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PNX Metals Ltd.
Summary
| Project: | Hayes Creek | |
|---|---|---|
| Deposit: | Hayes Creek | |
| Location: | Australia | |
| Commodities: | Zinc-Gold-Silver-Copper-Lead | |
| Date: | 2/15/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 15-2-2018: PNX Metals Ltd. announces an Exploration/Drilling Update report for its Hayes Creek deposit at the Hayes Creek project. Drilling results incl. 4m @ 1.14g/t Au, 175.8g/t Ag, 6.14% Zn, 1.29% Pb, 0.11% Cu from 73m. PNX Metals Limited (ASX: PNX) is | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Andrew Bennett (Internal) | |
| ABSTRACT: | PNX Metals Limited (ASX: PNX) is pleased to advise that it has received all assay results from recent drilling at the high-grade Hayes Creek zinc-gold-silver Project1 (Figures 1 and 2). In addition to resource extension drilling at Mt Bonnie, the program was designed to provide geotechnical, resource, hydrological, and metallurgical information for incorporation in the Project’s Definitive Feasibility Study (DFS), due to be completed later in 2018. Drilling at Mt Bonnie intersected zinc, gold and silver mineralisation in 15 drill holes outside of the existing Mineral Resource envelope extending the known mineralisation by approximately 35 metres. Extensions to the massive sulphide zinc-rich mineralisation occur below the current pit design and both up and down-dip to the existing resource and include; PNX Managing Director James Fox said “The extensions to zinc-rich massive sulphide mineralisation below the existing pit design, and new mineralisation identified up-dip of the existing resource have the potential to improve the already strong Project economics by reducing the mine strip ratio, providing additional ore feed to the proposed process plant and therefore extending mine life.” “Furthermore, since the PFS was published in mid-2017, an ideal site to construct process and tailings management facilities has been acquired, debt has been eliminated and there has been considerable improvement in spot commodity prices. Current zinc spot prices of US$1.57/lb are +34% higher than the PFS average price used of US$1.17/lb. Forward price updates along with ongoing Project optimisation will be incorporated into the DFS due later in 2018.” | |
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