PNX Metals (ASX:PNX) has completed its planned infill and extensional drill program at the Iron Blow deposit within the Hayes Creek gold-silver-zinc project located in the Northern Territory.
Visible zones of massive and semi-massive sulphide mineralisation have been intersected as predicted by existing geological model.
The 5,563 metre drill program was designed to upgrade confidence in the current resource estimate.
The remaining assay data is due from end January 2017 with a resource upgrade expected in
March 2017.
James Fox, managing director, commented: “The success of this drilling will allow the Iron Blow Mineral Resource to be updated in the coming months, which, along with the upgraded resource to be completed shortly at Mt Bonnie, will allow for completion of the Hayes Creek pre-feasibility study by mid-2017.”
Drill program details
Iron Blow along with Mt Bonnie comprises the Hayes Creek gold-silver-zinc project in the Pine Creek region of the Northern Territory.
5,563 metres were drilled in total, of which 2,091 metres were reverse-circulation including pre-collars, and 3,472 metres were diamond core.
Results from all remaining holes, including those targeting the near-surface extensional mineralisation on the western lode, will be released when received, likely from the end of January 2017.
Assays from the first holes from the infill portion of the program were drilled on the same section towards the southern end of the deposit.
Significant massive sulphide mineralisation was assayed including 16.2 metres at 18.4% zinc equivalent or 10.70% zinc, 4.80 g/t gold, 256 g/t silver, 2.42% lead and 0.37% copper from 138 metres.
Background
PNX’s focus is on its four projects located in the Pine Creek Region, 180 kilometres south of Darwin.
- Hayes Creek Project (flagship);
- Burnside Project;
- Moline Project; and
- Chessman Project.
The Hayes Creek project contains the Iron Blow and Mt Bonnie gold-silver-zinc deposits, located less than 3 kilometres apart and situated on granted mineral leases wholly owned by PNX.
The Hayes Creek pre-feasibility study is fully funded and due for completion by mid-2017.
It will expand on the scoping study completed in March 2016, which found that mining and processing ore derived from the proposed open-pit and underground operations at Hayes Creek would generate strong financial returns for PNX.