PNX Metals begins drilling Glencoe to firm up more gold ounces for Fountain Head operation
PNX Metals希望，Glencoe的黄金库存将用于附近Fountain Head项目的黄金业务。
PNX Metals (ASX: PNX) has begun drilling at the recently acquired Glencoe gold deposit, which is just 3km north of its flagship Fountain Head project in the Northern Territory’s Pine Creek region.
The company is undertaking a 2,000m reverse circulation program at Glencoe, with about a third of the campaign design to test for extensions to near-surface gold anomalies, while the remainder will be used to increase confidence in the existing resource.
Glencoe has an inferred resource of 2.1 million tonnes at 1.2 grams per tonne gold for 79,000 ounces.
“Glencoe is a key component of PNX’s NT gold development strategy,” PNX managing director James Fox said.
“The current Glencoe mineral resource remains open in all directions and with further drilling success, has the potential to significantly enhance the project economics at the company’s proposed Fountain Head gold development,” he added.
PNX agreed to acquire Glencoe in April this year for $1.875 million from private company Ausgold Trading.
Mr Fox noted Glencoe lies on the same structural trend as Fountain Head.
Fountain Head gold project
Last month, PNX delivered a positive pre-feasibility study for Fountain Head and the nearby Hayes Creek project.
The projects are about 170km south of Darwin and have a combined mineral resource of 470,000oz of gold, 16.2Moz of silver and 177,000t of zinc, of which 68% is classified in the indicated category.
In the recent pre-feasibility study, it is estimated a capital outlay of $46 million would fund development which includes mining and processing at Fountain Head for five years, followed by gold-silver-zinc at Hayes Creek from year four.
Over a 10-year mine life, the study forecasts total undiscounted revenues of $975 million, with gold contributing 48% of the entire life of mine revenue, silver kicking in 27% and zinc 25%.
The study assumes commodity prices of US$1,733/oz gold, US$25/oz silver and US$1.31/lb zinc.
PNX has engaged Como Engineers to undertake detailed engineering and design work for the processing plant and infrastructure.
The aim is to deliver a design and construct proposal for the Fountain Head carbon-in-leach gold plant and will be completed before the end of the quarter.