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PNX Metals Ltd.
Summary
| Project: | Hayes Creek | |
|---|---|---|
| Deposit: | Fountain Head | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 6/16/2020 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 16-6-2020: PNX Metals Ltd. announces a Resource Estimation report for its Fountain Head deposit at the Hayes Creek project. Updated Mineral Resource Estimate for Project. Pursuant to ASX listing rule 5.8.1, and in addition to the information contained in | |
| Resources: | (Resources, I+I): 2.94Mt @ 1.7g/t Au (156koz Au) | |
| CP/QP: | [Resource] Aaron Meakin, Charles Nesbitt (Internal) | |
| ABSTRACT: | Pursuant to ASX listing rule 5.8.1, and in addition to the information contained in the JORC tables (attached), the Company provides the following in respect to the Fountain Head Mineral Resource. Fountain Head and Tally Ho Mineral Resources Independent mining consultants CSA Global Pty Ltd (“CSA Global”) have reported 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. PNX Metals Limited (ASX: PNX) (“PNX”, “the Company”) is pleased to announce an update to the Mineral Resource estimate for the 100% owned Fountain Head Gold Project (reported in accordance with the JORC Code, 2012) located in the Pine Creek region of the Northern Territory. The Company is currently assessing low-cost, low-risk and scalable processing options to rapidly monetise and generate early cashflow from the gold resources at Fountain Head. This strategy may also provide an opportunity to enhance overall Hayes Creek zinc-gold-silver Project economics and extend the project mine life with the mined-out Fountain Head pit available for use as tailings storage for subsequent sulphide flotation of ore from the Mt Bonnie and Iron Blow deposits at Hayes Creek. Near-term development of gold resources also capitalises on a supportive current and forecast gold price environment and preserves the in-ground value of the Hayes Creek Project for a possible higher future zinc price environment. | |
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