PNX Metals (ASX:PNX) has reported very high-grade assay results of up to 186.6g/t gold from rock chip sampling at its C6 gold prospect, part of the Burnside Northern Leases in the Pine Creek region of Australia’s Northern Territory.
Highlights:
- Rock chip surface samples from PNX’s new, untested C6 gold prospect, return very high-grade gold assays, including 123.1g/t in C6N23AB076, 143.4g/t in C6N23AB077, 141.1g/t and a peak value of 186.6g/t in C6N23AB078, 160.5g/t in C6N23AB083, and 119.1g/t in C6N23AB084.
- The C6 gold prospect is one of many high-priority but underexplored gold targets within kilometre-scale gold corridors identified across the northern part of PNX’s Burnside exploration project.
- Large geochemical anomalism, field mapping and high-grade surface rock chips support strong discovery potential; follow-up trenching and drill testing is planned.
- PNX aims to discover and delineate additional ‘stand-alone’ gold deposits that can be processed through its proposed and EIS-approved Fountain Head Plant to be located approximately 25 km SE of C6.
The Northern Leases host multiple kilometre-scale gold targets with the potential for economically significant gold mineralization along the same structural corridor as Cosmo Howley (where modern mining has produced over one million ounces of gold) and numerous other gold deposits.
Twenty-two rock-chip samples were collected from quartz-gossan units that sporadically outcrop over an area of 140m by 50m along the northern extension of the C6 anomaly, providing new information about the host material and confirming the potential of the prospect.
Of the 22 samples, all returned elevated gold and 15 returned assays greater than 1.0g/t gold including five samples over 100g/t gold with a peak value of 186.6g/t gold. Significantly, no drilling has been undertaken in the immediate vicinity of these new high-grade surface samples.
The C6 prospect is located approximately 25km from PNX’s Fountain Head and Hayes Creek zinc, gold, silver development Projects where Environmental approvals were recently granted for gold mining and processing at Fountain Head.
“These impressive gold assays from surface samples taken in a new, essentially untested area, strongly support our view that C6 has the potential for economically significant gold mineralization,” Managing Director, James Fox, said.
“The C6 corridor is characterized by an intense gold-in-soil anomaly with multiple >1.0 g/t gold soil values (maximum of 3.46g/t) over a 1.2km extent. The high-grade quartz-gossan gold samples were taken from the northernmost section of the anomaly which remains open in all directions. There has been no drilling in the immediate vicinity.
“These assay results and field observations significantly upgrade the prospectivity of the C6 corridor and warrant an accelerated exploration program.
“Further mapping and sampling programmes will start immediately, with costeans and Air Core drilling to commence from late June to trace the near-surface extent and orientation of the mineralization prior to RC drilling.”
For further information please visit: https://pnxmetals.com.au/
