PNX Metals Ltd (ASX:PNX) has kicked off reverse circulation (RC) drilling at Glencoe gold deposit within Fountain Head Gold Project in the Pine Creek region of the Northern Territory
Drilling will predominantly focus on testing the Eastern Zone extensional area, and increasing geological confidence within the current mineral resource estimate of 2.1 million tonnes at 1.2 g/t gold for 79,000 ounces.
Promisingly, visible gold has also been discovered at the surface in the sub-cropping quartz vein during geological mapping adjacent to the Glencoe South pit.
High-grade rock chips were collected 400 metres east of the existing Glencoe deposit, including 6.02 g/t gold, 4.04 g/t and 3.05 g/t.
“Potential extension”
PNX managing director James Fox said: “We are excited to commence drill testing the Eastern Zone extensional area, where newly identified surface mineralisation and the underlying shear zone represent a potentially significant extension to the Glencoe gold deposit.
“The discovery of coarse gold at the surface directly adjacent to the south pit continues to support our view that mineralisation at Glencoe extends well beyond the limits of the current mineral resource estimate.
“Drilling is expected to take up to six weeks with assays due from the end of November 2021.
“We look forward to updating the market as results become available”
Glencoe mineral resource outline.
Near-surface mineralisation
Recently reprocessed magnetic data support the interpretation that the Eastern Zone lies within a regional-scale shear zone that can be traced for more than 1 kilometre to the southeast of the Glencoe gold deposit.
This structure remains largely unexplored and the newly identified surface mineralisation and underlying shear zone represent a potentially significant extension to the Glencoe deposit.
During recent geological field mapping and sampling, numerous occurrences of coarse gold were detected at the surface in a discontinuous sub-cropping quartz vein traced for over 50 metres along the northern margins of the South pit.
Furthermore, an additional seven pieces of coarse gold associated with quartz vein material were identified in float samples.
Forward plan
The drilling is expected to take about six weeks to complete, with assay results from the first holes due from the end of November 2021.
Three diamond drill holes for 360 metres are being planned and will be used to provide further rock density data, structural information and oxide/transitional material for ongoing geotechnical and metallurgical test-work.
Subsequent to the current RC drill program, trenching and costeaning at this location will occur to collect more robust geological observations and samples for assay.
PNX recently finalised an assessment of the technical and economic parameters to sequentially develop the Fountain Head Gold Project (which includes Glencoe) and Hayes Creek Gold-Silver-Zinc Project highlighting a robust, multi-commodity development.