PNX Metals Ltd (ASX:PNX) has received further positive drill results from its latest 14 reverse circulation (RC) drill holes at Glencoe Gold Deposit, which continues to build as the company makes progress towards the near-term sequential development of its 100%-owned Fountain Head gold and Hayes Creek gold-silver-zinc projects.
Continuity has been confirmed about 450 metres east of Glencoe North-Central historic pit with multiple gold mineralised zones that remain open.
RC drilling is ongoing to test further extensions and increase confidence in the mineral resource estimate (MRE).
Increase scale of deposit
PNX managing director James Fox said: “We are pleased to see further high-grade, near-surface intercepts returned and to extend the strike of the Glencoe gold deposit to over 200 metres beyond the current mineral resource.
“We continue to increase the scale of the deposit and now have an entirely new host rock to explore.
“Further drilling will be conducted at Glencoe during November and December as we look to extend the gold footprint and upgrade the confidence level for portions of the current deposit to the Indicated category.
“Glencoe forms an important part of our development plans for the Fountain Head gold and Hayes Creek gold-silver zinc projects.”
Drill results
Results from the follow-up RC drilling have extended the strike a further 80 metres to the east of the September drilling, and infill drill holes have demonstrated excellent continuity along strike for at least 450 metres from the historic North-Central pit.
Importantly, several thicker near-surface zones of gold mineralisation were intersected, in particular in holes GLRC033, 34 and 35.
Drilling at Glencoe ‘Eastern Extensional Zone’ continues to intersect near-surface gold mineralisation beyond the existing MRE, including:
➢ 5 metres at 1.51 g/t gold from 53 metres in GLRC033;
➢ 6 metres at 1.65 g/t from 13 metres in GLRC034;
➢ 12 metres at 1.39 g/t from 45 metres, and 3 metres at 2.20 g/t from 69 metres in GLRC035;
➢ 5 metres at 2.15 g/t from 68 metres in GLRC040; and
➢ 2 metres at 6.77 g/t from 28 metres in GLRC041.
The latest drilling has also confirmed that a dolerite/gabbro to the northeast of Glencoe hosts gold-bearing quartz veins with GLRC028 returning 1-metre at 1.04 g/t gold from 75 metres.
Further follow-up in this area is planned.
This new information greatly increases the prospective footprint at Glencoe where all previous exploration has focussed on gold hosted in metasedimentary rock units.
RC drilling restarts this week with an additional 1,000 metres to be completed before moving to three diamond drill holes in early 2022.
Further work at Glencoe and Fountain Head
Geological mapping and sampling have continued at Glencoe and Fountain Head.
Detailed observations are adding valuable information to the geological models at both gold deposits and will contribute to improved confidence of geological models used for mineral resource estimates and near-mine exploration.
A total of 49 surface samples have been submitted for assay and results are due early December 2021.
Environmental studies, including as flora and fauna surveys and water sampling are also ongoing in parallel to the current exploration.
Three diamond drill holes for around 360 metres are also planned as part of the current drilling program and due to commence in December 2021, subject to weather conditions and NT wet season access.
These drill holes will focus on the oxide and transitional zones of the deposit and will be used to provide further rock density data and structural information, and material for confirmatory geotechnical and metallurgical test-work.