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PNX Metals Ltd.
Summary
| Project: | Hayes Creek | |
|---|---|---|
| Deposit: | Cookies Corner | |
| Location: | Australia | |
| Commodities: | Zinc-Gold-Silver-Copper-Lead | |
| Date: | 10/9/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 9-10-2018: PNX Metals Ltd. announces an Exploration/Drilling Update report for its Cookies Corner deposit at the Hayes Creek project. Drilling results incl. 20m @ 1.93g/t Au from 12m. PNX Metals Limited (ASX: PNX) (“PNX” or “Company”) is pleased to advise | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Not stated (n/a) | |
| ABSTRACT: | PNX Metals Limited (ASX: PNX) (“PNX” or “Company”) is pleased to advise that it has completed a 16 hole, ~1,100 metre reverse circulation (RC) drill program at the Cookies Corner prospect located in the Pine Creek region of the Northern Territory, and less than 30km from PNX’s flagship Hayes Creek Zn-Au-Ag project. The Pine Creek region has produced over 3.2Moz of gold and approximately 9Moz of gold resources have been reported from this area. Cookies Corner is one of a cluster of gold targets in the north-west of PNX’s Burnside exploration project (Figure 3) at the convergence of two major gold-producing structural corridors, the Pine Creek Shear Zone and the Howley Anticline (host to Kirkland Lake Gold Limited’s Cosmo gold mine). The Cookies Corner geochemical anomaly is directly analogous to that observed over the historic Goodall Mine located 4km to the south-west. Goodall was discovered via geochemical sampling in 1981, mined from 1988-1993 and produced, on average over that time, 41,500 oz Au per year1 . Drilling consisted of five RC traverses spaced approximately 100 metres apart with the aim of identifying the source of a 1km long, >0.1g/t gold-in-soils anomaly with surface rock chips grading up to 28.7 g/t Au (Figures 1 and 2). All of the 16 holes drilled intersected zones of gold mineralisation associated with quartz-sulphide veins (similar to the Goodall deposit) and assays indicate that several drill holes ended in mineralisation (Table 1). Higher gold grades generally occur in the fresh rock below the base of oxidation at a vertical depth of approximately 25 metres and mineralisation remains open in all directions. This initial program was designed only to test a portion of the large geochemical anomaly, but these excellent results demand a follow-up program including extending several holes that ended in mineralisation. New drilling is to commence in late October. | |
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