PNX Metals has commenced a reverse circulation (RC) drilling program at the Moline Exploration project, located about 65km to the east of the Hayes Creek gold-silver-zinc project in the Pine Creek region of the Northern Territory.
The Moline project has been mined periodically up until the early 1990s when mining ceased abruptly due to equipment failure. The project area has not been mined since, although an airborne EM survey conducted in 2011 suggested the existence of significant near-surface mineralisation beneath and along strike from existing historical workings.
According to PNX, the 16-hole drill program will focus on the highest priority areas where open mineralisation exists.
“We are very pleased to have commenced our first exploration drill program at Moline. The area hosts non-JORC historical gold resources and we have identified the potential for new gold and base metals mineralisation across three different structures,” said PNX Managing Director James Fox.
“This initial drill program will target near-surface open mineralisation and provides the opportunity, with minimal drilling, potentially to define mineral resources to JORC 2012 standards. A successful drill program has the potential to create significant value either as a standalone project or as one complementary to the Hayes Creek gold-silver-zinc project where PNX is due to complete a PFS by May 2017.”
Expenditure at Moline will contribute toward the completion of the Stage 1 exploration earn-in with Newmarket Gold NT Holdings where PNX is earning up to 90% in two stages, of 19 Exploration Licences and four Mineral Leases covering approximately 1,700km2.