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PNX Metals Ltd.
Summary
| Project: | Hayes Creek | |
|---|---|---|
| Deposit: | Fountain Head | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 5/19/2020 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 19-5-2020: PNX Metals Ltd. announces an Exploration/Drilling Update report for its Fountain Head deposit at the Hayes Creek project. Drilling results incl. 2m @ 6.62g/t Au from 144m. PNX Metals Limited (ASX: PNX) (“PNX”, “the Company”) is pleased to provi | |
| Resources: | (Resource, Ind.): 1.64Mt @ 1.5g/t Au (79koz Au) at Fountain Head | |
| CP/QP: | [Overall Report]: Charles Nesbitt (Internal) | |
| ABSTRACT: | PNX Metals Limited (ASX: PNX) (“PNX”, “the Company”) is pleased to provide an update on its Fountain Head gold development (“Project”), located in the Pine Creek region of the Northern Territory, following the receipt of final assays from the recently completed RC drilling program. Between December 2019 and February 2020, the Company drilled 59 Reverse Circulation (RC) holes at Fountain Head, with all assays now received and reported (Table 2) (see also ASX releases 25 February and 16 March 2020). The drilling program (Figure 1) was designed to confirm and provide support to the Mineral Resource Estimate and has resulted in increased confidence in the geological model and Project economics. Significantly, a number of holes intersected gold outside the proposed pit-shell and/or the current resource boundary, highlighting new target zones and potential upside for the Project. The updated Mineral Resource Estimate is expected to be completed shortly and will be used to inform pit design and proposed mine schedules to support the first three years of proposed mining. As previously reported (see ASX release 3 April 2020), multiple occurrences of visible gold mineralisation were identified in diamond drill hole FHDD181 over a 35m intercept between approximately 145m and 180m downhole. This has now been extended by a further 8m to 188.14m where two further occurrences of visible gold have been logged, making 11 in total and extending the intercept to a length of 43.59m (Figure 2). | |
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