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PNX Metals Ltd.
Summary
| Project: | Hayes Creek | |
|---|---|---|
| Deposit: | Iron Blow | |
| Location: | Australia | |
| Commodities: | Zinc-Gold-Silver-Copper-Lead | |
| Date: | 11/28/2016 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Pre-Feasibility Study | |
| Report details: | 28-11-2016: PNX Metals Ltd. announces an Exploration/Drilling Update report for its Iron Blow deposit at the Hayes Creek project. Drilling results incl. 16m @ 4.80g/t Au, 256g/t Ag, 10.7% Zn, 2.42% Pb, 0.37% Cu from 138m. 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 assays from the first two diamond holes drilled as part of a planned 32 hole infill and extensional drill program at the Iron Blow VMS deposit (Figure 1). Iron Blow (along with Mt Bonnie) comprises the Hayes Creek gold-silver-zinc project in the Pine Creek region of the Northern Territory. Four diamond holes have so far been completed at Iron Blow for approximately 1,200m of the planned 3,500m diamond drill program designed to upgrade the confidence in the 2014 Mineral Resource estimate (see ASX release 3 Nov 2014). Drilling is continuing with three rigs on site including a Reverse Circulation (RC) rig to complete shallow resource drilling and pre-collaring. Assay results (Table 1) from the first holes IBDH039 and IBDH040 are from the infill portion of the program drilled on the same section towards the southern end of the deposit. PNX Managing Director James Fox said: “It is pleasing to see continuing thick zones of massive sulphide mineralisation with excellent zinc and gold grades being encountered at Iron Blow, especially as zinc prices have reached an 8½-year high and reflect strong fundamentals. With three drill rigs operating in parallel we aim to complete the predominantly infill program by late December. We look forward to updating the Mineral Resource Estimate next year and this will, along with an upgraded resource at Mt Bonnie, allow for completion of the Hayes Creek PFS by mid-2017. The gold exploration drill program at Moline has been completed with assay results due shortly, this has the potential to unlock significant value for PNX shareholders” | |
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