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Gold and base metals explorer, PNX Metals Limited (ASX:PNX) has reported high-grade gold intercepts in latest drill assays from the Fountain Head Project in the Pine Creek region of the Northern Territory. The results indicate that high-grade gold mineralization exists along strike and down dip of the known mineralized structures at the Fountain Head and Tally-Ho lodes. The latest assay results have also confirmed the existence of mineralization outside of the known zones that had been modelled before the drilling.
As per PNX Managing Director Mr. James Fox, the company has identified high-grade gold mineralization that extends the strike of the Tally Ho lode at Fountain Head down-plunge by at least a further 100 meters, in addition to identifying numerous open areas for follow-up drilling next drill season. He informed the reported gold system has extended over 1.6 kilometers at the surface and remains open at depth all along the strike extent. The company believes that with continued exploration success, Fountain Head can add significant value to the Hayes Creek Project and improve the already robust case for its development.
The company is planning a detailed structural analysis to assess the grade continuity accurately and to locate potentially larger âtrap sitesâ for mineralization, and to help in resource estimation. This detailed structural analysis along with additional screen fire assays is expected to be completed before the commencement of new drilling during the 2019 dry season.
Notable drilling results from the recent program include:
- 67m at 11.35 g/t Au from 201.15m in FHRC077D (Tally Ho lode), including;
- 85m at 84.8 g/t Au from 201.15m.
- 1m at 6.64 g/t Au from 172.48m in FHDD092 (Tally Ho lode).
As per the companyâs announcement, the area of the mineralized envelope is significant as drilling has intersected gold mineralization from the southeastern corner of the existing historic open-pits to the Banner prospect which amounts to approximate 1.6 kilometers strike, and down to a vertical depth of around 250 meters. The primary objective of the exploration program of Fountain Head project is to locate additional economic mineralization which is having the potential to complement and enhance the Hayes Creek development through extending the life of the proposed mining operation. Recently, the company earned 90 percent interest in the Burnside and Chessman projects which are covering around 1,150 km2 in the Pine Creek region, from Newmarket Gold NT Holdings Pty Ltd.
In the last six months, the share price of PNX Metals decreased by 22.22 percent as on 17 December 2018. PNXâs shares last traded at $0.007 with a market capitalization of circa $10.65 million as on 20 December 2018 (AEST 4:00 Pm).
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