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PNX Metals high-grade gold results confirm potential upside at Fountain Head

PNX Metals Ltd (ASX:PNX) has received additional high-grade gold hits from reverse circulation (RC) drilling which confirm further continuity of high-grade mineralised zones at Fountain Head Gold Project in the Northern Territory.

All assays from the 59-hole RC program have been received with results of up to 2 metres at 4.46 g/t gold from 114 metres, 2 metres at 6.62 g/t from 144 metres and 1-metre at 12.54 g/t from 64 metres.

Resource update[hhmc]
An updated mineral resource estimate for Fountain Head is due shortly, which will inform pit optimisation and proposed mining schedules.

The drilling program was designed to provide support to the mineral resource estimate and has resulted in increased confidence in the geological model as well as the projects economics.

At Fountain Head East the RC results have intersected mineable gold lodes and correlate with alteration trends that follow brecciated zones crosscutting the Fountain Head Anticline axis at a low angle, similar in orient..

PNX Metals Ltd (ASX:PNX) has received additional high-grade gold hits from reverse circulation (RC) drilling which confirm further continuity of high-grade mineralised zones at Fountain Head Gold Project in the Northern Territory.

All assays from the 59-hole RC program have been received with results of up to 2 metres at 4.46 g/t gold from 114 metres, 2 metres at 6.62 g/t from 144 metres and 1-metre at 12.54 g/t from 64 metres.

Resource update


An updated mineral resource estimate for Fountain Head is due shortly, which will inform pit optimisation and proposed mining schedules.

The drilling program was designed to provide support to the mineral resource estimate and has resulted in increased confidence in the geological model as well as the projects economics.

At Fountain Head East the RC results have intersected mineable gold lodes and correlate with alteration trends that follow brecciated zones crosscutting the Fountain Head Anticline axis at a low angle, similar in orientation to the high-grade Tally-Ho lode.

Increased drill resolution and data density have resulted in increased definition and reinterpretation of the mineralisation from one broad, near-vertical lode to multiple individual lodes oriented at a lower angle of about 45 degrees, which remain open at depth and along strike to the east.

Upgrade expected


The latest results are expected to elevate a significant portion of the Fountain Head East zone from the inferred resource category to the indicated category.

Any further drilling in this area is likely to occur from within the pit after dewatering due to difficulties in drilling at a shallow angle under the pit.

Fountain Head drill plan showing hole traces and collar locations.

PNX has also completed agglomeration and permeability testing, which provides sufficient percolation and clarity of pregnant leach solution for the leaching of gold.

The leach columns are now operational and expected run for at least six weeks with initial results expected from mid-June.

EIS technical studies


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S&P/ASX 200 flat at lunch but still on track for its sixth straight week of gains

S&P/ASX 200 (INDEXASX:XJO) is trading 1 point or 0.023% down to 5990 at 12.48 pm but is still up +4% so far this week and is on track for its sixth straight week of gains.

The S&P 200s drop follows the US share markets which were mixed on Thursday ahead of Friday's jobs report. Investors are also awaiting plans for the next round of US economic stimulus.

Top gainers on ASX today include Talisman Mining Ltd (ASX:TLM) (+12.24%), Rimfire Pacific Mining NL (ASX:RIM) (+16.67%), Canyon Resources Ltd (ASX:CAY) (+11.11%), Ironbark Zinc Limited (ASX:IBG) (+33.33%), De Grey Mining Limited (ASX:DEG) (+23.75%) and Brookside Energy Ltd (ASX:BRK) (+14.29%).

Proactive news headlines:
Technology Metals has $2 million raising backed by major Tinci Materials shareholder[hhmc]
Technology Metals Australia Ltd (ASX:TMT) has received commitments for a fully subscribed placement of up to 13.66 million shares at 15 cents per share to raise approximately $2.049 million before costs. The company is plea..

S&P/ASX 200 (INDEXASX:XJO) is trading 1 point or 0.023% down to 5990 at 12.48 pm but is still up +4% so far this week and is on track for its sixth straight week of gains.

The S&P 200s drop follows the US share markets which were mixed on Thursday ahead of Friday's jobs report. Investors are also awaiting plans for the next round of US economic stimulus.

Top gainers on ASX today include Talisman Mining Ltd (ASX:TLM) (+12.24%), Rimfire Pacific Mining NL (ASX:RIM) (+16.67%), Canyon Resources Ltd (ASX:CAY) (+11.11%), Ironbark Zinc Limited (ASX:IBG) (+33.33%), De Grey Mining Limited (ASX:DEG) (+23.75%) and Brookside Energy Ltd (ASX:BRK) (+14.29%).

Proactive news headlines:

Technology Metals has $2 million raising backed by major Tinci Materials shareholder


Technology Metals Australia Ltd (ASX:TMT) has received commitments for a fully subscribed placement of up to 13.66 million shares at 15 cents per share to raise approximately $2.049 million before costs. The company is pleased with the continued support of strategic domestic and international investors and welcomes an initial investment by Mr Xu Jinfu, chairman and major shareholder of Guangzhou Tinci Materials Technology Co Ltd. Tinci Materials is a leading manufacturer and marketer of battery materials.

Talisman Mining will start diamond drilling this month at Lucknow Gold Project, shares up


Talisman Mining Ltd (ASX:TLM) (OTCMKTS:TLSMF) is higher on news that diamond drilling will begin this month at Lucknow Gold Project in the historic Lucknow Goldfields of Central West NSW. The first diamond drill testing will target an interpreted high-grade gold lode offset position at Lucknow here historic production was in excess of 400,000 ounces at an average estimated mined grade of +100 g/t. Shares have been as much as 17% higher in early trade to 11.5 cents.

De Grey Mining higher again after defining major gold extension at Hemi discovery


De Grey Mining Limited (ASX:DEG) (OTCMKTS:DGMLF) (FRA:DGD) has continued a run of share price gains with drilling defining a major extension of Brolga zone at the Hemi gold discovery in WAs Pilbara region. This extension of the Brolga intrusion defined by initial shallow aircore drilling is approximately 1,000 metres long by 200 metres wide and enhances the potential to expand near-surface open pit resources. Results include 16 metres at 2.4 g/t from 40 metres, 8 metres at 2.2 g/t from 52 metres and 4 metres at 5.0 g/t from 60 metres.

Musgrave Minerals rises on defining large new gold targets at Lake Austin JRead More – Source

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St George Mining steps-up Mt Alexander drilling after identifying large nickel-copper sulphide target

St George Mining Ltd (ASX:SGQ) has stepped up the pace of drilling at Mt Alexander in WA after identifying a large conductive feature at Fish Hook prospect through magnetotelluric (MT) and audio-magnetotelluric (AMT) surveys.

The new conductive feature is below the high-order nickel-copper soil anomaly at Fish Hook and is modelled to dip to the northwest, consistent with the known ultramafic stratigraphy elsewhere in the Cathedrals Belt.

Seven reverse circulation (RC) reconnaissance drill holes have been completed at Fish Hook but were too shallow to intersect the new conductive feature, which commences 250 metres below surface.

Additional drilling is planned to test this compelling target for nickel-copper sulphides.

“Exciting time”[hhmc]
Executive chairman John Prineas said: “Diamond drilling of the deeper MT conductive targets will start shortly and we are excited to have another high-quality target to drill at the Fish Hook prospect.[hhmc]
“The resource drill-out at Stricklands..

St George Mining Ltd (ASX:SGQ) has stepped up the pace of drilling at Mt Alexander in WA after identifying a large conductive feature at Fish Hook prospect through magnetotelluric (MT) and audio-magnetotelluric (AMT) surveys.

The new conductive feature is below the high-order nickel-copper soil anomaly at Fish Hook and is modelled to dip to the northwest, consistent with the known ultramafic stratigraphy elsewhere in the Cathedrals Belt.

Seven reverse circulation (RC) reconnaissance drill holes have been completed at Fish Hook but were too shallow to intersect the new conductive feature, which commences 250 metres below surface.

Additional drilling is planned to test this compelling target for nickel-copper sulphides.

“Exciting time”

Executive chairman John Prineas said: “Diamond drilling of the deeper MT conductive targets will start shortly and we are excited to have another high-quality target to drill at the Fish Hook prospect.


“The resource drill-out at Stricklands is also underway and we look forward to completing the scoping study for what we believe could be a low-capex, high-margin mining operation at Stricklands.

“This is an exciting time for St George Mining.”

Diamond rigs due on-site


The first of two diamond drill rigs is due to arrive at the site this weekend with the second diamond drill rig also expected shortly.

Diamond drilling will focus on testing the new, deeper conductive features identified by the MT/AMT surveys with targets at Investigators prospect the first of the deeper nickel-copper sulphide targets to be drilled.

Six metallurgical drill holes will also be completed by diamond drilling at the Stricklands prospect as part of the scoping study into a potential mining operation.

Map of the Cathedrals Belt showing areas of planned drilling and overlaying interpreted geology and magnetics.

Additional MT/AMT Survey


Modelling of the remaining MT/AMT survey data is progressing and further results are expected next week.

Drill targets will be designed for West End and FairRead More – Source

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Technology Metals has $2 million raising backed by major Tinci Materials shareholder

Technology Metals Australia Ltd (ASX:TMT) has received commitments for a fully subscribed placement of up to 13.66 million shares at 15 cents per share to raise approximately $2.049 million before costs.

The company is pleased with the continued support of strategic domestic and international investors and welcomes an initial investment by Mr Xu Jinfu, chairman and major shareholder of Guangzhou Tinci Materials Technology Co Ltd.

Tinci Materials is a leading manufacturer and marketer of battery materials.

Funds to progress vanadium project[hhmc]
Funds raised will be used to progress development of the Gabanintha Vanadium Project in WA, including advancing environmental work in support of the preparation of an Environmental Review Document.

Participants in the placement will receive a 1 for 2 free attaching option exercisable at 25 cents per share on or before June 15, 2022.

The strategic investors offer a wealth of experience and contacts in technology metals key customer markets ..

Technology Metals Australia Ltd (ASX:TMT) has received commitments for a fully subscribed placement of up to 13.66 million shares at 15 cents per share to raise approximately $2.049 million before costs.

The company is pleased with the continued support of strategic domestic and international investors and welcomes an initial investment by Mr Xu Jinfu, chairman and major shareholder of Guangzhou Tinci Materials Technology Co Ltd.

Tinci Materials is a leading manufacturer and marketer of battery materials.

Funds to progress vanadium project


Funds raised will be used to progress development of the Gabanintha Vanadium Project in WA, including advancing environmental work in support of the preparation of an Environmental Review Document.

Participants in the placement will receive a 1 for 2 free attaching option exercisable at 25 cents per share on or before June 15, 2022.

The strategic investors offer a wealth of experience and contacts in technology metals key customer markets as well as significant operational experience and investments within the rapidly emerging battery metals markets.

Placement capacity


The placement will be conducted under the companys current placement capacity in line with ASX Listing Rule 7.1 and 7.1A:

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