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PNX Metals commences gold drilling at Fountain Head

Any discoveries made can complement the development of the Hayes Creek Project.

PNX Project map
Hayes Creek is the subject of a definitive feasibility study

PNX Metals Ltd (ASX:PNX) has commenced drilling activities at the recently acquired Fountain Head mineral leases nearby to the Hayes Creek Project in the Northern Territory.

Drilling will test high-grade gold targets over a 2-kilometre strike extent and will follow-up historical intersections including 15.2 metres at 59.88 g/t gold from 139 metres.

Any gold mineralisation defined at Fountain Head may complement the proposed development of the Hayes Creek zinc-gold-silver project.

Drill assay results expected to be released from early July.

READ: PNX Metals about to drill gold and base metal targets near Hayes Creek development project

PNX’s managing director James Fox said: “Following up these high-grade gold intersections has been a priority for PNX and now that the Fountain Head acquisition has been finalised we are very pleased to have commenced drilling.

“This drill program is aimed at testing the potential for significant economic gold mineralisation where the Fountain Head lodes are interpreted to represent the near-surface expression of a much larger and previously overlooked gold system.

“We look forward to receiving assay results from early July”

Program to comprise 27 holes

Drilling will initially comprise of 27 reverse circulation (RC) and diamond holes for 2,700 metres and will be completed within two months.

In addition to drilling at Fountain Head, PNX has identified a pipeline of additional prospects within its NT exploration tenure.

It is obtaining the required approvals to drill a further six gold and base metals exploration targets at the Burnside and Moline projects during 2018.

The aim of the proposed regional exploration program is to identify additional economic mineralisation with the potential to complement and enhance the Hayes Creek development project.

Quick facts: PNX Metals Ltd

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PNX Metals drilling prospects near Hayes Creek Project as DFS continues

PNX Metals Ltd (ASX:PNX) managing director and CEO James Fox speaks to Proactive Investors about the multi-commodity exploration and development company's Northern Territory operations. The company is focused on the development of its flagship Hayes Creek zinc-gold-silver project, and...

on 26/6/18

2 min read