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PNX Metals Ltd.
Summary
| Project: | Hayes Creek | |
|---|---|---|
| Deposit: | Fountain Head | |
| Location: | Australia | |
| Commodities: | Zinc-Gold-Silver-Copper-Lead | |
| Date: | 8/22/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 22-8-2018: PNX Metals Ltd. announces an Exploration/Drilling Update report for its Fountain Head deposit at the Hayes Creek project. Drilling results incl. 16m @ 1.37g/t Au from 0m. PNX Metals Limited (ASX: PNX) is pleased to announce that high-grade gold | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Andrew Bennett (Internal) | |
| ABSTRACT: | PNX Metals Limited (ASX: PNX) is pleased to announce that high-grade gold assays have been received from a further five reverse circulation drill holes at its Fountain Head gold project in the Pine Creek region of the Northern Territory. The new results were received from drilling to test extensions to the mineralised vein systems associated with the Fountain Head and Tally Ho gold lodes. The Fountain Head Mineral Leases are located less than 15km from PNX’s flagship Hayes Creek zinc-gold-silver project and as well as containing a number of high-grade gold prospects, they also provide the preferred site for the proposed Hayes Creek processing plant. The aim of current drilling programs at Fountain Head and Moline1 is to define additional economic mineralisation with the potential to complement and enhance the Hayes Creek development through extending the life of the proposed mining operation. The opportunity also exists to define new, potentially standalone resources. Extension to Tally Ho Lode System The 5m @ 3.96 g/t Au intercept from 107m in drill hole FHRC076 is interpreted as an extension of the Tally Ho lode with the result suggesting a steepening of the lode structure, a concept not tested by previous drilling. The recently completed diamond tail FHRC077D was drilled to enhance this theory and intersected a sulphide-rich quartz vein system over approximately 20m that is situated 100m along strike from FHRC076 with assays pending (Figure 2). The Tally Ho lode is the higher grade of the two historically mined zones at Fountain Head and its extension is a significant outcome for this drill program. | |
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