PNX Metals has successfully extended the gold mineralisation outside of the resource at the Glencoe deposit in the Northern Territory, providing confidence the company will continue to grow its resource inventory in 2023.

PNX Metals’ (ASX:PNX) is laying the foundation for further resource growth in the new year, with drilling successfully confirming extensions to defined mineral lodes at the Glencoe gold deposit.

Several drill holes intersected gold outside of the existing resource with top hits comprising 4m at 1.52 grams per tonne (g/t) from 50m; 2m at 2.50g/t from 86m; 2m at 2.81g/t from 28m; 4m at 2.35g/t from 13 m; 4m at 1.29g/t from 87m; and 8m at 1.52g/t from 75m, including 3m at 2.92g/t from 78m.

The latest results from the 18-hole, 1800m drilling program have extended the strike extent of the Central Mineral Lode by ~200m.

The gold-bearing quartz veins previously reported at surface extend at depth and to the south, oblique to the main gold mineralisation.

PNX also recently identified strong prospective gold targets between the Glencoe and Fountain Head deposits in a drone mag survey.

Vast untapped potential

These could potentially be the same prospective rocks that host the nearby +1.2Moz Cosmo gold mine, demonstrating the significant untested gold and base metals potential of PNX’s 1, exploration tenure in the Pine Creek region, NT.

“The gold results from our recent RC drilling, in conjunction with interpretation of the recent drone magnetic survey, provide confidence that further gold mineralisation exists outside of the defined mineral resource shell at Glencoe,” managing director James Fox said.

“The successful drilling of gold-bearing quartz veins trending north-south supports the larger-scale interpretation of a mineralised corridor extending between Glencoe and Fountain Head.

“We look forward to testing these targets as soon as possible.”

Glencoe currently has a defined resource of 2.1 million tonnes at 1.2g/t for 79,000oz of contained gold, with 77.4% of the total in the higher confidence measured and indicated categories.

PNX plans to undertake further drilling to test the gold targets between Glencoe and Fountain Head in April 2023.

Building scale

PNX continues to build scale and position Fountain Head as regional zinc-gold-silver processing hub in the ‘Top End’.

Glencoe is a critical part of PNX’s integrated gold, silver and zinc development strategy which is proposing to mine and process ore from five 100%-owned discrete deposits located on granted mining licences in the Pine Creek region.

In September, PNX announced it had picked up another attractive asset, with the acquisition of the Mt Porter deposit from Ausgold Trading which boosted the company’s resource inventory to over 0.5Moz.

The increased gold resource is part of an already substantial war chest that also includes 16.2Moz of silver, 177,000 tonnes of zinc, 37,000 tonnes of lead and 10,000 tonnes of copper.

PNX previously lodged its environmental impact statement for the Fountain Head project and anticipates it will receive approval in early 2023.




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.