PNX Metals has advised that regional fieldwork is continuing at the C6 gold prospect, where very high-grade gold assay results, including up to 186.6 g/t gold, were reported from surface rock chip samples.
The exploration Mine Management Plan has been submitted for approval to enable an accelerated programme of trenching and drilling. Trenching and drilling will commence on the approval of the MMP expected in late June.
C6 is part of PNX’s Burnside Northern Leases with the new high-grade zone located on 100% owned EL31893, in the Pine Creek region of the NT, approximately 170 km from Darwin.
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 (owned by Agnico Eagle, over 1 million oz gold produced) and numerous other gold deposits. Of the 22 surface samples previously reported, 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.
The current fieldwork will continue to trace the host quartz-gossan outcrops along the northern extension of the C6 anomaly and site the best locations for costeaning and subsequent drilling.
Significantly, no drilling has been undertaken in the immediate vicinity of these new high-grade surface samples, and the prospect remains open in all directions.
PNX Managing Director James Fox said: “We are extremely excited about the C6 prospect, and have started mapping and sampling adjacent to and along strike from where the high-grade gold in quartz-gossan samples were taken. The exploration Mine Management Plan has been submitted to allow costeaning and aircore drilling, and we expect this to be approved by the end of June. 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 from the northern most section of the anomaly which remains open in all directions. There has been no drilling prior in the immediate vicinity.”