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PNX Metals returns to Fountain Head with resource growth in mind

Drilling will be searching for a much larger and previously overlooked near-surface gold system.

PNX Metals Ltd - PNX Metals returns to Fountain Head with resource growth in mind
Drilling will take around three weeks with assays due from late September

PNX Metals Ltd (ASX:PNX) has planned a 2,000-metre follow-up reverse circulation (RC) drill program at its 100% owned Fountain Head Gold Project in the Northern Territory.

Fountain Head is part of the greater Hayes Creek Project.

The upcoming drill program will follow the recently released maiden JORC resource at the project of 2.58 million tonnes grading 1.7 g/t gold for 138,000 ounces of gold.

Drilling will test areas of unbounded mineralisation beyond the current resource envelope and potential higher-grade zones within the resource estimate.

Once this phase of drilling is complete, further drilling is planned to target extensions to any new mineralised zones at depth and to increase the density of drill data along the 1.6-kilometre strike.

PNX’s managing director James Fox said: “We are excited to recommence drilling at the Fountain Head Gold Project where the defined gold lodes are interpreted to represent the possible near-surface expression of a much larger and previously overlooked gold system.

“Mineralisation extends over 1.6km at surface and remains open at depth along the strike extent.

“The recent completion of a new gold Mineral Resource at Fountain Head is an important development for the company and has led to a much better understanding of the geology and controls over the gold mineralisation in the area.

“Continued exploration success, enhanced by this understanding, will likely add significant value to the Hayes Creek Project and improve the already robust case for its development.”

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