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PNX unlocks bonanza +100g/t gold at underexplored C6 prospect
Special Report: PNX Metals has uncovered multiple surface samples grading over 100 grams per tonne (g/t) gold during exploration of … Read More
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PNX Metals has uncovered multiple surface samples grading over 100 grams per tonne (g/t) gold during exploration of the historic yet underexplored C6 prospect in Australia’s ‘Top End’.
PNX Metals (ASX:PNX) has witnessed early success at the C6 prospect, located in the northern leases of the Burnside project in the Northern Territory, with the discovery of extremely high grade gold in recent rock chip sampling.
Of the 22 rock chip samples taken, bonanza gold grades ranging between 119.1g/t and 160.5g/t were reported from five of the samples, with a maximum grade of 186.6g/t.
The C6 gold prospect is one of many high-priority but underexplored gold targets within kilometre-scale gold corridors identified across the northern part of PNX’s Burnside exploration project.
Although still early days, this latest discovery shows the potential for multiple “stand-alone” gold deposits that could supply PNX’s proposed Fountain Head plant, which has already received environmental approval.
“These impressive gold assays from surface samples taken in a new, essentially untested area, strongly support our view that C6 has the potential for economically significant gold mineralisation,” managing director James Fox said.
“The C6 corridor is characterised by an intense gold-in-soil anomaly with multiple >1g/t gold soil values (maximum of 3.46g/t) over a 1.2km extent.
“The high-grade quartz-gossan gold samples were taken from the northernmost section of the anomaly which remains open in all directions.
“There has been no drilling in the immediate vicinity.”
The C6 prospect is located just 25 km from PNX’s Fountain Head and Hayes Creek zinc, gold, silver development projects.
Just one of a handful of mining projects to be assessed and granted environmental approval by the NT government, Fountain Head, along with the Hayes Creek project, is being positioned as an integrated zinc-gold-silver operation and central processing hub in the Pine Creek region.
PNX has already pinpointed five deposits it plans to mine and process ore from, but it is also working hard to make new discoveries that could become a significant source of supply for the Fountain Head plant.
Multi-million-ounce gold region
The Burnside project forms part of the broader Pine Creek region that hosts a significant gold endowment exceeding 20 million ounces.
The northern exploration leases cover about 20 x 20 km of the Burnside project.
PNX has determined that large parts of the northern leases remain essentially untested despite being highly prospective for potentially economic gold mineralisation.
Most of the regional exploration in the Burnside area took place between the late 1980s and early 2000s when low gold prices prevailed.
This meant that the various gold anomalies and targets identified during the period were not investigated and now provide PNX with significant opportunities for discovery.
The scale potential of the area is supported by the historic Goodall mine, located in the eastern part of PNX’s northern leases where between 1998 and 2003 Western Mining Corporation mined over 4 million tonnes at 1.99g/t to produce around 260,000oz of gold.
Fox said the latest assay results and field observations significantly upgraded the prospectivity of the C6 corridor and warranted an accelerated exploration program.
“Further mapping and sampling programs will start immediately, with costeans and aircore drilling to commence from late June to trace the near-surface extent and orientation of the mineralisation prior to RC drilling,” he said.
Exploration is also continuing at the Brumby gold prospect, which is around 2.5 km further west, where recent surface samples taken by PNX have also confirmed the significant historic results.
Regional work will also continue to evaluate other historic gold anomalies and corridors in the northern leases.
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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