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PNX Metals shares more than double as it drills 85 metres at 11.8% zinc

Shares hit an intra-day high this morning of 1.4 cents, nearly triple yesterday’s closing price of 0.5 cents.

share price chart going up
At midday shares are trading at 0.8 cents, up 60% for the day

PNX Metals Ltd (ASX:PNX) has received assay results from three diamond holes it drilled at the underground Iron Blow deposit within the Hayes Creek Project in the Northern Territory.

The holes were drilled to obtain samples for metallurgical flotation test work and other mine-related planning and design and have intersected some impressive massive sulphide sections.

IBDH061 intersected 85.22 metres at 11.87% zinc, 4.19 g/t gold, 309 g/t silver, 1.94% lead, 0.49% copper from 115.9 metres within the eastern lode.

IBDH063 intersected 48.07 metres at 5.67% zinc, 2.45 g/t gold and 90.6 g/t silver from 230.3 metres in the western lode.

Finally, IBDH062 intersected near-surface oxide gold and silver in its 21.42 metres at 1.98 g/t gold and 161 g/t silver.

The definitive feasibility study (DFS) remains on schedule, with final metallurgical flotation test work for offtake and marketing purposes now underway.

READ: PNX Metals' board of directors participate in non-renounceable rights issue

PNX’s managing director James Fox said: “We are very pleased to have commenced (locked-cycle) metallurgical test work on Iron Blow core.

“This is critical path work for the company at present as it supports marketing and offtake discussions and sets the final design parameters for the proposed process plant.

“We are also encouraged to see high-grade gold contained within predominantly oxide mineralisation at surface and the thick, massive sulphide intervals intersected by drilling are consistent with the geological model adding confidence to the Mineral Resource.

“The DFS is on schedule and continuing to demonstrate that Hayes Creek is a technically, environmentally and financially viable project.”

Metallurgy work underway

The Iron Blow (underground) and Mt Bonnie (open-cut) VMS deposits, along with the Fountain Head gold prospect collectively form the company’s Hayes Creek zinc-Gold-Silver project.

PNX is well-funded to continue the Hayes Creek development having recently completed a fully underwritten rights issue to raise $5.48 million before costs

This next phase of the metallurgy test work program that has now commenced is expected to take up to four months to complete.

Quick facts: PNX Metals Ltd

Price: 0.011 AUD

Market: ASX
Market Cap: $27.97 m

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