Drill Funding awarded through the Northern Territory Government’s Collaboration Program to test two new Prospects
“This financial support provides a further boost for drilling programs which have the potential to create substantial value for PNX shareholders. The Barossa EM conductors in particular have been modelled at relatively shallow depths and are situated in a new and untested target area. We look forward to testing both Barossa and Tractor Corner later in the year when access approvals have been granted.”
PNX Metals Limited – Burnside and Chessman projects in the Northern Territory
Barossa VMS Target (Burnside Project)
Barossa is a cluster of volcanogenic massive sulphide (VMS) style zinc-silver-gold targets in an area which has never been drilled or explored. Nine strong late-time airborne electromagnetic (VTEM) anomalies consistent with that of VMS camps have been identified using the nearby Iron Blow and Mt Bonnie VMS deposits as known analogies (Figure 2).
The VTEM anomalies at Barossa are of a strength and geometry consistent with high concentrations of massive sulphides. The host stratigraphy and structural setting are also identical to those observed at the Iron Blow and Mt Bonnie deposits.
Two holes are proposed to test the highest-priority electromagnetic responses among the nine VTEM anomalies, being BLT021 and BLT018.
PNX Metals Limited – Barossa VTEM targets and Iron Blow deposit on VTEM time channel 42 (same scale)
Tractor Corner – SEDEX Target within the Chessman Project
Tractor Corner is a sedimentary exhalative (SEDEX) style zinc-lead target situated on the margin of the Cambrian Daly Basin and the Proterozoic Pine Creek Orogen (Figure 3), a favourable setting for such deposits.
SEDEX deposits represent attractive exploration targets due to their size potential and the fact that they are responsible for more than 50% of the world’s zinc and lead reserves. Australian examples include the Mt Isa, Century and McArthur River mines.
The base metal potential of this region is considered very high and under-explored.
PNX Metals Limited – Simplified geology of the Tractor Corner area
Burnside, including Barossa, Moline and Chessman (Tractor Corner) are part of PNX’s farm-in agreement with Newmarket Gold NT Holdings Pty Ltd, a subsidiary of Newmarket Gold Inc., where PNX is earning up to 90 per cent, in two stages, of 19 Exploration Licenses and four Mineral Leases (see ASX release dated 18 August 2014 for further details of the agreement) covering approximately 1,700sqkm.
See the press release PDF here.