Sign up Australia
Proactive Investors - Run By Investors For Investors

PNX Metals' high-grade hits at Moline draws synergies with Hayes Creek

Analysis highlights extensions to mineralisation over three main zones.
PNX Metals' high-grade hits at Moline draws synergies with Hayes Creek
PNX recently completed a successful capital raising to advance exploration

PNX Metals Ltd (ASX:PNX) has drilled high-grade gold from the Moline Project, which is located 65 kilometres to the east of the company's Hayes Creek zinc and precious metals project in the Pine Creek region of the Northern Territory.

The reverse circulation program covered 16 holes for 1609 metres.

Highlights included: 3 metres at 7.6g/t gold from 138 metres, below 7 metres at 11.9g/t gold, which shows high-grade gold mineralisation continuing at depth at the School prospect.

Across at the Swan prospect, drilling identified: 1 metre at 11.37g/t gold, 128g/t silver and 4.66% zinc from 45 metres, demonstrating potential for mineralisation complementary to Hayes Creek.

The historic mining area at Moline has strong synergies with the Hayes Creek, where PNX recently completed a Preliminary Feasibility Study (PFS) that confirms the strong potential to establish a low-cost, high margin zinc and precious metals mine.

READ NOW: PNX Metals study confirms high-value zinc mine

James Fox, managing director, commented:

"Our second exploration drill program at Moline was completed successfully and has continued to delineate high-grade gold and zinc sulphide mineralisation.

"Modelling of the datasets will be completed to assess the resource potential and identify new, open areas to drill.

"We are keen to further explore the base metal association at Moline due to the clear synergies with our nearby Hayes Creek Project."

Analysis

The occurrence of new gold and base metal sulphide mineralisation along the Moline and Tumbling Dice line of lode, including the newly discovered mineralisation at the Swan prospect, is particularly encouraging due to the similarities with PNX’s Hayes Creek Project.

Importantly, very little of the mineralisation discovered to date has been closed off at depth.

With the recently announced successful capital raising, PNX is well-funded to undertake an aggressive zinc and base metals exploration program at its Burnside and Moline Exploration Projects.

View full PNX profile View Profile

PNX Metals Ltd Timeline

Related Articles

oro-verde-banded-quartz-veins-757.jpg
February 15 2017
Find out more from Trevor Woolfe at Proactive's CEO Spotlight Sessions.
PNX-Metals-MD-James-Fox-presenting-Melb-Aug-2016.JPG
February 24 2017
James Fox outlined upcoming news flow including a pending resource upgrade.
AuKing Mining: Access latest PPT from Proactive's CEO Sessions
June 19 2017
Paul Williams talked gold-silver potential of Mexico with investors.

© Proactive Investors 2017

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use