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PNX Metals Ltd.
Summary
| Project: | Hayes Creek | |
|---|---|---|
| Deposit: | Fountain Head | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 7/11/2019 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 11-7-2019: PNX Metals Ltd. announces a Resource Estimation report for its Fountain Head deposit at the Hayes Creek project. Initial mineral resource estimate for the Fountain Head and Tally Ho deposits at Hayes Creek. PNX Metals Limited (ASX: PNX) (“PNX”, | |
| Resources: | (Resource, I+I): 2.58Mt @ 1.7g/t Au for 138Koz Au contained | |
| CP/QP: | [Resources]: Aaron Meakin, Charles Nesbitt (CSA Global Pty Ltd.;Internal) | |
| ABSTRACT: | PNX Metals Limited (ASX: PNX) (“PNX”, “the Company”) is pleased to announce its first Mineral Resource estimate for the 100% owned Fountain Head gold Project (reported in accordance with the JORC Code, 2012), which together with the Iron Blow and Mt Bonnie VMS deposits comprise the Hayes Creek zinc-gold-silver Project (“Hayes Creek or Project”) in the Pine Creek region of the Northern Territory. Managing Director Comment PNX Managing Director James Fox said: “This new gold Mineral Resource at Fountain Head is an important development for the Company as it highlights the significant potential of our large NT exploration tenure and is complementary to existing resources defined for the Hayes Creek Zinc-Gold-Silver Project. The Fountain Head gold system is no doubt significant in scale, it extends over 1.6km at surface and remains open at depth along the strike extent. We are confident that with continued exploration success, Fountain Head would add significant value to the Hayes Creek Project and improve the already robust case for its development. New geological re-interpretation and modelling based on historic drilling over the Fountain Head project has identified numerous high-value target areas with the potential to significantly extend the Mineral Resource with further drilling. Relative values of mining the gold resource at Fountain Head versus using the historic open pits for tails from the Hayes Creek Project will now be assessed along with processing options, and whether, and if so how, the two strategies might be combined.” Independent mining consultants CSA Global Pty Ltd (“CSA Global”) have estimated the Mineral Resource in accordance with the JORC Code1 , which is summarised in Table 1. A summary report prepared by CSA Global forms part of this ASX release (Appendix A including JORC Table 1). | |
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