PNX Metals Ltd (ASX:PNX) has discovered near-surface high-grade gold in drilling at Fountain Head project in the Northern Territory, including an intersection of 6 metres at 39.5 g/t gold from 54 metres.
The new discovery was made in the first drilling program at the Banner prospect with high-grade gold mineralisation returned in three of seven holes drilled.
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Other significant results include:
• 1 metre at 5.92 g/t gold from 42 metres;
• 2 metres at 5.85 g/t gold from 50 metres; and
• 1 metre at 1.70 g/t gold from 46 metres.
Assays from a further three holes drilled are expected to be received and reported shortly.
Red = assays received and reported, Blue = awaiting assays, Yellow = diamond tail and awaiting assays
PNX managing director James Fox said: “We are very excited to have discovered of high-grade gold near-surface in the first round of drilling at the Banner prospect where the objective of the shallow RC program was to identify the source of a consistent 500 metres, >1 g/t gold-in-soils anomaly.
“We look forward to commencing follow up drilling shortly to advance this exciting discovery.”
The diamond drill rig at Fountain Head will finish its current hole within the next two weeks and will then transfer to the Banner prospect.
A single diamond hole will initially be drilled to obtain further geological information to plan a larger follow-up program to delineate the extent of the Banner mineralisation.
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Fox added: “The recent excellent assay results at the Fountain Head, Tally Ho and now Banner prospects highlight the potential for this area to host a sizeable gold system, and we look forward to accelerating exploration to expand this new opportunity.”