Monday 5th December 2022 Font size:

Gold target zone identified in NT

Thursday, November 17th, 2022

PNX Metals Ltd has identified new gold targets for follow-up after a detailed drone-based magnetic survey was conducted.

PNX Metals Ltd has identified new gold targets for follow-up after a detailed drone-based magnetic survey was conducted.

The survey, flown by SensorEM, covered PNX’s 1,500-square-kilometre tenement package in the Pine Creek region of the Northern Territory.

“The detailed drone-mag geophysical survey flown over the Fountain Head/Glencoe gold projects has highlighted new targets within the same prospective stratigraphy that hosts the nearby 1.2-million-ounce Cosmo Howley gold mine,” PNX managing director James Fox said.

“The Hayes Creek Zinc-Gold-Silver Project survey has also generated much higher resolution images with several discrete magnetic responses similar to the known VMS deposits at PNX’s Mount Bonnie and Iron Blow deposits, and these magnetic responses warrant further on-ground investigation.”

The survey was co-funded by Grants NT Geophysics and Drilling Collaborations program and is part of the NT Government’s Resourcing the Territory initiative.

Glencoe and Fountain Head

The new magnetic images show folds sub-parallel to the known anticlines at Fountain Head and Glencoe, which are a common structural control to gold mineralisation in the Pine Creek area.

PNX said geological evidence supported this location as highly prospective for new gold mineralisation, which warranted drill testing.

The company will undertake shallow RAB drilling within the north-south structural corridor between Glencoe and Fountain Head to obtain broad-spaced geochemical information relating to the bedrock situated under transported cover.

Hayes Creek

The drone magnetic survey completed at Hayes Creek showed much greater detail than previous surveys and has permitted confident delineation of the folded and faulted magnetic stratigraphy where it is covered by transported sediments.

The new discrete magnetic highs with VMS potential will be field checked, and shallow RAB or aircore proposed to test any coincident drone-mag and geochemical targets.

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