PNX Metals Ltd (ASX:PNX) has secured eight new tenements prospective for gold, base metals and uranium in the Northern Territory following the satisfaction of a farm-in agreement with private companies Oz Uranium Pty Ltd and Rockland Resources Pty Ltd.
The acquisitions include two granted mining leases (ML), one mining lease application and five exploration licences (EL) directly adjacent to the 100% owned Hayes Creek Zinc-Gold-Silver Project.
Location of farm-in agreement and PNX’s existing Mining and Exploration Leases.
New licences improve development prospects
“The completion of this earn-in to obtain 100% ownership of five ELs and the hard-rock rights over three MLs contiguous with our Hayes Creek Zinc-Gold-Silver Project continues to improve our development prospects and strengthen our position in the highly prospective Pine Creek area,” PNX Metals managing director James Fox said.
“These titles contain a number of advanced gold exploration targets which we have reviewed and now look forward to testing.
“The location of these titles also provides additional flexibility around proposed infrastructure.”
The acquired licences have previously returned results of up to 4 metres at 118 g/t gold from 40 metres of depth, with lower grade results from follow-up drilling indicating the presence of coarse, nuggety gold typical of the Pine Creek area.
PNX intends to complete a drone magnetic survey over the new tenements, co-founded by the Northern Territory Government, to begin in August.