PNX Metals (ASX:PNX) - Managing Director, James Fox
Managing Director, James Fox
Sourced: Proactive Investors
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • PNX Metals (PNX) has identified visible gold at its Fountain Head Gold Project which is part of the larger Hayes Creek Project in the Northern Territory
  • In March, two diamond holes were completed to provide information regarding a proposed open-pit mining operation
  • The first hole was completed at the Tally Ho lode and intersected multiple occurrences of gold mineralisation between 145 and 180 metres
  • This gold shows that the Tally Ho lode remains open at both length and depth
  • PNX has ended the day up a staggering 40 per cent with shares trading for 0.7 cents each

PNX Metals (PNX) has identified visible gold at its Fountain Head Gold Project in the Northern Territory.

Fountain Head is part of PNX’s larger Hayes Creek Project which is located 170 kilometres south of Darwin.

Hayes Creek produces around 18,200 tonnes of zinc, 14,700 ounces of gold, and 1.4 million ounces of silver per year.

In March, two diamond holes were completed to provide information regarding a proposed open-pit mining operation.

Visible gold intersected in hole FHDD181
Sourced: PNX Metals

The first hole, FHDD181, was completed at the Tally Ho lode and intersected multiple occurrences of gold mineralisation in the quartz veining at a depth between 145 and 180 metres.

This occurrence of gold suggests that the Tally Ho lode remains open along strike and at depth.

It also suggests that many of the other quartz veins at the lode have the potential to host significant gold mineralisation.

“The drilling we are undertaking at Fountain Head continues to deliver significant results, which will help strengthen the case for the development of a heap leach operation as a source of early cashflow for the company,” Managing Director James Fox commented.

“The presence of visible gold in the first diamond hole we have drilled at Tally Ho is particularly pleasing and supports our positive view on the potential of the area to continue to deliver gold ounces into the project,” he added.

PNX is now working on an updated mineral resource which is due to be released in May.

PNX has ended the day up a staggering 40 per cent with shares trading for 0.7 cents each in a $12.71 million market cap.

PNX by the numbers
More From The Market Online

Winter drilling yields thick lithium for Loyal in Canada

Loyal Lithium has picked up multiple high-grade results close to the surface from three known spodumene…

High grade sniffs in Africa push Mako shares up 14%

Mako Gold Ltd (ASX: MKG) has seen its shares jump above 14 percent on news that it has discovered a high grade zone

Chariot ends quarter charged up on lithium find in Wyoming

Chariot Corporation has confirmed high grade spodumene at its flagship play Black Mountain in the USA…

BHP confirms £31.1B takeover bid for Anglo American

BHP HAS confirmed its offer to takeover fellow mining giant Anglo American plc, following press speculation…