- PNX Metals (PNX) begins reverse circulation (RC) drilling at the Glencoe gold deposit in the Northern Territory
- Up to 2000 metres of drilling will be completed to test for strike extensions to the mineralisation and increase the geological confidence
- This will be PNX’s first drill program undertaken at Glencoe since acquiring it in March from Ausgold Trading for $1.875 million
- Work is expected to take three to four weeks to complete with results due from mid-August
- Shares in PNX are up 5.56 per cent on the market and are trading at one cent at 1:42 pm AEST
PNX Metals (PNX) has begun reverse circulation (RC) drilling at the Glencoe gold deposit in the Northern Territory.
Glencoe lies roughly 170 kilometres south of Darwin and three kilometres north of PNX’s Fountain Head Gold Project.
Up to 2000 metres of RC drilling will be undertaken with around one-third planned to test for immediate extensions where gold anomalism highlights along-strike potential.
The remaining two-thirds will be drilled within the mineral resource boundary to increase geological confidence.
This RC drilling will be PNX’s first drill program undertaken at Glencoe since acquiring it in March.
The deposit was acquired from Ausgold Trading for $1.875 million with $500,000 already paid.
A further $675,000 is due once the agreement has been executed and the remaining to be paid by December 31, 2021.
Work is expected to take three to four weeks to complete with results due from mid-August.
This drilling program is expected to improve the geological confidence of Glencoe and add data to future mineral resource estimate updates.
Managing Director James Fox is ready to begin drilling.
“Glencoe is a key component of PNX’s Northern Territory gold development strategy,” Mr Fox said.
“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.”
Shares in PNX were up 5.56 per cent on the market and trading at one cent at 1:42 pm AEST.