- PNX Metals (PNX) gets high-grade results from rock chip sampling at the Glencoe deposit in the Northern Territory
- Sample results include grades of up to 6.02 grams of gold per tonne (g/t) within a newly defined zone to the east which is believed to extend for more than one kilometre
- PNX says the results support its view that the Glencoe deposit extends far beyond the limits of historical drilling
- Next month, PNX will conduct 2000 metres of drilling to test the eastern extensions and to upgrade a portion of the current Glencoe resource estimate
- Company shares ended the day trading steady at 0.7 cents
PNX Metals (PNX) has received assays from samples taken from the Glencoe deposit which is close to the Fountain Head Gold Project in the Northern Territory.
The company conducted geological mapping at the deposit and surrounding area. It collected 54 rock chip samples from up to 400 metres east of the Glencoe deposit and 200 metres east from recently completed reverse circulation (RC) drilling.
The samples returned values of 6.02 grams of gold per tonne (g/t), 4.04g/t and 3.05g/t gold from within the newly defined eastern zone. The Eastern Zone extensional area is believed to lie within a shear zone which extends for more than one kilometre to the southeast of the Glencoe gold deposit.
The Eastern Zone is largely unexplored beyond limited shallow historical drilling. As a result, this presents a new exploration opportunity for the near term.
PNX also completed mapping and sampling within the historical open pits. Results include 9.52g/t and 11.06g/t gold, and have helped to strengthen the company’s geological understanding of the area.
PNX Managing Director James Fox is pleased with the results.
“These new high-grade results support our view that the Glencoe gold deposit extends well beyond the limits of historical drilling,” he said.
“The focus of our ongoing work at Glencoe will be to test the significant of the eastern extension as well as upgrading a portion of the existing mineral resource estimate to the indicated category.”
The Glencoe gold deposit currently has an inferred mineral resource of 2.1 million tonnes at 1.2g/t gold for 79,000 ounces.
Looking ahead, PNX Metals plans to conduct a further 2000 metres of RC drilling next month. This program will test the eastern extensions and will aim to upgrade a portion of the current Glencoe resource estimate.
Company shares ended the day trading steady at 0.7 cents.