- 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.
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.