PNX Metals Ltd (ASX:PNX) has intersected gold mineralisation outside of the existing resource area during drilling at the Glencoe deposit in the Northern Territory, extending the strike of the Central mineral lode.
The reverse circulation (RC) program comprising 18 drill holes for a total of 1,740 metres showed continuity to the east of the Central Zone by about 200 metres, and extended the previously reported surface gold-bearing quartz veins deeper and to the south.
Some of the notable results include:
- GLRC056 4 metres at 1.52 g/t gold from 50 metres, and 2 metres at 2.50 g/t gold from 86 metres;
- GLRC063 2 metres at 2.81 g/t gold from 28 metres;
- GLRC065 4 metres at 2.35 g/t gold from 13 metres and 4 metres at 1.29 g/t gold from 87 metres; and
- GLRC054 8 metres at 1.52 g/t gold from 75 metres, including 3 metres at 2.92 g/t gold from 78 metres.
Glencoe November 2022 RC drilling, with interpreted faults shown as dashed lines.
Extending mineralisation
“The gold results from our recent RC drilling, in conjunction with interpretation of the recent drone magnetic survey, provide confidence that further gold mineralisation exists outside of the defined mineral resource shell at Glencoe,” PNX managing director James Fox said.
“The successful drilling of gold-bearing quartz veins trending north-south supports the larger-scale interpretation of a mineralised corridor extending between Glencoe and Fountain Head. We look forward to testing these targets as soon as possible.”
Location of Glencoe in relation to Fountain Head.
Forward plan
Glencoe is on a granted mineral lease about 170 kilometres south of Darwin, and 3 kilometres north of PNX’s Fountain Head Gold Project development in the Pine Creek region of the Northern Territory.
It currently hosts a JORC-compliant mineral resource estimate of 2.1 million tonnes at 1.2 g/t gold for 79,000 ounces gold, 77.4% of which is in the measured and indicated categories.
The area between Glencoe and Fountain Head, 3 kilometres to the south, is highly prospective for new gold mineralisation, the company said.
It plans to use Rotary Air Blast drilling in April to obtain broad-spaced geochemical information which can then be used to target new zones of interest.
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