Multiple surface samples exceed 100 g/t gold at PNX’s northern exploration leases

Highlights:

• Rock chip surface samples from PNX’s new, untested C6 gold prospect, return very high-grade gold assays, including 123.1 g/t in C6N23AB076, 143.4 g/t in C6N23AB077, 141.1 g/t and a peak value of 186.6 g/t in C6N23AB078, 160.5 g/t in C6N23AB083, and 119.1 g/t in C6N23AB084.
• 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.
• Large geochemical anomalism, field mapping and high-grade surface rock chips support strong discovery potential; follow-up trenching and drill testing is planned.
• PNX aims to discover and delineate additional ‘stand-alone’ gold deposits that can be processed through its proposed and EIS-approved Fountain Head Plant to be located approximately 25 km SE of C6.

The Northern Leases host multiple kilometre-scale gold targets with the potential for economically significant gold mineralisation along the same structural corridor as Cosmo Howley (where modern mining has produced over one million oz of gold) and numerous other gold deposits.

22 rock-chip samples were collected from quartz-gossan units that sporadically outcrop over an area of 140 m by 50 m along the northern extension of the C6 anomaly, providing new information about the host material and confirming the potential of the prospect.

Of the 22 samples, all returned elevated gold and 15 returned assays greater than 1 g/t gold including five samples over 100 g/t gold with a peak value of 186.6 g/t gold. Significantly, no drilling has been undertaken in the immediate vicinity of these new high-grade surface samples.

The C6 prospect is located approximately 25 km from PNX’s Fountain Head and Hayes Creek zinc, gold, silver development Projects where Environmental approvals were recently granted for gold mining and processing at Fountain Head.

PNX Managing Director James Fox said: “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. The C6 corridor is characterised by an intense gold-in-soil anomaly with multiple >1 g/t gold soil values (maximum of 3.46 g/t) over a 1.2 km 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. These assay results and field observations significantly upgrade the prospectivity of the C6 corridor and warrant 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. We look forward to reporting further information, including gold assay results from the drilling at Glencoe South.”

Read the article online at: https://www.globalminingreview.com/exploration-development/31052023/multiple-surface-samples-exceed-100-gt-gold-at-pnxs-northern-exploration-leases/