PNX Metals Ltd (ASX:PNX) has intersected additional high-grade gold mineralisation from a follow-up reverse circulation (RC) drill program of 1,669 metres at its 100% owned Fountain Head Gold Project.
Highlight results include:
- 3 metres at 25.94 g/t gold from 117 metres in FHRC106;
- 4 metres at 5.39 g/t gold from 82 metres in FHRC108; and
- 3 metres at 5.25 g/t gold from 110 metres in FHRC117.
Fountain Head, together with the Iron Blow and Mt Bonnie volcanogenic massive sulphide (VMS) deposits, form the Hayes Creek zinc-gold-silver project in the Pine Creek region of the Northern Territory.
Plan view of the Fountain Head resource (lodes in red and outline in blue) showing proximity to historical mining areas, mineral leases and new drill collar locations (yellow). Fountain Head anticline shown in green.
PNX managing director James Fox said: “These drill results confirm our view that significant mineralisation exists outside the current resource envelope at Fountain Head, consistent with the recently developed geological model.
“Numerous targets have now been identified and with further testing there is the potential to grow resources.
“This exploration work is being undertaken as part of the company’s efforts to determine the viability of a heap leach operation at Fountain Head that may pave the way for the development of the broader Hayes Creek Project.”
Fountain Head section showing resource estimate block model and the continuity of mineralisation along lithological boundaries and high-grade breccias
This was the first drilling undertaken at Fountain Head since the company released a resource estimate for the project of 2.58 million tonnes at 1.7 g/t gold for 138,000 ounces of gold.
The drill program was successful, with numerous mineralised intercepts confirming good high-grade continuity at depth and along strike, directly adjacent to the current resource envelope.
Due to the success of this drill program, PNX is planning further drilling at Fountain Head to test the potential for future growth in the current resources, this is planned to commence in December.