PNX Metals Ltd (ASX:PNX) has identified three new large zinc targets at the Moline Project 65 kilometres east of its Hayes Creek zinc-gold-silver Project in the Northern Territory.
The company’s shares were trading circa 9% higher intra-day, at $0.012.
The newly identified prospects are:
- Waterhole: a significant zinc-lead geochemical anomaly defined over a 1,300 metres x 400 metres area;
- Mango: a strong zinc-lead geochemical anomaly measuring 800 metres x 100 metres near a historic base metals mine; and
- Swan: a zinc-lead anomaly circa 700 metres in length immediately to the north of a drill intercept of 1 metre at 4.66% zinc, 11.37 g/t gold, 95.5 g/t silver and 0.90% lead.
The newly identified geochemically anomalous targets at Waterhole, Mango, and Swan will immediately be followed up with induced polarisation (IP) surveys to refine the targets prior to drill testing.
Following the receipt of over $3 million from recent, over-subscribed capital raising activities, PNX is accelerating its exploration activities in this under-explored region of the Northern Territory.
PNX’s aim is to discover additional high-value base metals and/or gold deposits to provide a pipeline of growth opportunities to complement the proposed development at Hayes Creek.
Hayes Creek is currently the subject of a Definitive Feasibility Study (DFS) which is progressing well and is expected to be completed in 2018.
The pre-feasibility studies for Hayes Creek had projected an annual production of 18,200 tonnes zinc, 14,700oz gold, and 1.4 million ounces silver over an initial mine life of 6.5 years.