PNX Metals Ltd (ASX:PNX) has received a further show of confidence from Germany-based substantial shareholder Delphi, which has increased its holding to 40.61 % from 18.09%.
Delphi Unternehmensberatung Aktiengesellschaft (AG), of Heidelberg, Germany, purchased about 714 million shares between December 2018 and May 2019.
This includes a take-up of about 169 million placement shares and 539 million shortfall shares under PNX’s recently concluded underwritten non-renounceable pro-rata rights issue.
READ: PNX Metals completes rights issue to progress Hayes Creek zinc-gold-silver project
The company recently identified a new process to increase gold and silver recoveries from the Iron Blow VMS deposit of its Hayes Creek Zinc-Gold-Silver Project in the Northern Territory.
Innovative leaching test work on the Iron Blow float tailings stream indicates the potential for recovery of about 13,000 ounces of gold and 1 million ounces of silver that would otherwise be lost to tails.
READ: PNX Metals has potential new gold and silver revenue stream from tailings at Hayes Creek
The optimisation test work was recently completed and results will feed into a definitive feasibility study (DFS) for the Hayes Creek project.
The DFS will incorporate a new unit process designed to capture additional gold and silver from Iron Blow float tails that would otherwise remain locked in the mineral lattice and remain unrecoverable.
This work has the potential to increase the robust economics of the Hayes Creek project which were demonstrated by a pre-feasibility study (PFS) completed in 2017.