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PNX Metals drills gold extensions at Fountain Head

Fountain Head is only 15 kilometres from the flagship Hayes Creek Project.
Isometric view of mineralisation at Fountain Head
Resources at Fountain Head could improve project economics for Hayes Creek

PNX Metals Ltd (ASX:PNX) has received high-grade gold assays from diamond drilling at the Fountain Head Project in the Northern Territory.

Drilling was testing extensions to vein systems associated with the Fountain Head and Tally Ho gold lodes.

These latest assay results indicate that high-grade gold mineralisation exists along strike and down dip of the known mineralised structures at both lodes.

Highlights include 6.67 metres at 11.35 g/t gold from 201.15 metres including 0.85 metres at 84.9 g/t gold.

Importantly mineralisation exists outside of the known zones that had been modelled prior to drilling and below historical mining which was limited to 60 metres below surface.

READ: PNX Metals earns 90% interest in two projects near Hayes Creek containing high-value targets

PNX’s managing director James Fox said: “We are very excited to have identified high-grade gold mineralisation that extends the strike of the Tally Ho lode at Fountain Head down-plunge by at least a further 100 metres, in addition to identifying numerous open areas for follow-up drilling next drill season”.

“This gold system is no doubt significant in scale as it extends over 1.6 kilometres at surface and remains open at depth all along the strike extent. We are confident that with continued exploration success, Fountain Head can add significant value to the Hayes Creek Project and improve the already robust case for its development.”

Adding resources to the Hayes Creek project

Exploration at Fountain Head aims to define additional resources to incorporate into PNX’s flagship Hayes Creek zinc-Gold-Silver Project.

The Fountain Head Mineral Leases are located less than 15 kilometres from Hayes Creek.

As well as containing a number of high-grade gold prospects, they also provide an ideal site for the proposed Hayes Creek processing plant.

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