PNX METALS LIMITED ASX Announcement | Level 1, 135 Fullarton Road |
Rose Park, SA 5067 | |
17 March 2022 | Australia |
Telephone +61 (0) 8 8364 3188 | |
This announcement has been authorised to | Facsimile +61 (0) 8 8364 4288 |
be lodged with the ASX by the Board of | info@pnxmetals.com.au |
Directors of PNX Metals Limited. | www.pnxmetals.com.au |
only
- Surface rock chip samples at the Glencoe gold deposit identify new gold-bearing quartz veins oblique to the main gold lodes; assays include:
use | o 33.1 g/t Au in GLFS035c, |
o 15.5 g/t Au in GLFS043, | |
o 35.8 g/t Au in GLFS046a, and | |
o 15.9 g/t Au in GLFS046c. |
• Updated Glencoe Mineral Resource being finalised and due shortly
• Near-mine and regional RC drill program is scheduled to commence post NT wet season
personalPNX Metals Limited (ASX: PNX) ("PNX", "the Company") is pleased to advise that rock chip samples taken during field mapping at its Glencoe gold deposit ("Glencoe") have returned high-grade gold assay results and identified
new gold bearing quartz veins.
Glencoe hosts a Mineral Resource Estimate (MRE) of 2.1Mt @ 1.2 g/t Au for 79,000 oz Au (Inferred Category) reported in accordance with the 2021 JORC Code (refer ASX release 28 April 2021 and Table 1 below), and is located on a granted Mineral Lease approximately 170km south of Darwin, and 3km north of PNX's Fountain Head Gold Project in the Pine Creek region of the Northern Territory. Glencoe represents a 'bolt-on' asset that has significantly expanded the proposed Fountain Head development.
Rock chip samples
A total of thirty-five (35) rock chip samples were taken from selected sites at Glencoe during geological mapping Forto assist with determining the distribution of gold and understanding its geological context (Table 2).
The majority of samples were taken from quartz veins with a strike direction (orientation) ~30° oblique to that of the main MRE gold lodes, and which have not been adequately tested by recent drilling.
The orientation of these oblique gold bearing quartz veins and their structural relationship with the main anticlinal fold zone, which hosts the majority of the currently delineated mineralisation at Glencoe, is similar to that of the high-grade Tally Ho gold lode which cross-cuts the main anticlinal zone at Fountain Head, located 3km to the South. These observations are potentially significant and highlight a new geometry of gold-hosting structures to target at Glencoe.
These oblique quartz veins have been identified in all four historic starter pits at Glencoe, but are best developed in the South and West pits (Figure 1). Samples of these quartz veins returned the highest gold assays of the current rock chip sampling program at Glencoe, including:
- 33.1 g/t Au in GLFS035c (South pit),
- 15.5 g/t Au in GLFS043 (West pit),
PNX Metals Limited | ABN 67 127 446 271 | 1 |
- 35.8 g/t Au in GLFS046a (South pit), and
- 15.9 g/t Au in GLFS046c (South pit).
onlyManaging Director Comment
PNX Managing Director James Fox said: "These high-grade gold rock chip samples continue to highlight the importance and potential of the Glencoe gold deposit to support the proposed development at Fountain Head. We look forward to providing an updated MRE at Glencoe and having gained further insights into the geometry and controls of gold mineralisation within PNX's significant NT exploration tenure, are now planning for a larger near-mine and regional RC drill program as soon as the NT wet season concludes."
usepersonal
ForFigure 1: Glencoe location of rock chip samples and oblique quartz veins (red) relative to MRE outline and drill collar locations
Previous Drilling
Drilling by PNX in 2021 extended the known gold mineralisation along this trend such that it now exceeds 1.4km, and included:
- 6m at 3.84 g/t Au from 36 metres in GLRC044
- 2m at 8.58 g/t Au from 10 metres in GLRC045
- 8m at 1.52 g/t Au from 80 metres in GLRC048
- 20m at 1.01 g/t Au from 72 metres in GLRC052
- 5m at 1.61 g/t Au from 11 metres in GLRC053
PNX Metals Limited | ABN 67 127 446 271 | 2 |
- 12m at 1.05 g/t Au from 43 metres in GLRC054
Refer ASX releases 14 September 2021, 25 November 2021 and 14 January 2022 for further information including onlyJORC Tables. Geological mapping and surface assays have further confirmed this overall gold trend and
geological interpretation.
Next Steps
The Company is currently finalising the integration of the recent 2021 data with the historic data to update the Glencoe MRE. At present, the Glencoe MRE is entirely in the Inferred category due to a lack of modern QAQC protocols on the historic drillholes and robust density measurements. These historical shortcomings have been addressed with recent work and it is expected that the MRE confidence will improve materially and also extend to cover most of the newly identified 'Eastern Extension' (East in Figure 1).
useDiamond drilling (three holes for approximately 220 metres) has been completed with additional rock density and structural information collected from the Oxide and Transitional zones, and material sourced for confirmatory
geotechnical and metallurgical test work. The updated MRE is pending and will be used to further refine drill targets for the 2022 field season and update the Project mining optimisation.
The subsequent mining optimisation will form the basis to measuring the impact on the Project economics where an incremental increase in the resource is expected. The geometry of mineralisation (approx. 45° dip to the SW), and location near-surface immediately along strike from the current pit optimisation is likely to result in an increased resource utilisation.
personalGlencoe Mineral Resource Overview
The Company announced a Mineral Resource Estimate1 for Glencoe in April 2021 of 2.1Mt @ 1.2 g/t Au for 79,000 oz Au (Inferred Category) reported in accordance with the 2021 JORC Code (refer ASX release 28 April 2021).
Independent mining consultants H&S Consultants Pty Ltd estimated the Mineral Resource, summarised in Table 1, in accordance with the 2012 JORC Code.
Table 1: Glencoe Mineral Resources by oxidation zone and 2012 JORC Classification as at cut-off grade of 0.7 g/t Au which is consistent with the assumed open-cut mining method
Glencoe Mineral Resource Estimate
Oxidation
Oxide
Transitional
For Total Fresh
* Due to the effects of rounding the totals may not represent the sum of all components
The Company confirms that it is not aware of any new information or data that materially affect the information in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements referenced in this release continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcements.
Competent Person's Statement
The information in this report that relates to Exploration Results is based on information compiled by Mr Marco Scardigno, a Competent Person who is a Member of the Australian Institute of Mining and Metallurgy (AusIMM). Mr Scardigno has sufficient experience relevant to the style of mineralisation and the type of deposits under consideration and to the activity being undertaken to qualify as a Competent Person as
1 Refer PNX ASX release 28 April 2021 'New Glencoe Mineral Resource expands Fountain Head Development' including a summary report prepared by H&S Consultants Pty Ltd and JORC Table 1
PNX Metals Limited | ABN 67 127 446 271 | 3 |
defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Scardigno is a full-time employee and Resource Geologist with PNX Metals Ltd and consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.
onlyFor further information please visit the Company's website www.pnxmetals.com.au,or contact us directly:
James Fox
Managing Director & CEO
Telephone: +61 (0) 8 8364 3188
For usepersonal
PNX Metals Limited | ABN 67 127 446 271 | 4 |
Table 2: Glencoe rock chip samples with those highlighted above 1.0 g/t Au; datum = GDA94, Zone 52
For personal use only
Sample No | Easting | Northing | Lithology | Au g/t | |
GLFS001a | 771,140 | 8,512,722 | Quartz vein in altered sandstone | 3.36 | |
GLFS001b | 771,140 | 8,512,722 | Quartz vein in altered sandstone | 0.18 | |
GLFS005 | 771,084 | 8,512,751 | Quartz vein in altered sandstone | 0.74 | |
GLFS007 | 771,056 | 8,512,774 | Quartz vein in altered sandstone | 1.46 | |
GLFS012 | 771,114 | 8,512,760 | Quartz vein in float | 0.40 | |
GLFS015 | 771,154 | 8,512,737 | Quartz vein | 0.96 | |
GLFS016a | 771,525 | 8,512,680 | Quartz vein from field | 0.52 | |
GLFS016b | 771,525 | 8,512,680 | Quartz vein from field | 8.93 | |
GLFS016c | 771,525 | 8,512,680 | Quartz vein from field | 1.90 | |
GLFS017a | 771,626 | 8,512,664 | Quartz vein from field | 1.12 | |
GLFS017b | 771,626 | 8,512,664 | Quartz vein from field | 0.10 | |
GLFS018 | 771,620 | 8,512,608 | Dolerite from field | 0.01 | |
GLFS019 | 771,359 | 8,512,370 | Quartz vein from field | 0.22 | |
GLFS033 | 771,202 | 8,512,816 | Quartz vein | 0.03 | |
GLFS035a | 771,079 | 8,512,645 | Quartz vein in brecciated sandstone | 0.07 | |
GLFS035b | 771,079 | 8,512,645 | Quartz vein in brecciated sandstone | 0.34 | |
GLFS035c | 771,079 | 8,512,645 | Quartz vein - intersection | 33.1 | |
GLFS036a | 771,085 | 8,512,652 | Quartz vein in fine-grained sandstone | 0.38 | |
GLFS036b | 771,085 | 8,512,652 | Quartz vein in fine-grained sandstone | 0.06 | |
GLFS038 | 771,107 | 8,512,649 | Quartz vein in massive sandstone | 0.16 | |
GLFS040 | 771,124 | 8,512,619 | Quartz vein in altered sandstone | 0.27 | |
GLFS041 | 771,130 | 8,512,586 | Quartz vein in sandstone | 0.03 | |
GLFS042a | 770,757 | 8,513,065 | Quartz vein parallel to bedding | 0.40 | |
GLFS042b | 770,757 | 8,513,065 | Quartz vein perpendicular to bedding | 0.06 | |
GLFS042c | 770,757 | 8,513,065 | Altered sandstone - host | 0.01 | |
GLFS043 | 770,783 | 8,512,977 | Quartz vein in coarse-grained sandstone | 15.5 | |
GLFS044RE | 770,786 | 8,512,976 | Quartz vein in coarse-grained sandstone | 5.32 | |
GLFS044b | 770,786 | 8,512,976 | Quartz vein in coarse-grained sandstone | 0.59 | |
GLFS045 | 770,782 | 8,512,979 | Quartz vein in coarse-grained sandstone | 1.40 | |
GLFS046a | 771,082 | 8,512,647 | Quartz vein in South Pit | 35.8 | |
GLFS046b | 771,082 | 8,512,647 | Quartz vein in South Pit | 0.26 | |
GLFS046c | 771,082 | 8,512,647 | Quartz vein in South Pit | 15.9 | |
GLFS047 | 771,142 | 8,512,722 | Quartz vein | 2.01 | |
GLFS048a | 771,221 | 8,512,830 | Massive mafic unit - altered | 0.15 | |
GLFS048b | 771,221 | 8,512,830 | Massive mafic unit - altered | 0.04 | |
PNX Metals Limited | ABN 67 127 446 271 | 5 |
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PNX Metals Limited published this content on 16 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 March 2022 22:00:03 UTC.
