PNX Metals Limited has completed its planned infill and extensional drill program at the Iron Blow VMS deposit, which was designed to upgrade confidence in the 2014 Mineral Resource estimate.
PNX said 5,563 metres were drilled in total, of which 2,091 metres were reverse-circulation (RC) including pre-collars, and 3,472 metres were diamond core.
Managing Director James Fox said assays from the first holes IBDH039 and IBDH040 reported significant massive sulphide mineralisation, including: 16.20m @ 10.70% Zn, 4.80g/t Au, 256g/t Ag, 2.42% Pb, 0.37% Cu (18.4% ZnEq/11.8g/t AuEq) from 138m.
According to him, results from all remaining holes, including those targeting the near-surface extensional mineralisation on the western lode, will be available by the end of this month.
“We are pleased to have completed this significant drill program safely, on budget, and with only minor delays due to the wet season,” Mr Fox added.
“The success of this drilling will allow the Iron Blow Mineral Resource to be updated in the coming months, which, along with the updated resource to be completed shortly at Mt Bonnie, will allow for completion of the Hayes Creek PFS by mid-2017.”
Iron Blow (along Mt Bonnie) comprises the Hayes Creek gold-silver-zinc project in the Pine Creek region of the NT.
PNX said the Hayes Creek PFS will expand on the Scoping Study completed in March 2016, which found that mining and processing ore derived from the open-pit and underground operations at Hayes Creek would generate strong financial returns for the Company.