PNX Metals Ltd (ASX:PNX) has secured approval for co-funding in Round 15 of the Northern Territory Geophysics and Drilling Collaborations program, part of the Northern Territory government’s ‘Resourcing the Territory’ initiative.
This initiative – administered by the Northern Territory Geological Survey (NTGS) – is a competitive grants program designed to address geoscientific knowledge gaps, advance exploration activity, and support the discovery and development of resources in the Northern Territory.
PNX successfully applied for a 1,099 line-kilometre drone magnetic survey to cover the Fountain Head and Glencoe gold projects as well as the zinc-gold-silver Hayes Creek project, under the new Brownfields Targeting component, securing $34,494 in funding – about 50% of the direct costs of the survey.
Location of proposed drone magnetic survey.
“Excited to be back on the ground”
“This grant approval is a positive development as it flags the start of our new NT exploration season, and additional focus by the NTGS on highlighting the significant gold and base metals prospectivity within the Pine Creek Orogen,” PNX Metals managing director James Fox said.
“We look forward to commencing the survey, and are excited to be back on the ground again with preparation for drilling near-mine and regional exploration targets underway.”
The company is currently finalising an updated mineral resource estimate for its Glencoe gold project, and will begin near-mine and regional reverse circulation (RC) drilling on its Pine Creek exploration licences during the 2022 dry season.
In addition, PNX is reviewing its Northern Territory assets to determine prospectivity for other commodities which may not have been considered historically.