PNX Metals Limited (ASX: PNX) has kicked off a reverse circulation (RC) drill programme of up to 2,000 m at its 100%-owned Glencoe gold deposit in Australia’s Northern Territory.
Glencoe hosts a Mineral Resource Estimate (MRE) of 2.1Mt @ 1.2 g/t Au for 79,000 oz Au (77.4% Measured and Indicated Categories) reported in accordance with the 2012 JORC Code.
The project is located on a granted Mineral Lease approximately 170 km south of Darwin, and three km north of PNX’s Fountain Head Gold Project in the Pine Creek region of the Northern Territory.
The current Glencoe drill programme is designed to test three targets (Targets 1, 3 and 4) exploring for:
• mineralised extensions where near-surface gold anomalism highlights along-strike potential, and
• gold-bearing quartz veins oblique to the main gold lodes identified by surface rock chip samples:
o 33.1 g/t Au in GLFS035c, o 15.5 g/t Au in GLFS043, o 35.8 g/t Au in GLFS046a, o 15.9 g/t Au in GLFS046c.
“Glencoe is a key component of PNX’s NT gold development strategy. The current Glencoe Mineral Resource remains open in all directions and with further drilling success, has the potential to significantly enhance project economics at the company’s proposed Fountain Head Gold development,” Managing Director James Fox said.
Development Opportunity
Glencoe is a key component of PNX’s integrated gold, silver and zinc development strategy, which is proposing to mine and process ore from five 100%-owned discrete deposits (Fountain Head, Glencoe and the recently acquired Mt Porter gold deposits as well as the Mt Bonnie and Iron Blow zinc-gold-silver deposits), located on granted MLs in the Pine Creek region of the Northern Territory. As outlined below, PNX’s Global Mineral Resources now contain a total metal inventory of:
• 520,900 oz gold, 16.2 M oz silver, 177 kt zinc, 37 kt lead and 10 kt copper
A Pre-feasibility Study (excluding Mt Porter) was released in mid-2021 detailing the proposed development strategy.
The company has received updated Project capital and operating costs from its Engineering Partner, Como Engineers, using a simplified flowsheet. These updated costs have partly offset cost inflation being experienced during construction for projects globally and will now be used to update the Project financial model and for ongoing discussions with prospective financiers.
The NT EPA published PNX’s Fountain Head Supplement to the Environmental Impact Statement (EIS) on August 2, 2022. An Assessment Report is to be prepared and provided to the Minister for Environment to consider, expected to be towards the end of CY 2022.
PNX’s Global Mineral Resources now contain a total metal inventory of:
• 520,900 oz gold, 16.2 M oz silver, 177 kt zinc, 37 kt lead and 10 kt copper
For further information please visit: https://pnxmetals.com.au/
