The company has received results from a further three reverse circulation (RC) holes targeting near-surface gold mineralisation outside historical mining areas at Fountain Head.
They have returned up to 1 metre at 10.86 g/t gold from 29 metres while another 6-metre intersection from 2 metres assayed 2.05 g/t.
These add to previous results including 3 metres at 11.09 g/t from 93 metres and 1 metre at 28.00 g/t from 83 metres.
PNX managing director James Fox said: “We are very excited to see high-grade and near-surface gold results continue along the Fountain Head anticline.
“These latest results demonstrate that mineralisation extends at least 600 metres away from the historic mining areas and remains open to the northwest.
“There is no doubt that this gold system, of which we have only just scratched the surface, has the potential to be significant in size and scale.”
Fountain Head is the first target in an extensive regional exploration program aimed at identifying additional high-value mineralisation to complement Hayes Creek.
There have been 31 RC holes for 2,610 metres completed along the anticline and assays have been received from 14 holes, with 10 containing significant gold intercepts.
Mineralisation remains open to the northwest and at depth, indicating the potential for further mineralised extensions over at least a 1-kilometre strike extent.
Assays from the remaining 17 holes are expected in the coming weeks along with assays from drilling adjacent to the existing mining areas.
Diamond drilling to start
PNX also expects to start diamond drilling shortly targeting the potential down-plunge extension of high-grade gold mineralisation.
Fox said: “We look forward to commencing the diamond drilling component of the program next week to test under the historic Fountain Head and Tally Ho open-pits.”
The company is awaiting approvals to drill up to a further six gold and base metals exploration targets at the Burnside and Moline projects.
It hopes to carry out this work during 2018.