PNX hones in on multiple priority targets, possible extensions to Thunderball uranium deposit
Special Report: PNX Metals has identified several priority uranium targets, including potential extensions to the near-surface James Bond-inspired Thunderball deposit in the Northern Territory, with work now underway to update the resource.
PNX Metals (ASX:PNX) has started working towards a resource update at the Thunderball uranium deposit following a review of key data that highlighted several priority targets and the potential for significant mineralisation down-plunge of the current resource.
Last month, the company received back the uranium rights over a substantial portion of its Pine Creek tenure in the Northern Territory, with the expiration of a 10-year historic third-party agreement with Oz Uranium, a subsidiary of Rockland Resources.
The Pine Creek region is renowned as one of the world’s most prolific uranium provinces, hosting the Alligator River, Rum Jungle and South Alligator Valley uranium fields.
The Thunderball uranium deposit and several nearby uranium prospects, all of which are named after James Bond films, sit adjacent to PNX’s Hayes Creek zinc-gold-silver and Fountain Head gold projects.
The resurgence of uranium interest has been spurred by the global push towards clean energy and decarbonisation.
“PNX has a very large landholding in a world-renowned uranium province including a known uranium deposit with numerous high-grade prospects,” executive chairman Graham Ascough said.
“The recent significant rise of the uranium price has resulted in strong interest in the uranium potential at Hayes Creek, and the assessment and ranking of targets will be a priority over the NT wet season.
“Early results of the compilation efforts have identified new targets and highlighted previously identified targets that have seen little field work since 2011.”
Drilling at Thunderball between 2008 and 2010 resulted in the delineation of two discrete sub-parallel dipping uranium lodes and the estimation of a pre-JORC 2012 resource, which PNX is now working on to bring into JORC 2012 compliance.
Thundelarra, the previous explorer, discovered numerous uranium prospects at Hayes Creek, with Thunderball being the most prominent, delivering thick and high-grade intervals from drilling like 15m at 1.5% U3O8 from 139m, including 1m at an impressive 20.3% U3O8.
Significantly, these uranium grades at Thunderball were among the highest ever reported in Australia.
The deposit remains open down-dip, but no exploration has been conducted beneath the lower lode.
The review of 232 drill holes spanning 31,363m also indicates strong potential for significant uranium mineralisation down-plunge of the current resource, and at depth, parallel and beneath the known mineralisation.
PNX is also evaluating the exploration results from other uranium prospects that have seen little or no exploration since they were first identified between 2008 and 2011, primarily due to the drop in uranium prices after the impact of Fukushima in early 2011.
The three priority prospects are Golden Eye, Moonraker and Thunderball Extended.
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.