PNX Metals' James Fox details near-mine and regional exploration program with investors
PNX is set to increase news flow in the near-term from drilling.
Company
ASX:PNX
PNX Metals Ltd (ASX:PNX) has a large tenement portfolio containing a mix of gold, silver and zinc assets in the Pine Creek region of the Northern Territory. Total contained gold in PNX’s projects to date is close to 400,000 ounces. The advanced Fountain Head Project hosts a mineral resource of 2.94 million tonnes at 1.7 g/t gold for 156,000 ounces of gold.
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PNX is set to increase news flow in the near-term from drilling.
The Kilfoyle area is highly prospective for a range of commodities.
Any discoveries made can complement the development of the Hayes Creek Project.
Ground-based fieldwork will commence on the new project immediately.
Fountain Head gold prospect is the first target in the company's 2018 regional exploration program.
Extensions to mineralisation have the potential to improve project economics.
Shares are trading up 15% this morning, priced at $0.015.
The issue of shares to Marilei International Ltd is at $0.015 per share.
The intended site for the establishment of a processing plant is close to infrastructure.
Drilling assays due early 2018 and a resource update thereafter.
The appointment of a study manager is a key part of completing the DFS.
Two drill targets have been identified at the Swan prospect.
Considerable activity scheduled to occur over the next few months.
IP surveys are commencing immediately to refine the targets prior to drill testing.
PNX is now well-funded after receiving strong support from shareholders.
Analysis highlights extensions to mineralisation over three main zones.
PNX will now be debt free and well-funded for zinc exploration.
The halt will remain in place until Thursday 7th September 2017.
Funds will be used for ongoing exploration at the Hayes Creek Project.
PNX has the potential to development a viable zinc and precious metals mine.