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PNX Metals (ASX:PNX) - Managing Director, James Fox (centre)
Managing Director, James Fox (centre)
Source: PNX Metals
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  • PNX Metals (PNX) intersects gold mineralisation at the Fountain Head Gold Project in the Northern Territory
  • Managing Director, James Fox, says he’s pleased with the drilling program which has returned grades of up to 8.54g/t gold and 23.72g/t gold
  • Since drilling at Fountain Head wrapped up, PNX drilled 10 holes at the nearby Glencoe deposit to test for extensions to near-surface gold anomalism
  • Assays are pending and further drilling is planned in the next two or three weeks
  • Company shares are up 6.67 per cent to trade at 0.8 cents

PNX Metals (PNX) has received results from reverse circulation (RC) drilling at the Fountain Head Gold Project in the Northern Territory.

The drilling program aimed to identify near-surface mineralisation to potentially add to the existing mine plan. It also tested whether there’s any significant mineralisation in the same area as proposed waste stockpiles and other planned infrastructure.

PNX successfully intersected multiple zones of gold mineralisation that remain open across multiple target areas.

Best results include three metres at 8.54 grams of gold per tonne (g/t) from 34 metres including one metre at 23.72g/t gold from 34 metres, and three metres at 4.13g/t gold from 16 metres.

Managing Director, James Fox, was pleased with the latest results.

“These drill results at the Fountain Head highlight the potential for economic gold mineralisation outside the currently defined mineral resource estimate.”

Fountain Head has an existing mineral resource of 2.94 million tonnes at 1.7g/t gold for 156,000 ounces.

Since completing RC drilling at Fountain Head, the rig has moved to PNX’s Glencoe gold deposit which is located just three kilometres north.

The company drilled 10 holes to test for immediate extensions where near-surface gold anomalism highlights along strike potential. Assays are pending and further drilling is planned in the next two or three weeks.

Company shares were up 6.67 per cent to trade at 0.8 cents at market close.

PNX by the numbers
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