PNX Metals Limited (ASX: PNX) commenced drilling to test a potential new gold corridor located <1km south of the Glencoe gold deposit in Northern Territory, Australia.
This work programme will comprise broad-spaced drilling of up to 64 aircore holes over a 1.2km x 700m area. The aim is to obtain geochemical information relating to the bedrock situated beneath transported cover between PNX’s wholly-owned Glencoe and Fountain Head gold deposits located in the Pine Creek region of the Northern Territory.
The prospective gold targets are located within newly delineated magnetic stratigraphy and a north-south structural corridor identified by the 2022 detailed drone-magnetic survey and high-grade surface rock-chips from field mapping that returned assays of up to 35.8 g/t gold.
“We have commenced our 2023 exploration season with a targeted drill campaign in a newly identified structural corridor between Glencoe and Fountain Head, which is highly prospective for gold mineralization and has limited previous exploration,” Managing Director, James Fox, said.
“We will continue to identify and test areas with the potential for significant gold and/or base metals mineralization and look forward to the assay results of this campaign over coming weeks.”
Summary of the Glencoe South Target Area
The drone-magnetic survey generated detailed images of a ~1.2km wide package of highly magnetic rocks beneath transported sediments between Glencoe and Fountain Head. Based on the known regional geology, the magnetic units are interpreted to be iron-rich horizons within the Koolpin Formation that hosts several nearby gold deposits, including Cosmo-Howley (Agnico Eagle), Mount Porter and Golden Dyke (PNX).
The new, much higher resolution magnetic images also show folds sub-parallel to the known anticlines at Fountain Head and Glencoe which are a common structural control to gold mineralization in the Pine Creek area.
North-south-trending faults can be traced in the images and are most intense in a ~1.5km wide corridor between Glencoe and Fountain Head and are subparallel to the Tally Ho gold lodes at Fountain Head and gold-bearing quartz veins at Glencoe.
There has been limited previous exploration in the new structural corridor between Glencoe and Fountain Head. Previous work included eight lines of vacuum drilling completed in 1993-94 that identified anomalous levels of gold, arsenic (a pathfinder element for gold in the Pine Creek region), and base metals. These results are encouraging but were not followed up at the time.
For further information please visit: https://pnxmetals.com.au/