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Hallmarks of 1.2Moz Cosmo mine between PNX’s Fountain Head and Glencoe gold deposits
Special Report: PNX Metals has potentially uncovered the same prospective rocks that host the nearby +1.2Moz Cosmo gold mine between … Read More
The…
PNX Metals has potentially uncovered the same prospective rocks that host the nearby +1.2Moz Cosmo gold mine between its Fountain Head and Glencoe deposits, demonstrating the significant untested gold and base metals potential of its 1,500sq.km exploration tenure in the Pine Creek region, NT.
A drone magnetic survey has identified new targets for follow-up, highlighting the significant untested gold and base metals prospectivity of PNX Metals’ (ASX:PNX) vast exploration tenure in the Pine Creek region of the Northern Territory.
“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 Moz Cosmo Howley gold mine,” managing director James Fox noted.
“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 flown over PNX’s wholly owned Hayes Creek zinc-gold-silver project as well as the Fountain Head and Glencoe gold projects.
Prospective gold-rich sheeted-quartz veins were identified over a 1.5km area that sits under cover between the Fountain Head and Glencoe deposits.
Recent surface rock chip samples at the Glencoe gold deposit identified new gold-bearing quartz veins oblique to the main gold lodes, returning grades of up to 35.8 grams per tonne gold.
PNX said that based on the known regional geology, the magnetic units were interpreted to be iron-rich horizons within the Koolpin Formation that hosts several nearby gold deposits, including Agnico Eagle’s Cosmo-Howley project and the company’s own Mount Porter and Golden Dyke deposits.
PNX revealed in late September that it was acquiring the Mt Porter deposit from Ausgold Trading, boosting its gold resource inventory to over 0.5Moz.
The increased gold resource is part of an already substantial war chest that also includes 16.2Moz of silver, 177,000 tonnes of zinc, 37,000 tonnes of lead and 10,000 tonnes of copper.
Highly prospective but underexplored
Unlike its state counterparts Western Australia, Queensland and New South Wales, the Northern Territory is not in the spotlight as much for its mineral potential despite actually being fertile for commodities such as lithium, manganese, gold, zinc, bauxite, uranium & rare earth elements.
The Territory has produced over 20 million ounces of gold primarily from the Pine Creek, Tennant Creek, and Tanami regions.
Demonstrating confidence in the Northern Territory’s gold potential, Agnico Eagle this year committed over $4m to drill testing new targets at Pine Creek, Maud Creek, Mt Paqualin, and Union Reefs.
The NT government is keen to help explorers bridge the geoscientific knowledge gap, advance exploration activity, and support the discovery and development of resources.
The survey undertaken over PNX’s extensive ground was co-funded by Grants NT Geophysics and Drilling Collaborations program and is part of the Northern Territory government’s competitive grants initiative ‘Resourcing the Territory’.
PNX plans to follow up the results of the drone magnetic survey with shallow drilling and geochemistry work to test the new gold zone, and to undertake ground truthing on the Hayes Creek zinc-gold-silver lookalike targets.
This article was developed in collaboration with PNX Metals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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