More high-grade gold finds extend C6 corridor for PNX Metals

PNX Metals has identified more high-grade gold zones at its C6 prospect and is revving up the drills to start further testing in the Top End this month.

Finds from PNX Metals’ (ASX:PNX) latest fieldwork, including individual assays of up to 189.5 grams per tonne (g/t) gold, extended the high-grade gossan – surface rocks that point to what can lie beneath – up to 55m in length.

They come hot on the heels of the first ‘discovery’ rock chip assays at the historic but underexplored C6 prospect of up to a whopping 186.6g/t of gold.

Among the more recent finds is the still impressively high-grade result of 17.27g/t gold, 50m south along strike from the original high-grade gossan.

Also identified was a new gossan 370m south that returned 16.96g/t and 21.80g/t gold 40m apart, while a sample collected 860m north of the high-grade gossan returned 1.53g/t gold.

The widespread gold anomalism now extends over a 2.4km strike and PNX is all set for further exploration with a Mine Management Plan having just been approved for eight trenches of up to 100m in length and about 300 aircore drill holes. This work has now commenced.

The aim of the trenching is to give PNX a better understanding of the extent and geometry of gold mineralisation, and help target subsequent drill-testing.

No drilling has been undertaken near these new high-grade surface samples, and the prospect remains open in all directions.

“New fieldwork at the high-grade C6 gold prospect has identified numerous areas for follow-up. Surface outcrop is limited, and further work will now focus on trenching/costeaning and aircore drilling,” managing director James Fox said.

“Importantly, a new gossan reporting up to 16.96g/t Au and 21.80 g/t Au has been discovered approximately 370m south of the main high-grade zone, that has now been extended to 55m at surface and where up to 189.5g/t Au has been sampled, suggesting a much greater extent to the high-grade mineralisation than previously anticipated. There has been no previous drilling at either gossan.

“The C6 corridor is emerging as an exciting prospect and has continued to expand with high-grade gold in outcrop and gold-in soils over a 2.4km extent with multiple parallel zones.”

Regional vision

The C6 prospect is part of PNX’s Burnside Northern Leases in the Pine Creek region of the Northern Territory, with the new high-grade zone on its 100% owned EL31893 tenement.

The Northern Leases are only about 100km south of Darwin and 25km north of PNX’s proposed Fountain Head project, which includes a processing plant that has already received environmental approval.

The leases host multiple kilometre-scale gold targets along the same structural corridor as Agnico Eagle’s nearby +1.2Moz Cosmo gold mine, which lies between PNX’s Fountain Head and Glencoe deposits. This indicates strong potential for PNX to also uncover economically significant gold mineralisation.

Fountain Head, along with the Hayes Creek project, is planned as an integrated zinc-gold-silver operation and central processing hub in the mineral-rich Pine Creek region.

PNX has already identified five deposits it plans to mine, but the company is also actively exploring for other significant sources of supply for the Fountain Head plant.

This article was developed in collaboration with PNX Metals, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.