PNX Metals Ltd (ASX:PNX) has a capital raising announcement upcoming and has been granted a trading halt by the ASX.
The halt will remain in place until Monday, November 30, or when an announcement is released to the market, whichever occurs earliest.
New gold lode adjacent to Fountain Head
This month, the company’s comprehensive geological review of areas surrounding Fountain Head Gold Deposit in the Northern Territory identified new exploration targets with the potential to host additional ‘near-mine’ resources.
The data suggests that gold mineralisation at Fountain Head exists over a significant strike extent of more than 5 kilometres along an anticline fold hinge from Banner prospect in the west to Lady Josephine prospect in the southeast.
Two main mineral lodes have been identified to date - the Fountain Head lode and the crosscutting NNW trending Tally Ho lode - both of which remain open along strike and down dip and host the majority of the current mineral resource of 2.94 million tonnes at 1.7 g/t gold for 156,000 ounces.
PNX managing director James Fox said: “The newly identified target areas all lie within a 3-kilometre radius of Fountain Head and have the potential to significantly add to the existing resource base.”