The Company is pleased to advise that the first assays from costeans (trenches) at the C6 gold prospect have confirmed gold mineralisation in bedrock where previously reported assays from surface rock-chip samples returned gold values up to 189.5 g/t. Mapping and sampling from the remaining 6 trenches is ongoing with assays pending.

The C6 prospect is part of the Company’s Burnside Northern Leases with the new high-grade zone located on its 100% owned EL31893, in the Pine Creek region of the NT, approximately 100 km south of Darwin and 35 km NNW of PNX’s Fountain Head gold development project. There has been limited historic work at C6 and no drilling in the area of the new high grade gold zones.