PNX Metals
PNX Metals (ASX:PNX), formerly known as Phoenix Copper, is a minerals exploration company, with a primary focus on base and precious metals.
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PNX Metals discovers new untested gold lode position adjacent to Fountain Head Project
PNX Metals Ltd's (ASX:PNX) comprehensive geological review of areas surrounding Fountain Head Gold Deposit in the Northern Territory has identified new exploration targets with the potential to host additional ‘near-mine' resources.
The data suggests that gold mineralisation at Fountain Head exists over a significant strike extent of more than 5 kilometres along an anticline fold hinge from Banner prospect in the west to Lady Josephine prospect in the southeast.
Two main mineral lodes have been identified to date - the Fountain Head lode and the crosscutting N/NW trending Tally Ho lode - both of which remain open along strike and down dip and host the majority of the current mineral resource of 2.94 million tonnes at 1.7 g/t gold for 156,000 ounces.
"Potential to add to resource base"
PNX managing director James Fox said: "The newly identified target areas all lie within a 3-kilometre radius of Fountain Head and have the potential to significantly add to the existing resource base.
"Banner and unexplored portions of the Glencoe-Tally Ho-Klondike Trend, including a potential new lode position at the NW Breccia, are key drill targets and a priority for follow-up.
"We have a crew in the field now and I look forward to updating the market as new results come to hand."
Other PNX Metals news
- PNX Metals appoints lead financial adviser for Fountain Head Gold Project
2019-12-19 - PNX Metals receives gold recoveries up to 97% in tests on Fountain Head ore
2019-11-07 - PNX Metals shares more than double as it drills 85 metres at 11.8% zinc
2019-06-27 - PNX Metals’ German substantial shareholder Delphi increases stake to 40.6%
2019-05-21 - PNX Metals earns 90% interest in two projects near Hayes Creek containing high-value targets
2018-12-14
