PNX Metals Limited (ASX: PNX) has received high-grade gold assay results from surface rock chip samples collected during follow-up work at its C6 gold prospect, part of the company’s Burnside Northern Leases in the Pine Creek region of the NT, approximately 170km from Darwin.
The Northern Leases host multiple km-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 1Moz of gold, and numerous other gold deposits.
22 rock chip samples were collected from quartz-gossan units that 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.
PNX managing director, James Fox, said, “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.”
“These assay results and field observations significantly upgrade the prospectivity of the C6 corridor and warrant an accelerated exploration programme.”
Of the 22 samples, all returned elevated gold and 15 returned assays greater than 1g/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.
These new high-grade gold results significantly upgrade the prospectivity of the C6 corridor and warrant an accelerated exploration programme. The next steps will be expansion of surface sampling and mapping, costeans (trenches) to better evaluate the extent and geometry of gold mineralization, and Air Core drilling at Fountain Head.
“We look forward to reporting further information, including gold assay results from the drilling at Glencoe south.” said Mr. Fox.
To find out more, please visit www.pnxmetals.com.au
