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Australia
Fountain Head and Hayes Creek Project

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 Location:
54 km NW from Pine Creek, Northern Territory, Australia

  Project Contacts:
Level 1, 135 Fullarton Road
Rose Park
South Australia, Australia
5067
Phone  ...  Subscription required
Fax+61-(0)-8-8364-4288
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Overview

StagePermitting
Mine TypeOpen Pit & Underground
Commodities
  • Gold
  • Silver
  • Zinc
  • Copper
  • Lead
Mining Method
  • Truck & Shovel / Loader
Mine Life10 years (as of Jan 1, 2021)
June 17, 2021, PNX Metals Limited (ASX: PNX) is pleased to announce the results of a Preliminary Feasibility Study (PFS) that supports the sequential development of its 100% owned Fountain Head gold and Hayes Creek gold- silver-zinc Projects (Project), both of which are located approximately 170km south of Darwin in the Pine Creek region of the Northern Territory.

The Project Environmental Impact Assessment is now open for public consultation, with approvals targeted for late 2021.
Latest NewsPNX Metals Limited: Fountain Head Gold Project Receives NT Environmental Approval     February 17, 2023


Owners

Source: p. 15
CompanyInterestOwnership
PNX Metals Ltd. 100 % Indirect
The Project is located within the boundaries of the Ban Ban Springs and Douglas pastoral stations approximately 13km east of the Stuart Highway and 170km south of Darwin in the Northern Territory and comprises 19 Mineral Leases (MLs) covering an area of 1246.6 hectares providing continuous coverage of, and unrestricted access over, the Fountain Head, Glencoe, Mt Bonnie and Iron Blow deposits. All Project areas are 100% owned by PNX Metals Ltd.

Contractors

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Deposit Type

  • VMS
  • Breccia pipe / Stockwork
  • Vein / narrow vein


Summary:

Mineral Resource inventory of approximately 470,000 ounces of gold, 16.2 million ounces of silver and 177,000 tonnes of zinc from ore located at Fountain Head, Glencoe and the Hayes Creek VMS deposits (Mt Bonnie and Iron Blow).

Fountain Head
Mineralisation occurs in veins as either conformable anticlinal lodes (with flanking mineralisation) or subvertical structurally hosted (“ladder vein style”) mineralisation associated with faults and shears sub-parallel to the fold axis, and is found within interbedded mudstones, greywackes and phyllite units. Sheeted quartz vein stock-works occur mainly in the axial zone (hinge zone) with veins predominantly dipping northeast, and some saddle reefs occur in the axial zone. Increased grades encountered at Fountain Head are thought to result from secondary deformation of the Fountain Head anticline. Gold is associated with quartz veining containing a pyrite-arsenopyrite sulphide assemblage and coarse gold is not uncommon.

The following key structural settings appear to control gold mineralisation at Fountain Head:

- The structurally controlled system of mineralised quartz veins appears largely restricted to the southwestern limb and hinge zone of the Fountain Head Anticline. Mineralisation is preferentially hosted in greywacke and sandstone units;
- Subvertical faults or shears subparallel to fold axial planes;
- Vein infill in dilatant zones in the apex of small-scale anticlinal folds associ ........


Mining Methods

  • Truck & Shovel / Loader


Summary:

Each of the MREs at Fountain Head, Mt Bonnie and Glencoe were processed via Pseudoflow optimisation to identify the economic pit shells. Final pit shell selection utilised for guiding the pit design process was also based on evaluating upside potential for further resource expansion through exploration drilling and conducting sensitivities on gold price.

Sequential management of mining, water and tailings management for stage 1 has been modelled and is proposed to occur in the following order:
1. Rehandle, transport and processing of Mt Bonnie stockpile;
2. Open-pit mining and processing of Mt Bonnie oxide and transitional ore;
3. Open-pit mining and processing of Glencoe gold ore;
4. Mt Bonnie and Glencoe tailings to be co-disposed within the Fountain Head waste stockpile;
5. Open-pit mining and processing of Fountain Head gold ore;
6. Fountain Head tailings to be co-disposed within the Fountain Head waste stockpile and other available void space e.g., Glencoe.

Fountain Head
The existing open-pit will be cutback and extended in a northwest direction, deepening the existing pit by approximately 90m. Mining will occur by way of conventional drill and blast mining techniques using standard mining equipment including 125-200t excavators and 90-100t off-highway haul trucks.

The mining sequence at each site will consist of:

• Clearing, levelling and stockpiling of any topsoil and sub-soils for later u ........


Crushing and Grinding
Source: Subscription required

- subscription is required.


Processing

Flow Sheet: Subscription required

Summary:

- subscription is required.


Projected Production:

CommodityProductUnitsLOM
Gold Payable metal oz 230,316
Gold Metal in doré oz 250,522
Silver Payable metal oz  ......  Subscription required
Silver Metal in doré oz  ......  Subscription required
Zinc Payable metal M lbs  ......  Subscription required
Zinc Metal in concentrate M lbs  ......  Subscription required
Zinc Concentrate kt  ......  Subscription required

Operational Metrics:

Metrics
Stripping / waste ratio  ......  Subscription required
Waste tonnes, LOM  ......  Subscription required
Ore tonnes mined, LOM  ......  Subscription required
Total tonnes mined, LOM  ......  Subscription required
Annual processing capacity  ......  Subscription required
* According to 2021 study.
Subscription required - Subscription is required.

Reserves at April 26, 2021:
Fountain Head and Tally Ho Mineral Resources reported utilising a cutoff grade of >0.7g/t Au.
Glencoe Mineral Resources estimated using a cut-off grade of 0.7g/t Au.
Mt Bonnie Mineral Resources 7 reported utilising various cut-off grades: Zinc domains are reported above a cut-of grade of 1% Zn, gold domains are reported above a cut-off grade of 0.5g/t Au and silver domains are reported above a cut-off grade of 50g/t Ag.
Iron Blow Mineral Resources reported utilising a cutoff grade of 1 g/t gold equivalent.

CategoryTonnage CommodityGradeContained Metal
Indicated 5.285 Mt Gold 1.84 g/t
Indicated 3.455 Mt Silver 137 g/t
Indicated 3.455 Mt Zinc 4.88 %
Indicated 3.455 Mt Copper 0.27 %
Indicated 3.455 Mt Lead 1.01 %
Inferred 3.931 Mt Gold 1.34 g/t
Inferred 0.622 Mt Silver 52 g/t
Inferred 0.622 Mt Zinc 1.39 %
Inferred 0.622 Mt Copper 0.1 %
Inferred 0.622 Mt Lead 0.37 %
Total Resource 9.216 Mt Gold 1.6 g/t 475,146 oz
Total Resource 4.176 Mt Silver 122 g/t 16,433,076 oz
Total Resource 4.176 Mt Zinc 4.35 % 177,431 t
Total Resource 4.176 Mt Copper 0.25 % 10,035 t
Total Resource 4.176 Mt Lead 0.91 % 37,225 t

Commodity Production Costs:

CommodityAverage
All-in sustaining costs (sold) Gold Equivalent  ......  Subscription required *†
Assumed price Zinc  ......  Subscription required *
Assumed price Silver  ......  Subscription required *
Assumed price Gold  ......  Subscription required *
* According to 2021 study / presentation.
† Net of By-Product.
Subscription required - Subscription is required.

Operating Costs:

Units2021
Processing costs ($/t milled) AUD 24.3 *
* According to 2021 study. Base case Stage 1 operating costs for the Plant

2021 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Initial CapEx $M AUD  ......  Subscription required
Working capital $M AUD  ......  Subscription required
Sustaining CapEx $M AUD  ......  Subscription required
Total CapEx $M AUD  ......  Subscription required
Total OpEx $M AUD  ......  Subscription required
Total Taxes $M AUD  ......  Subscription required
Royalty payments $M AUD  ......  Subscription required
Gross revenue (LOM) $M AUD  ......  Subscription required
Net revenue (LOM) $M AUD  ......  Subscription required
EBITDA (LOM) $M AUD  ......  Subscription required
After-tax Cash Flow (LOM) $M AUD  ......  Subscription required
Pre-tax NPV @ 10% $M AUD  ......  Subscription required
Pre-tax NPV @ 8% $M AUD  ......  Subscription required
After-tax NPV @ 10% $M AUD  ......  Subscription required
After-tax NPV @ 8% $M AUD  ......  Subscription required
Pre-tax IRR, %  ......  Subscription required
After-tax IRR, %  ......  Subscription required
Pre-tax payback period, years  ......  Subscription required
Subscription required - Subscription is required.


Proposed Heavy Mobile Equipment as of June 17, 2021:
HME TypeSizeQuantity
Crane 25 t ....................... Subscription required
....................... Subscription required ....................... Subscription required ....................... Subscription required
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Subscription required - Subscription is required.

Mine Management:

Job TitleNamePhoneProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Jun 17, 2021
....................... Subscription required ....................... Subscription required ....................... Subscription required Subscription required Nov 4, 2022
....................... Subscription required ....................... Subscription required Subscription required Nov 4, 2022
Subscription required - Subscription is required.


Corporate Filings & Presentations:

DocumentYear
Financial Review 2022
Press Release 2022
................................... Subscription required 2021
................................... Subscription required 2021
Subscription required - Subscription is required.

News:

NewsDate
PNX Metals Limited: Fountain Head Gold Project Receives NT Environmental Approval February 17, 2023

Subscription required - Subscription is required.

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