Drilling at Fountain Head gold project highlights new areas of open mineralisation for PNX Metals

PNX Metals ASX drilling gold Fountain Head project open mineralisation Northern Territory
Drilling at the largely untested North-West Breccia target returned 3m at 8.54g/t gold, including 1m at 23.72g/t gold.

Exploration drilling at PNX Metals’ (ASX: PNX) Fountain Head gold project in the Northern Territory has highlighted new areas of open mineralisation outside the current mineral resource envelope.

Drilling aimed to identify areas of near-surface mineralisation with the potential to augment the project’s existing mine plan, and also to test for significant mineralisation in the vicinity of proposed waste stockpiles and other infrastructure.

Assays from the largely untested North-West Breccia area on the northern limb of the Fountain Head anticline returned high-grade results of 3m at 8.54 grams per tonne gold from 34m including 1m at 23.72g/t from 34m; 2m at 3.56g/t gold from surface; 3m at 4.13g/t from 16m; and 3m at 1.83g/t from 116m.

The gold mineralisation is believed to extend over a considerable strike length with the central zone hosting the Fountain Head mineral resource of 2.94 million tonnes at 1.7g/t for 156,000 ounces of gold.

Economic discoveries

Managing director James Fox said the results highlight the potential for further economic discoveries.

“We will continue to assess targeted exploration with a view to further enhancing the existing mine plan,” he said.

“Further work has been planned including a more detailed structural study to assist us in the vectoring of more significant lode extensions or offset shoots.”

Glencoe drilling

Since completing the Fountain Head drilling campaign, PNX’s rig was moved north to the wholly-owned Glencoe gold deposit to test for immediate extensions where near-surface gold anomalism has highlighted along-strike potential.

Drilling also aimed to increase geological confidence within the boundary of the existing Glencoe inferred resource estimate of 2.1 Mt at 1.2g/t gold for 79,000oz.

The resource remains open in all directions, extends from surface to 120m vertical depth and comprises a number of discrete lodes over a strike length greater than 1.5km.

Ten holes were drilled at Glencoe with assays pending.

Further testing

Further drill testing has been deferred to allow for maintenance and drilling of third-party exploration targets and is expected to recommence shortly.

Mr Fox said Glencoe remains a key component of PNX’s gold development strategy in the Northern Territory.

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