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PNX Metals’ German substantial shareholder Delphi increases stake to 18.09%

The company’s exploration is targeting high-value, highly profitable deposits complementary to its flagship Hayes Creek Project.
ASX
Delphi purchased about 15.79 million shares at 8 cents each

PNX Metals Ltd (ASX:PNX) has received a further show of confidence from Germany-based substantial shareholder Delphi, which has increased its holding to 18.09% from 17.05%.

Delphi Unternehmensberatung Aktiengesellschaft (AG), of Heidelberg, purchased about 15.79 million shares at 8 cents each via a series of on-market trades during October to December 2018, for a total consideration of $126,336.

READ: PNX Metals pursuing two work streams in parallel

Recent exploration success at the Fountainhead Project nearby to the company’s flagship Hayes Creek Project and at the Cookies Corner prospect within the Burnside Project has PNX upbeat.

The Burnside exploration project is in the Pine Creek region of the Northern Territory, an area which has produced over 3.2 million ounces of gold.

PNX recently commenced a follow-up drill program at the Cookies Corner gold prospect within the Burnside Project.

READ: PNX Metals commences follow-up drilling for gold at Cookies Corner

The 20-hole, 1,800-metre reverse circulation program follows up the recent maiden program which intersected gold mineralisation over a continuous 500-metre strike.

Highlights from maiden drilling included 20 metres at 1.93 g/t gold from 12 metres including 8 metres at 4.29 g/t gold.

The follow-up program was expected to take up to three weeks to complete with initial assay results due this month.

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