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PNX Metals Ltd

PNX Metals intersects gold mineralisation at Cookies Corner, extending strike to more than 800 metres

The company expects to estimate a near-surface open pittable gold mineral resource after completing the drilling.

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The Burnside project is in the Pine Creek region of the Northern Territory

PNX Metals Ltd (ASX:PNX) has intersected high-grade gold at its Cookies Corner prospect in the Northern Territory, increasing the known strike extent to more than 800 metres.

Results of up to 2 metres at 4.35 g/t gold from 61 metres were returned in the follow-up reverse circulation (RC) program.

The objective was to extend gold mineralisation discovered in August 2018 and to estimate a mineral resource to supplement the Hayes Creek Zinc-Gold-Silver Project, which is  less than 30 kilometres away.

Potential for larger system

PNX Metals managing director James Fox said: “This is an exciting development with gold mineralisation now defined over an 800-metre strike extent, and 100-metre lateral extent that remains open in all directions, including at depth.

“It is encouraging to see the thickness of mineralisation increasing in the fresh rock and an increase in quartz veining and sulphides down hole that appears to be directly associated with the gold.”

Eight new holes drilled

Eight new reverse circulation (RC) holes were drilled and three original holes extended, with all holes intersecting gold mineralisation.

Other strong results include:

  • 11 metres at 1.13 g/t from 75 metres;

  • 6 metres at 1.82 g/t from 133 metres; and

  • 4 metres at 2.12 g/t from 44 metres.

Fox added: “New areas of gold mineralisation have been identified that remain open at depth, indicating the potential for a larger gold system than originally anticipated.”

 

 

Further drilling, gold quartz veins

A further 12 holes remain to be drilled as part of this program which will be completed during the 2019 field season, and this is expected to commence from April.

A number of untested NE-SW trending gold bearing quartz veins associated with NE-SW trending parasitic anticlines have also been identified at surface through mapping and rock sampling.

These will also be tested as part of the next drilling campaign.

READ: PNX Metals commences follow-up drilling for gold at Cookies Corner

The company started follow-up drilling in November last year after a maiden campaign intersected gold from 20 metres at 1.93 g/t from 12 metres including 8 metres at 4.29 g/t.

The initial drilling was designed only to test a portion of the large geochemical anomaly at Cookies Corner, but the strong results prompted a follow-up program.

READ: PNX Metals identifies gold mineralisation at Cookies Corner prospect in NT

Fox said: “The success of this program at Cookies Corner, which is still in its early stages, gives us a new level of confidence regarding the other numerous soil anomalies within our NT tenements that are either untested or have received virtually no exploration for decades.”

Cookies Corner is one of a cluster of targets in the northwest of Burnside at the convergence of two major gold-producing structural corridors – the Howley anticline, host to Kirkland Lake Gold Ltd’s (TSX:KL) Cosmo mine and the Pine Creek shear zone.

- Jessica Cummins 

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