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New gold zones found at PNX deposits

Tuesday, November 29th, 2022

A detailed drone-based magnetic survey has identified new targets for follow-up at PNX Metals’ exploration sites in the Pine Creek region of the Northern Territory.

The 1238 line-km drone magnetic survey, flown by SensorEM, covered PNX’s zinc-gold-silver Hayes Creek, and Fountain Head and Glencoe gold projects.

The images generated show much greater detail than previous surveys, and permit confident delineation of the folded and faulted magnetic stratigraphy, particularly where it is covered by transported sediments.

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.

PNX managing director James Fox said the survey highlighted new targets within the same prospective stratigraphy that hosts the nearby Cosmo Howley gold mine.

“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.”

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LIUGONG DRESSTA
Martin Engineering
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