Total
0
Shares
PNX Metals (ASX:PNX) - Managing Director, James Fox
Managing Director, James Fox
Sourced: Proactive Investors
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • PNX Metals (PNX) has identified visible gold at its Fountain Head Gold Project which is part of the larger Hayes Creek Project in the Northern Territory
  • In March, two diamond holes were completed to provide information regarding a proposed open-pit mining operation
  • The first hole was completed at the Tally Ho lode and intersected multiple occurrences of gold mineralisation between 145 and 180 metres
  • This gold shows that the Tally Ho lode remains open at both length and depth
  • PNX has ended the day up a staggering 40 per cent with shares trading for 0.7 cents each

PNX Metals (PNX) has identified visible gold at its Fountain Head Gold Project in the Northern Territory.

Fountain Head is part of PNX’s larger Hayes Creek Project which is located 170 kilometres south of Darwin.

Hayes Creek produces around 18,200 tonnes of zinc, 14,700 ounces of gold, and 1.4 million ounces of silver per year.

In March, two diamond holes were completed to provide information regarding a proposed open-pit mining operation.

Visible gold intersected in hole FHDD181
Sourced: PNX Metals

The first hole, FHDD181, was completed at the Tally Ho lode and intersected multiple occurrences of gold mineralisation in the quartz veining at a depth between 145 and 180 metres.

This occurrence of gold suggests that the Tally Ho lode remains open along strike and at depth.

It also suggests that many of the other quartz veins at the lode have the potential to host significant gold mineralisation.

“The drilling we are undertaking at Fountain Head continues to deliver significant results, which will help strengthen the case for the development of a heap leach operation as a source of early cashflow for the company,” Managing Director James Fox commented.

“The presence of visible gold in the first diamond hole we have drilled at Tally Ho is particularly pleasing and supports our positive view on the potential of the area to continue to deliver gold ounces into the project,” he added.

PNX is now working on an updated mineral resource which is due to be released in May.

PNX has ended the day up a staggering 40 per cent with shares trading for 0.7 cents each in a $12.71 million market cap.

PNX by the numbers
More From The Market Herald

" Red River Resources (ASX:RVR) commences drilling program at Thalanga

Red River Resources (RVR) has commenced a drilling program targeting gold areas near its Thalanga Operations in northern Queensland.
Venus Metals (ASX:VMC) - Managing Director, Matthew Hogan

" Venus Metals (ASX:VMC) intersects encouraging mineralisation at Vidure

Venus Metals (VMC) has intersected encouraging copper-nickel-platinum group element (PGE) mineralisation at the Vidure Prospect.

" Whitehaven Coal (ASX:WHC) uses record prices to pay down debt

Whitehaven Coal (WHC) will use the uplift

" Alderan Resources (ASX:AL8) commences drilling at Detroit

Alderan Resources (AL8) has commenced drilling at its Detroit copper gold project, located in the US state of Utah.