The Company is pleased to advise that a 2,000m RC drill program has re-commenced at the Glencoe gold deposit (“Glencoe”) which is located on a granted Mineral Lease approximately 170 km south of Darwin, and 3 km north of PNX’s Fountain Head Gold Project in the Pine Creek region of the Northern Territory. Drilling will predominantly focus on testing the ‘Eastern Zone’ extensional area, and increasing geological confidence within the current Mineral Resource Estimate.
Significantly, during recent geological field mapping and sampling, numerous occurrences of coarse gold were detected at surface in a discontinuous sub-cropping quartz vein traced for over 50m along the northern margins of the South pit. A further seven pieces of coarse gold associated with quartz vein material were identified in float samples (<5 cm depth) adjacent to this quartz vein, supporting the potential for extensions to the mineralisation at Glencoe beyond the current MRE in an area that has only seen limited drilling to date. Subsequent to the current RC drill program, trenching and costeaning at this location will occur to collect more robust geological observations and samples for assay.