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PNX Metals Ltd.
Summary
| Project: | Hayes Creek | |
|---|---|---|
| Deposit: | Mount Bonnie | |
| Location: | Australia | |
| Commodities: | Zinc-Gold-Silver-Copper-Lead | |
| Date: | 10/6/2016 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Pre-Feasibility Study | |
| Report details: | 6-10-2016: PNX Metals Ltd. announces an Exploration/Drilling Update report for its Mount Bonnie deposit at the Hayes Creek project. Drill results incl. 22m @ 2.33g/t Au, 143.2g/t Ag, 7.42% Zn, 1.24% Pb, 0.34% Cu. PNX Metals Limited (ASX: PNX) is pleased t | |
| 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 4 of 27 reverse circulation (RC) and diamond holes drilled as part of an infill and extensional drill program at the Mt Bonnie VMS deposit (Figure 1). Mt Bonnie forms part of the Hayes Creek gold-silver-zinc project in the Pine Creek region of the Northern Territory. The assay results received to date (Table 1) are from the infill portion of the drill program. Near-surface sulphide mineralisation has been intercepted directly below the historical open pit as predicted by the geological model. Overall, metal grades and widths of mineralisation are excellent. In particular, MBRC040 (Figure 2), which reflects the area most likely to be mined early in the mining schedule, intersected a broad mineralised interval (as noted above in the headline) that included a zone where gold grades are considerably higher than previously encountered in the sulphide resource. Assay data from the remaining 23 holes, including those targeting extensional mineralisation outside of the open pit shell modelled in PNX’s Scoping Study (see ASX release 31 March 2016), are due within the next few weeks. Further interpretation of the results and their effect on the Mt Bonnie Mineral Resource (see ASX release 1 February 2016) will occur once the assays from all 27 holes have been received. An updated mineral resource estimate is expected by the end of the year which will be a key component of the fully funded Hayes Creek PreFeasibility Study (PFS) due for completion by May 2017. | |
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