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PNX Metals Ltd.
Summary
| Project: | Hayes Creek | |
|---|---|---|
| Deposit: | Fountain Head | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 2/25/2020 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 25-2-2020: PNX Metals Ltd. announces an Exploration/Drilling Update report for its Fountain Head deposit at the Hayes Creek project. Drilling results incl. 3.0m @ 8.54g/t Au from 34m. PNX Metals Limited (ASX: PNX)i (“PNX”, “the Company”) is pleased to pro | |
| Resources: | (Resource, I+I): 2.58mt @ 1.7g/t Au at Fountain Head + Tally Ho | |
| CP/QP: | [Overall Report]: Charles Nesbitt (Internal) | |
| ABSTRACT: | PNX Metals Limited (ASX: PNX)i (“PNX”, “the Company”) is pleased to provide an update on the proposed Fountain Head gold heap leach development, within the Company’s Hayes Creek Project, located in the Pine Creek region of the Northern Territory. Drilling and technical studies at Fountain Head are progressing on schedule and on budget, as the Company assesses the feasibility of a heap leach operation as a low-cost, scalable option for generating early cashflow from existing gold resources. Assay results have now been received for all RC drilling completed up to the end of 2019 with further high-grade gold intersections being reported (Table 2). 27 of the 30 RC holes drilled intersected gold mineralisation above the anticipated 0.5 g/t Au mining cut-off grade, demonstrating good geological continuity and increasing the Company’s confidence in the Mineral Resource model. Importantly a number of holes intersected mineralisation outside of the proposed pit shell, including 3m at 8.54 g/t Au from 34m in FHRC0145 positioned approximately 100m to the northern boundary of the current Mineral Resource (Table 1) providing further opportunity for an increase in the mineralised envelope | |
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