PNX Metals Ltd (ASX:PNX) will vote on four resolutions at its annual general meeting today at 10.30am being held in Adelaide, South Australia.
Notably, the company used the meeting as an opportunity to reflect on its exploration success at its Northern Territory project portfolio.
Recent exploration success at the Fountainhead Project nearby to the Hayes Creek Project and at the Cookies Corner prospect within the Burnside Project has PNX upbeat.
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PNX Metals’ chairman Graham Ascough said: “At Fountainhead, the preferred location for a processing facility for Hayes Creek, recent drilling has intersected high grade gold mineralisation beneath the historic pits, demonstrating that there is considerable potential to grow the mineral inventory both at depth and along strike.
“Approximately 1.5 kilometres to the northwest of the historic mining area at Fountain Head, our initial drilling targeting a gold-in-soil geochemical anomaly returned an outstanding intercept of 6 metres grading 39.6 g/t gold (Banner prospect).
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“This is an exciting result as we have many similar looking soil anomalies on the project that have yet to be tested.
“Also, the intercept is near surface and remains open in all directions. A subsequent diamond drill hole has been completed at Banner and assays are pending.
“Importantly, however, this follow-up drill hole has provided structural and geological information that will guide the next round of drilling at Banner to determine the extent of this high-grade intercept.
READ: PNX Metals identifies gold mineralisation at Cookies Corner prospect in NT
Ascough added: “Drilling at another exploration prospect, Cookies Corner, has also delivered solid results that suggest the presence of an extensive gold system.
“Gold mineralisation was intersected in all 16 drill holes of an initial program that covered an area of approximately 500 metres by 100 metres.
“Several holes terminated in mineralisation at the depth capacity of the rig and the mineralisation remains open in all directions.
Follow-up drilling planned in the coming weeks
“High gold grades from surface rock chip samples located on trend and north of the initial drilling provide an obvious target for future drilling programs and this area will be tested with RC drilling in the coming weeks.”