The holes were drilled to obtain samples for metallurgical flotation test work and other mine-related planning and design and have intersected some impressive massive sulphide sections.
IBDH061 intersected 85.22 metres at 11.87% zinc, 4.19 g/t gold, 309 g/t silver, 1.94% lead, 0.49% copper from 115.9 metres within the eastern lode.
IBDH063 intersected 48.07 metres at 5.67% zinc, 2.45 g/t gold and 90.6 g/t silver from 230.3 metres in the western lode.
Finally, IBDH062 intersected near-surface oxide gold and silver in its 21.42 metres at 1.98 g/t gold and 161 g/t silver.
The definitive feasibility study (DFS) remains on schedule, with final metallurgical flotation test work for offtake and marketing purposes now underway.
PNX’s managing director James Fox said: “We are very pleased to have commenced (locked-cycle) metallurgical test work on Iron Blow core.
“This is critical path work for the company at present as it supports marketing and offtake discussions and sets the final design parameters for the proposed process plant.
“We are also encouraged to see high-grade gold contained within predominantly oxide mineralisation at surface and the thick, massive sulphide intervals intersected by drilling are consistent with the geological model adding confidence to the Mineral Resource.
“The DFS is on schedule and continuing to demonstrate that Hayes Creek is a technically, environmentally and financially viable project.”
Metallurgy work underway
The Iron Blow (underground) and Mt Bonnie (open-cut) VMS deposits, along with the Fountain Head gold prospect collectively form the company’s Hayes Creek zinc-Gold-Silver project.
PNX is well-funded to continue the Hayes Creek development having recently completed a fully underwritten rights issue to raise $5.48 million before costs
This next phase of the metallurgy test work program that has now commenced is expected to take up to four months to complete.