PNX Metals Ltd (ASX:PNX) has identified a new gold target zone about 1.2 kilometres wide during a detailed drone-based magnetic survey over its 1,500-square-kilometre tenement package in the Pine Creek region of the Northern Territory.
The 1,238 line-kilometre drone magnetic survey flown by SensorEM covered PNX’s 100%-owned Hayes Creek zinc-gold-silver and Fountain Head and Glencoe gold projects.
PNX managing director James Fox said: “The detailed drone-mag geophysical survey flown over the Fountain Head/Glencoe gold projects has highlighted new targets within the same prospective stratigraphy that hosts the nearby 1.2-million-ounce Cosmo Howley gold mine.
“The Hayes Creek Zinc-Gold-Silver Project survey has also generated much higher resolution images with several discrete magnetic responses similar to the known VMS deposits at PNX’s Mount Bonnie and Iron Blow deposits, and these magnetic responses warrant further on-ground investigation.”
The survey was co-funded by Grants NT Geophysics and Drilling Collaborations program and is part of the Northern Territory Government’s ‘Resourcing the Territory’ initiative.
New magnetic imagery over Glencoe & Fountain Head gold, and Mt Bonnie & Iron Blow zinc-gold-silver deposits.
Fountain Head/Glencoe flight
The new, much higher resolution magnetic images show folds sub-parallel to the known anticlines at Fountain Head and Glencoe, which are a common structural control to gold mineralisation in the Pine Creek area.
North-south trending faults are most intense in a 1.5-kilometre-wide corridor between Glencoe and Fountain Head and are sub-parallel to the Tally Ho gold lodes at Fountain Head and gold-bearing quartz veins at Glencoe.
Surface rock chip samples at the Glencoe gold deposit identified new gold-bearing quartz veins oblique to the main gold lodes, with assays including:
- 33.1 g/t gold in GLFS035c;
- 15.5 g/t gold in GLFS043;
- 35.8 g/t gold in GLFS046a, and
- 15.9 g/t gold in GLFS046c.
To that end, the company will undertake shallow RAB drilling within the north-south structural corridor between Glencoe and Fountain Head to obtain broad-spaced geochemical information relating to the bedrock situated under transported cover.
Laboratory assays from recent reverse circulation drilling testing three target areas at Glencoe, including 10 holes positioned to test north-south trending quartz veins consistent with the lineaments defined in the drone magnetics are pending.
Drone-magnetic survey at Fountain Head.
Hayes Creek flight
Meanwhile, at Hayes Creek, the drone magnetic survey shows much greater detail than previous surveys and has permitted confident delineation of the folded and faulted magnetic stratigraphy where it is covered by transported sediments.
New discrete magnetic highs with similar responses to the Mt Bonnie VMS deposit are discernible in the images.
The additional detail in the western part of the survey area shows that the Priscilla gold trend is displaced along a northwest-trending fault. Similar faults can also be seen elsewhere, which means these are new target areas.
The new discrete magnetic highs with VMS potential will be field-checked, and shallow RAB or aircore drilling proposed to test any coincident drone-magnetic and geochemical targets.
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