in the Pine Creek region.

The Fixed Loop Electromagnetic and Down Hole Electromagnetic surveys target the Iron Blow and Mount Bonnie deposits are expected to take up to two weeks to complete.

In addition, two VTEM anomalies at Clyde and Joplin will be surveyed in order to refine the targeting for any sulphide mineralisation and ‘see deeper’ than the previous VTEM survey.

All targets lie within close proximity to one another in the area comprising the Hayes Creek Project.

Drilling at Mount Bonnie is expected to commence immediately after the completion of the EM survey with the aim of extending the mineralisation identified historically.

Regional exploration campaigns will recommence in May with the primary aim of discovering new base metal massive sulphide and gold deposits.

In January, the company intersected a thick zone of massive sulphide mineralisation with the first hole at the Iron Blow deposit.

This returned 50.39 metres at 10.12% zinc, 2.66 grams per tonne gold, 132.9g/t silver, 0.57% copper and 1.39% lead from 155.72 metres including 19.45 metres at 15.48% zinc, 2.65g/t gold, 158.2 g/t silver, 0.56% copper and 2.56% lead from 156.5 metres.


New Prospects

Clyde is a new and untested target area located about 500 metres to the south of the Mount Bonnie deposit.

A strong airborne EM and magnetic response occurs along the interpreted trend of the mineralised horizon in a favourable structural setting.

There is also an outcropping gossan directly to the south of Mount Bonnie suggesting that mineralisation may continue to the south.

No drilling has been recorded at Clyde.

Joplin is a high priority VTEM anomaly which lies approximately 2 kilometres southeast of Iron Blow.

It exhibits a similar strike length as at Iron Blow with an associated quartz veined gossan.

EM will be used to determine the depth and orientation of buried conductive rocks which are indicative of massive sulphide mineralisation, prior to drill testing the most conductive portion of the anomaly.

Phoenix Copper is earning up to 90% in Joplin from Crocodile Gold (TSX:CRK).



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 28 Apr 2015 11:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/68494/phoenix-copper-starts-electromagnetic-surveys-at-hayes-creek-79779.html
<![CDATA[News - Phoenix Copper prepares for further exploration at Iron Blow ]]> https://www.proactiveinvestors.co.uk/companies/news/67824/phoenix-copper-prepares-for-further-exploration-at-iron-blow-79052.html Phoenix Copper (ASX:PNX) is gearing up for activity at the Hayes Creek Project in the Northern Territory’s Pine Creek region in the dry season and has been going through historic data on its projects.

In January, impressively the company intersected a thick zone of massive sulphide mineralisation with the first hole at the Iron Blow deposit.

This returned 50.39 metres at 10.12% zinc, 2.66 grams per tonne gold, 132.9g/t silver, 0.57% copper and 1.39% lead from 155.72 metres including 19.45 metres at 15.48% zinc, 2.65g/t gold, 158.2 g/t silver, 0.56% copper and 2.56% lead from 156.5 metres.

The drill program achieved the following:

- Confirmed the continuity of the mineralisation within the resource, (JORC 2012 inferred resource estimate containing approximately 200,000 ounces of gold, 10.7 million ounces of silver and 125,000 tonnes of zinc in 2.6 million tonnes of ore);
- Obtained ‘fresh’ samples for metallurgical test work; and
- Identified new mineralised positions, including gold only zones between and below the massive sulphide lenses (not included in the above resource).


Test Work

Metallurgical test work is going well, the optical scanning work (including Qemscan) has been completed and now initial sighter flotation and magnetic separation work is underway.

Further results are expected in two to three weeks.

The aim is to define the unit operations baseline performances, generate a preliminary process flowsheet, and outline an optimisation test work program to improve on the results are achieved in the initial phase of work

Key findings so far:

- Zinc is well liberated and confirmed as the best performing base metal with respect to concentrate recovery and grade;
- Pyrrhotite has been identified as the dominant sulphide gangue mineral and is also well liberated;
- Wet High Gradient Magnetic Separation is being investigated as a potential beneficiation option by selectively removing liberated Pyrrhotite from the float feed;
- Both the optical mineralogy and the historic literature indicate that the silver will be recovered with the lead (Galena), therefore maximising lead recovery (and silver by association) into a separate lead concentrate product would produce the best result economically; and
- Arsenopyrite is fine grained and poorly liberated. Its associations are predominantly with Pyrrhotite so the conditions to remove or depress Pyrrhotite should act the same on Arsenopyrite.

Test work will focus on:

- Bulk rougher flotation tests to determine how much zinc, gold, silver, lead and copper can be recovered and verify historical results, and to observe any kinetic differences between minerals in respect to flotation time;
- Baseline differential flotation tests aiming at producing separate lead and zinc concentrates using standard operating reagent regimes from Australian lead / zinc operations in order characterise the material and obtain a standard data set for future optimisation; and
- If Magnetic Separation shows potential, then a two stage rougher flotation test on the magnetic tail will be undertaken to create separate zinc and lead (including copper) concentrates using Pyrrhotite depressants.


Further Activity

Phoenix Copper plans to be on the ground in mid/late April to undertake downhole and ground geophysics at Iron Blow, Mt Bonnie and some of the regional exploration targets.
   
Results from this work will assist with the targeting for the next round of drilling and to identify new areas for exploration.

Drilling will commence in May, initially targeting an extension to existing mineralisation at Mt Bonnie in order to develop a resource.

This seeks to define an initial 0.8 million to 1 million tonne resource at similar grades to the Iron Blow resource.

The company will then drill test the best regional exploration targets, either those that it will have recently completed ground geophysics over or those that are already drill ready such as El Dollarado.


Analysis

With the first hole having already intersected an impressive thick zone of massive sulphide mineralisation with grades including 15.48% zinc, 2.65g/t gold, 158.2 g/t silver, 0.56% copper, Phoenix Copper’s further exploration work bears keeping tabs on.

Test work has already confirmed that zinc at Iron Blow is the best performing base metal with respect to concentrate recovery and grade while silver will be recovered with lead.

Adding to the building story, the deposits are on granted Mining Leases and are located close to infrastructure, including rail, road, power and water.

Iron Blow could have potential to become a significant zinc deposit and its promise comes as zinc prices are forecast to rise over the next couple of years.

Zinc supplies are expected to be constrained as a number of mines are set to close during this period while consumption is tipped to continue rising.

Share Price Catalysts

- Results from further testwork;
- Downhole and ground geophysics results;
- Drilling at Mt Bonnie; and
- Further drilling of regional exploration targets.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 02 Apr 2015 11:22:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/67824/phoenix-copper-prepares-for-further-exploration-at-iron-blow-79052.html
<![CDATA[News - Phoenix Copper hits high grade zinc heights at Iron Blow ]]> https://www.proactiveinvestors.co.uk/companies/news/65547/phoenix-copper-hits-high-grade-zinc-heights-at-iron-blow-76534.html Phoenix Copper (ASX:PNX) has hit the jackpot, intersecting a thick zone of massive sulphide mineralisation with the first hole at the Iron Blow deposit of its Hayes Creek Project in the Northern Territory’s Pine Creek region.

Zinc grades as well as gold encountered during drilling demonstrate thick high grades in the results.

This confirms continuity of mineralisation within the resource with additional gold-rich zones identified outside boundaries of existing resource estimate.

Diamond hole IBDH023 returned 50.39 metres at 10.12% zinc, 2.66 grams per tonne gold, 283g/t silver, 0.57% copper and 1.39% lead from 155.72 metres including 19.45 metres at 15.48% zinc, 2.65g/t gold, 492g/t silver, 0.56% copper, 2.52% lead from 156.5 metres.

Iron Blow and Mount Bonnie (located less than 3 kilometres apart and in the same geological setting are polymetallic base-metal deposits that are part of the Hayes Creek Project.

Notably, both are located on granted Mining Leases and are located close to infrastructure, including rail, road, power and water.

The two deposits were first discovered in the late 1800’s with limited open pit and underground mining occurring in the early 1900’s. 

During the mid-1980’s most of the oxidised ore was mined by open pit for their gold and silver content, but the primary sulphide orebodies remain which are now the focus of exploration by the company.

“It is very pleasing to see in our first hole at Iron Blow a thick zone of massive sulphide mineralisation, and in particular high and consistent zinc and gold grades,” managing director James Fox said.

“Outside of the massive sulphide zones there are also broad intercepts of gold mineralisation which will add to the overall economic value of the resource. 

“Based on the existing data we anticipate that a significant amount of the resource may be amenable to open pit mining. 

“Structural interpretation, re-logging of the existing core and surface and downhole EM surveys will all assist in targeting new areas of mineralisation at Iron Blow.”


Analysis

That Phoenix Copper has intersected a thick zone of massive sulphide mineralisation with grades of up to 15.48% zinc and 2.66g/t gold with its first diamond hole at the Iron Blow deposit is highly encouraging.

Apart from the very high grades the mineralised envelope may also extend outside the massive sulphide boundaries. The gold intercepts are also very useful.

Adding to the building story, the deposits are on granted Mining Leases and are located close to infrastructure, including rail, road, power and water.

Iron Blow could have potential to become a significant zinc deposit and its promise comes as zinc prices are forecast to rise over the next couple of years.

Zinc supplies are expected to be constrained as a number of mines are set to close during this period while consumption is tipped to continue rising.

We believe the market will begin to re-rate PNX as the results sink in.


Drilling Details

IBDH023 was drilled to a depth of 365.8 metres with the aim of targeting the central zone of massive sulphide mineralisation within the Iron Blow resource. 

Drilling intersected an overall mineralised multi-element envelope of 119.5 metres between 155 metres and 274.5 metres, which includes the Eastern and Western Massive Sulphide Lodes.

A gold breccia lode also lies immediately beneath the Western Lode in the drill hole, which is interpreted as being the upper part of the hydrothermal vent sourcing the massive sulphide deposits. The breccia zone is outside current resource model constraints.

Beside the thick upper zone of massive sulphides in the eastern lode, a second lower zone of massive sulphides was intersected between 229 metres and 248 metres downhole and returned:

19 metres at 3.45% zinc, 1.33 g/t gold, 18.2 g/t silver, 0.38% copper, 0.1% lead from 229 metres, including 3 metres at 11.53% zinc, 1.6g/t gold, 22.4g/t silver, 0.3% copper and 0.1% lead from 240 metres.

This western lode intercept is followed by a further 26.5 metres grading 1.5g/t gold from 248 metres.

A second hole, IBDH024, was completed at Iron Blow in late December 2014 with the aim of testing the section 50 metres to the north of IBDH023 and was drilled to a depth of 340 metres. 

This hole intersected a zone of disseminated sulphides from 243 metres to 270 metres, which is consistent with the lower margin of the deposit. 

IBDH024 was also drilled to a sufficient depth to enable a downhole Electromagnetic Survey to probe for possible extensions beyond the known depths of mineralisation.

Assay results are due by the end of February 2015.

Iron Blow has a JORC 2014 resource of 203,000 ounces of gold, 125,000 tonnes of zinc, 10.7 million ounces of silver and 23,000 tonnes of lead.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 22 Jan 2015 11:42:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/65547/phoenix-copper-hits-high-grade-zinc-heights-at-iron-blow-76534.html
<![CDATA[News - Phoenix Copper preparing Hayes Creek drilling results ]]> https://www.proactiveinvestors.co.uk/companies/news/65498/phoenix-copper-preparing-hayes-creek-drilling-results-76477.html Phoenix Copper (ASX:PNX) has been granted an ASX trading halt in relation to results from recent drilling at the Hayes Creek Project in the Northern Territory.

The halt will last until the earlier of the announcement being made or the commencement of trade on Friday, 23rd January 2015.

In December, results from the company’s first diamond hole at the Iron Blow deposit within Hayes Creek indicated it had intersected two thick zones of massive sulphides.

Iron Blow was previously mined in the 1980s, producing 35,000 tonnes at 7.6 grams per tonne gold and 328g/t silver.

The company has also released a JORC 2012 Inferred Resource Estimate containing 200,000 ounces of gold, 10 million ounces of silver and 125,000 tonnes of zinc at potentially mineable grades for the Iron Blow deposit. This is amenable to open pit mining methods.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 21 Jan 2015 11:30:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/65498/phoenix-copper-preparing-hayes-creek-drilling-results-76477.html
<![CDATA[News - Phoenix Copper intersects massive sulphide zones at Iron Blow ]]> https://www.proactiveinvestors.co.uk/companies/news/64346/phoenix-copper-intersects-massive-sulphide-zones-at-iron-blow-75177.html Phoenix Copper’s (ASX:PNX) first diamond hole at the Iron Blow deposit within its Hayes Creek Project in the Northern Territory has intersected two thick zones of massive sulphides.

Iron Blow was previously mined in the 1980s, producing 35,000 tonnes at 7.6 grams per tonne gold and 328g/t silver.

Recently, the company released a JORC 2012 Inferred Resource Estimate containing 200,000 ounces of gold, 10 million ounces of silver and 125,000 tonnes of zinc at potentially mineable grades. This is amenable to open pit mining methods.

Hole IBDH023 was drilled to a depth of 365.8 metres and intersected an upper 49.6 metre zone of massive sulphides from 156.5 metres and an underlying 38.6 metre zone of massive sulphides from 220.1 metres.

Visual inspection of core indicates the massive sulphide intercepts are consistent with core from previous diamond drill hole IBDH007.

This had previously recorded 20.3 metres at 5.89g/t gold, 481.6g/t silver, 13.92% zinc, 3.1% lead and 0.61% copper from 193 metres.

Core is being logged, cut and sent for assay with results expected shortly.

The company will also carry out a downhole EM survey to potentially identify additional massive sulphide zones.

A second hole, IBDH024, has commenced with the aim of testing the section 50 metres north of IBDH023 and will be drilled to a depth of about 375 metres.

Managing director James Fox said: “It is very pleasing to see in our first hole extensive downhole massive sulphide mineralisation in thicker zones than defined by previous drilling. 

“We look forward to seeing the assay results shortly. Structural interpretation, re-logging of the existing core and surface and downhole EM surveys will all assist in targeting new areas of mineralisation at Iron Blow. 

“QEMSCAN test work has also commenced which will allow us to construct and customise a flotation program, to maximise payable metals into marketable products.”


Drill Results

IBDH023 was drilled to a depth of 365.8 metres and was targeting the central zone of mineralisation at the Iron Blow resource.

The hole intersected typical Mount Bonnie Formation siltstones and mudstones with a thick upper zone of massive sulphides of approximately 49.6 metres from 156.5 metres downhole.

This is underlain by a unit of silicious siltstone containing disseminated sulphides with quartz veins, pyrite and a small amount of arsenopyrite.

A second lower zone of massive sulphides of approximately 38.6 metres was intersected from 220.1 metres downhole. 

Below this zone, quartz veined and brecciated siltstones and mudstones with appreciable amounts of disseminated and stringer sulphides were intersected.

The true thickness of the massive sulphides is estimated to be approximately 65% of the downhole thickness, this will be confirmed by structural interpretation.

Downhole surveys show that the hole remained on or very close to the planned path and tested the massive sulphides at the planned pierce point.

Phoenix has commenced a second hole to test for any extensions of the mineralisation intersected in IBDH015. 

Like hole IBDH023, IBDH024 will also test the system to a sufficient depth to enable downhole EM to probe for possible extensions beyond the known depths of mineralisation.

Due to the onset of wet weather the planned drilling of two holes at Mount Bonnie will be deferred until the New Year, along with surface and downhole EM surveys.


Hayes Creek Project

In August 2014, Phoenix acquired the 14 leases (containing Iron Blow and Mount Bonnie deposits) that make up the Hayes Creek Project from Crocodile Gold Corp (TSE:CRK).


Analysis

Today's intersection of massive sulphide zones in just its first hole at Iron Blow validates the decision by Phoenix Copper to acquire the Hayes Creek Project in the Northern Territory.

Assays will be eagerly awaited in the next fortnight, with a second hole also under way.

Both holes are designed to test continuity of existing mineralisation, and positive results will likely increase both tonnes and grade of the existing resource

What sets Hayes Creek Project aside is that it already includes high grade base and precious metals deposits on granted mining leases, while being strategically located near roads, rail, gas and high-voltage power, and the towns of Darwin and Katherine.

In addition the company is earning in to substantial exploration tenure in the Pine Creek region where by using modern airborne geophysics and ground based exploration there is potential for additional base metals deposits in a region that historically has focussed on gold exploration and mining.


Upcoming news:

Besides the pending assays from the first two holes at Iron Blow the company plans to drill two holes at Mount Bonnie in 2015 after the wet season.

At the project no surface or downhole EM has been conducted, which the company will look to run next year.

Metallurgical test work has also commenced in order to further de-risk the project.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 08 Dec 2014 14:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/64346/phoenix-copper-intersects-massive-sulphide-zones-at-iron-blow-75177.html