PNX Metals Ltd (ASX:PNX) continues to intersect high-grade, near-surface gold mineralisation during drilling at the Glencoe gold deposit in the Hayes Creek Project of Northern Territory, defining a gold zone strike of more than 1.4 kilometres that remains open in all directions.
The company’s reverse circulation (RC) drilling program comprised 54 RC drill holes for 4,470 metres, aimed at confirming and enhancing historical drill results and identifying along-strike gold lode extensions.
Assays of note include:
- 6 metres at 3.84 g/t gold from 36 metres in GLRC044;
- 2 metres at 8.58 g/t from 10 metres in GLRC045;
- 8 metres at 1.52 g/t from 80 metres in GLRC048;
- 20 metres at 1.01 g/t from 72 metres in GLRC052;
- 5 metres at 1.61 g/t from 11 metres in GLRC053; and
- 12 metres at 1.05 g/t from 43 metres in GLRC054.
Scale rivals Fountain Head deposit
“Glencoe continues to strengthen with infill and extensional drilling complementing our previous results and supporting the increased scale potential of the deposit,” PNX Metals managing director James Fox said.
“Additional holes drilled along the easternmost traverse returned high-grade gold and the deposit remains open in all directions.
“Geological comparison with Fountain Head suggests a gold system of similar scale potential and PNX expects with the recently reported drilling and improved geological understanding an increase in the overall contained ounces reporting to the proposed mining plan.
“We look forward to our 2022 exploration campaign with diamond drilling due to commence in late January, whereby we aim to add further value at Glencoe and across our entire Pine Creek exploration package.”
Geological modelling at Glencoe has identified ‘significant’ potential upside, which PNX intends to investigate further with targeted diamond drilling to begin in late January.
An updated mineral resource estimate is expected to be finalised in the second quarter of 2022 and will be used to further refine drill targets for the 2022 field season and update the project mining optimisation.
About PNX Metals
PNX Metals has a large tenement portfolio containing a mix of gold, silver and zinc assets in the Pine Creek region of the Northern Territory.
The total contained gold recorded in PNX’s projects to date is close to 400,000 ounces.
The advanced Fountain Head Project hosts a mineral resource of 2.94 million tonnes at 1.7 g/t gold for 156,000 ounces of gold.