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PNX Metals reveals high-grade lithium and lead-silver-gold in rock chips at Kilfoyle

The company's shares are trading 12.5% higher intra-day, at 0.9 cents.

Airborne geophysical survey to be flown this quarter

PNX Metals Ltd’s (ASX:PNX) initial field visit to the newly acquired Kilfoyle Project in the Northern Territory has confirmed high-grade lithium and lead-silver-gold in surface rock chip samples.

Significantly, numerous outcropping pegmatites were mapped over a broad area with up to 7.16% lithium oxide (White Rocks prospect) and 6.24% lithium oxide (Goosewing prospect) in surface sampling.

Furthermore, up to 1.92% lead, 115 g/t silver and 1.04 g/t gold were identified in surface sampling at the White Rocks prospect.

Prospective areas and zones of interest

PNX Managing Director James Fox said: “We are very encouraged by the results and information gathered during initial reconnaissance work at the Kilfoyle Project which provide strong justification for adding the project to our portfolio.

“The project is within a highly mineralised province of the NT, where historic mining has occurred.

“Surface sampling has confirmed the multi-commodity potential within the Kilfoyle leases including pegmatite hosted lithium-tantalum, VMS hosted base and precious metals and nickel-copper-cobalt in the Woolianna Gabbro.”

Kilfoyle is less than 80 kilometres to the west of PNX’s Hayes Creek Project

Fox added: “Our next steps at Kilfolye will include detailed surface mapping and systematic sampling followed by an aeromagnetic survey and drilling of key prospects once the aeromagnetic survey results have been interpreted.

“This work will commence this quarter.”

WATCH: PNX Metals drilling prospects near Hayes Creek Project as DFS continues

Quick facts: PNX Metals Ltd

Price: 0.006 AUD

Market: ASX
Market Cap: $14.61 m

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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