PNX Metals Ltd (ASX:PNX) has received high-grade gold assays from five reverse circulation drill holes at its Fountain Head Gold Project in the Pine Creek region of the Northern Territory.
Significant results include:
• 16 metres at 1.37 g/t gold from surface at Fountain Head, including 1 metre at 8.39 g/t gold from 5 metres;
• 2 metres at 4.04 g/t gold from 21 metres; and
• 5 metres at 3.96 g/t gold from 107 metres at Tally Ho lode including 2 metres at 9.17 g/t gold from 110 metres.
The new results were received from drilling to test extensions to the mineralised vein systems associated with the Fountain Head and Tally Ho gold lodes.
Isometric view of mineralisation modelled from historic drilling
PNX managing director James Fox said: “The results received to date highlight the potential to increase gold resources within our portfolio.
“Extending the strike of the Tally Ho lode by over 100 metres is a significant outcome for our first drill program at Fountain Head, and if gold grades in mineralisation identified in the first diamond drill hole reflect those of historic drilling, then the size and scale of the deposit could increase significantly.
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The Fountain Head mineral leases are located less than 15 kilometres from PNX’s flagship Hayes Creek zinc-gold-silver project and as well as containing a number of high-grade gold prospects, they also provide the preferred site for the proposed Hayes Creek processing plant.
Fox added: “The aim of drill programs currently underway at Fountain Head and at Moline in particular, are to identify additional resources that can be incorporated into the Hayes Creek project in order to augment the economics and extend the mine life of the project.”
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A second diamond tail is currently underway to test the potential for a significant depth extent to Tally Ho gold mineralisation.