The Company is pleased to advise that a reverse circulation (RC) drill program of up to 2,000 metres has commenced at the Glencoe gold deposit (“Glencoe”). Approximately 1/3 of the drill program is designed to test for immediate extensions where near-surface gold anomalism highlights along-strike potential, with the remainder to be drilled within the boundary of the Mineral Resource to increase geological confidence.

Glencoe is located on a granted Mineral Lease approximately 170km south of Darwin and 3km to the north of PNX’s Fountain Head Gold Project in the Pine Creek region of the Northern Territory.