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PNX detects significant grade, resource upside potential at Thunderball uranium deposit
Mining
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- Gap analysis boosts grade and resource confidence in Thunderball uranium deposit
- Potential extensions to high-grade zones identified
- Drilling to target extensions and additional discoveries
Special Report: PNX Metals’ confidence in the Thunderball uranium deposit has been considerably boosted after an independent “gap analysis” highlighted significant potential to extend the high-grade mineralisation and make further uranium discoveries regionally.
PNX Metals (ASX:PNX) enlisted the help of SRK Consulting to determine just how prospective the Thunderball uranium deposit is, especially given its prime location in a region of the Northern Territory famed for being one of the world’s largest and richest uranium provinces.
SRK undertook a gap analysis to identify any gaps limiting the extent of the current resource and provide recommendations on improving the confidence in future resources and increasing the size of the resource, particularly the high-grade mineralisation.
“The gap analysis has improved our confidence in the Thunderball Uranium deposit and highlights significant grade and resource upside potential,” executive chairman Graham Ascough said.
“Exploration fieldwork is underway, and drilling is planned to target extensions to known mineralisation, discover additional mineralised shoots, and test regional prospects exhibiting surface anomalism.”
The gap analysis confirmed that downhole gamma logging (eU3O8) can be used in conjunction with assays to better increase dataset quality and quantity.
“The use of downhole gamma logging is a breakthrough that will allow for a much more extensive and consistent dataset to be used,” Ascough explained.
“Plans for the upcoming exploration season, including drilling on several targets are progressing, and we look forward to providing further updates in due course.”
PNX has been getting a lot of attention recently, after receiving back the uranium rights over a substantial portion of its Pine Creek tenure with the expiration of a 10-year historic third-party agreement with Oz Uranium.
In fact, just last month PNX received an unsolicited, non-binding, indicative merger proposal from cashed-up Kin Mining (ASX:KIN).
Just prior to that, PNX revealed it had uncovered high grade uranium of up to 10.2% during a review of historic, previously unreported drilling results, which provided the company its first indication of the significant potential that exists at Thunderball.
Thunderball and several nearby uranium prospects sit adjacent to PNX’s Hayes Creek zinc-gold-silver and Fountain Head gold projects, which collectively host resources containing 520,900oz of gold, 16.2 million oz of silver and 177,000 tonnes of zinc plus lead and copper.
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.
