Managing Director's Comments
Commenting on the results, PNX Managing Director
The 100% owned Fountain Head project is located on granted Mineral Leases approximately 170km south of Darwin in the
New information derived from recent field mapping and assessment of geological data, suggests that gold mineralisation at Fountain Head exists over a significant strike extent (>5km); along an anticline fold hinge from 'Banner' in the west to the 'Lady Josephine' prospect in the south-east. Two main mineral lodes have been identified to date the Fountain Head lode and the crosscutting N/NW trending
At Fountain Head and other gold deposits in the region, gold mineralisation typically occurs at the intersection of N/NW trending structures and anticline fold hinges. The soil-covered portions of these intersection points along strike from known gold mineralisation at Fountain Head, have only been tested by limited shallow (average 6m depth) RAB and vacuum drilling and remain to be tested at depth. Historically the majority of exploration drilling on the Fountain Head Mineral Leases has been limited to outcropping areas.
At the Banner prospect, which is located approximately 600m north west of the Fountain Head resource, shallow historic RAB drilling has defined multiple bedrock gold anomalies over a 500m strike extent. Wide- spaced deeper drilling by PNX and others in this area produced several strong results (refer PNX ASX release
Banner represents a priority exploration target as the shallow bedrock anomalism and deeper drill intersections require further drill testing and assessment.
At Fountain Head South East (located 450 metres south east of the Fountain Head resource boundary), shallow historic RAB and vacuum drilling has defined multiple parallel north-south trending zones of strong bedrock gold anomalism within a quartz veined sequence of weathered sediments. The southern end of the target has not been tested by deeper drilling and remains open along strike.
The RAB holes have an average depth of 10 metres and only a small portion of the western bedrock zone has been tested with deeper RC drilling which returned; 1m @ 9.98g/t gold from 37 metres in TERC007
1m @ 93.7g/t gold from 19 metres, and 1m @ 22.7g/t gold from 42 metres in TERC010
1m @ 31.9g/t gold from 31 metres in TERC011
1m @ 5.67g/t gold from 92 metres in TERC019
The high-grade
Importantly the Glencoe -
Next Steps
Field assessment of the Glencoe -
Further drilling of the Banner zone is required and the Company is planning to undertake a high-resolution aeromagnetic survey over the Fountain Head area to assist in locating follow-up drillholes. The Company is currently working with geophysical contactors to undertake the airborne survey as quickly as possible and, weather permitting, this should occur prior to the end of the year.
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