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.
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."
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.