PNX gets high-grade news from C6 trenches

PNX Metals has got another shot of confidence from its C6 gold prospect as assays expose a high-grade surface gold zone.

The first assays from two out of eight trenches include 21.5 grams per tonne of gold (g/t) over 1.5m and 30.7g/t gold over 1.0m.

Aircore drilling has already started to test for extensions of the new high-grade gold zone prior to deeper RC drilling. Assays are expected within the next few weeks.

Mapping and sampling from the remaining six trenches is ongoing with assays expected by PNX Metals’ (ASX:PNX) in the next few weeks.

The latest highly encouraging assays for PNX come from an area where results from rock-chip samples returned up to a whopping 189.5g/t.

More highly prospective results, including 17.8g/t gold, have come back from surface rock chips 1.8km north of the C6 gossan – surface rocks that can indicate what’s beneath. Results from 1km south of the C6 gossan include up to 31.4g/t gold, while extending over a strike of more than 2.8km are widespread surface samples of greater than 10g/t gold.

Exploring for more targets

The eight trenches (six at C6 and two at Brumby, 3.4km to the southwest), are 35m to 100m apart and each exposed basement for about 100m at a depth of only 2m. They were designed to assess the extent and geometry of near surface gold mineralisation and help target more exploration.

Aircore drilling has commenced and is targeting the down-dip and down-plunge extensions of the new high-grade gold zone and explore for other zones in the immediate area. Assays are due in the next few weeks and will provide guidance for more extensive reverse circulation drilling, set for mid-September, to test the depth extent of the mineralisation.

In the zone

The C6 prospect is part of PNX’s Burnside Northern Leases, with the new high-grade zone on its 100% owned exploration licence in the Pine Creek region. C6 is also only 35 km, within easy trucking distance, from the company’s Fountain Head gold development project, which has already received environmental approval.

PNX’s current mineral resource inventory at Fountain Head and Hayes Creek includes an already substantial war chest over 0.5Moz gold, 16.2Moz of silver, 177,000 tonnes of zinc, 37,000 tonnes of lead and 10,000 tonnes of copper, all located on granted Mining Leases.

The Company is hoping that any near-surface gold mineralisation at C6 would augment its existing NT mineral resources, and form part of its development plan.

The Northern Leases host multiple kilometre-scale gold targets which have potential for economically significant gold mineralisation. They lie along the same structural corridor as the Cosmo Howley mine owned by Agnico Eagle and numerous other gold deposits. The historic Goodall gold mine (4.25 million tonnes at 2.35g/t for 321,000oz of gold[i]) is just 3.5km from C6 in a parallel structural zone, with the gold hosted in numerous sub-vertical lenses 100-200m long and up to 10m wide.

PNX also completed two trenches at its Brumby/Bartons gold prospect about 3.4km further west, where there are also excellent historic results confirmed by recent surface samples. These trenches are being evaluated and aircore drilling will also be undertaken here.

PNX Managing Director James Fox said: “We’re looking forward to receiving the assays from the remaining six costeans (trenches), with gossan mapped in numerous locations, including approximately 120m south, and 30m east of the main high-grade zone reflecting what was seen at surface in mapping and rock chip sampling.

“Aircore drilling, comprising an initial 50 holes, has commenced and will target extensions of the high-grade zone and explore for other mineralisation in the immediate area where there is no outcrop.

“The new high-grade surface rock chip samples have also generated new targets within the C6 corridor, which continues to deliver high-grade gold with scale-potential.”

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.