PNX Metals moves to deeper drilling as C6 prospect offers up more high-grade gold
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A continuous stream of very high-grade gold results from the C6 prospect in the Northern Territory has given PNX Metals the confidence to kick off deeper drilling.
PNX Metals (ASX:PNX) has reported fresh high-grade rock chip samples of up to nearly 50 grams per tonne (g/t) from multiple costeans at the C6 prospect which has prompted the start of reverse circulation (RC) drilling.
Top results from trenches or costeans that are used to expose a horizontal section across the outcrop, showed 2.5m at 11.8g/t gold from 68.5m, including 0.5m at 49.9g/t from 70m; and 2.5m at 7.88g/t from 68.5m, including 0.5m at 32.6g/t from 70m.
C6 is part of PNX’s Burnside Northern Leases in the Pine Creek region of the NT, with the main high-grade zone located just 35km north-northwest of the company’s flagship Fountain Head gold development project.
The Northern Leases host multiple kilometre-scale gold targets along the same structural corridor as Agnico Eagle’s nearby +1.2Moz Cosmo gold mine, which lies to the west of PNX’s Fountain Head and Glencoe deposits. This indicates strong potential for PNX to also uncover economically significant gold mineralisation.
Managing director James Fox said the ongoing exploration activities within the Northern Leases continued to expand the surface mineralised footprint.
“High-grade gold in outcrop, assaying >10g/t, has been traced over a 3km north-to-south strike extent within multiple parallel zones,” he said.
“RC drilling has commenced and will test for primary mineralisation in bedrock and to identify zones of accumulation with potential for high-grade gold.”
The initial ‘discovery’ rock chip assays from the historic but underexplored C6 prospect showed extremely high-grade gold of up to 186.6g/t.
Subsequent first-pass aircore drilling used for reconnaissance along the C6 corridor returned high-grade hits of up to 14.9g/t from just 2m deep.
There has been limited historic work at C6 and no RC drilling at the new high-grade gold zones.
Multiple parallel trends have also been identified, including the C7 and Bartons/Brumby prospects, where PNX has confirmed and extended historic high-grade gold results, and completed costeaning and aircore drilling with assays pending.
Fox said a drone magnetic survey covering most of PNX’s Northern Leases was also nearing completion and would provide targeting assistance and a strong foundation for future exploration.
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.