PNX Metals (ASX:PNX) has identified high-grade gold targets across its northern exploration leases in Australia’s Northern Territory, with high-grade rock chip sampling returning grades of up to 25g/t gold.
Highlights:
- Multiple high-priority gold targets within kilometre-scale gold corridors identified across the northern leases of the Burnside Project.
- High-grade gold returned from recent rock chip sampling, including 24.3g/t in BCS22AB219 and 25.0g/t in BCS22AB217.
- Large geochemical anomalism, field mapping and high-grade surface rock chip samples support strong discovery potential for new gold deposits.
- Targets located within favourable structural setting adjacent to existing gold deposits with limited, though positive historic drill results.
Multiple targets, with the potential to host economically significant gold mineralization, have been identified within prospective kilometre-scale gold corridors.
These areas are located, along with PNX’s Fountain Head and Hayes Creek zinc, gold, silver Projects, in the Pine Creek region of the Northern Territory, approximately 170km from Darwin.
During reconnaissance of these areas in late 2022, PNX collected a total of 114 rock chip samples from outcrop returning numerous high-grade gold values.
The results highlight two north-south corridors (Brumby and C6) with very strong surface and historic drilling gold results that have been prioritised for follow-up.
High-grade gold was returned from numerous rock-chip samples and historic RC drilling in these corridors.
“The high-grade gold in rock-chips being reported, and assessment of historic data, highlight the potential for further discovery of economically significant gold mineralisation within our existing exploration leases,” Managing Director, James Fox, said.
“Away from the known deposits, historic mines and prospects, minimal exploration has taken place. We look forward to drill testing these prospective ‘gold’ corridors early in 2023, after the NT wet season, and continuing to define other targets in our Pine Creek land package.”
Proposed follow-up
The above data highlight two large-scale north-south corridors (Brumby and C6) with very strong surface and historic drilling gold results. Both corridors are associated with anticline hinges and high-grade gold results extend for more than a kilometre at each target.
Regional aeromagnetic data suggest the anticline hinges extend and remain open to the north and south, though defining a surface gold anomaly remains challenging due to a lack of outcrop. There is also strong evidence for additional, untested parallel gold corridors along other interpreted anticline hinges.
Continued exploration is planned at the Brumby and C6 corridors in early 2023 via:
• Wide-spaced traverses of aircore drilling across the corridors; north, south and within the already defined gold anomalies. The aim is to find where the gold-bearing quartz veins concentrate. This is expected to commence as soon as access can be obtained after the NT wet season, from April 2023.
• 3D modelling of historic drill holes with surface field data to build prospect-scale geological models. Further field mapping and sampling is required.
Beyond the two high-priority corridors, PNX will continue exploring the remainder of its northern leases by compiling and digitising further historic exploration reports and integrating this information with field mapping and targeted sampling of high-priority areas. This is expected to continue through the wet season depending on access.
For further information please visit: https://pnxmetals.com.au/
