The Company is pleased to advise that aircore drilling has commenced at Glencoe South.

This work program will comprise broad-spaced drilling of up to 64 aircore holes over a 1.2 km x 700 m area. The aim is to obtain geochemical information relating to the bedrock situated beneath transported cover between PNX’s 100% owned Glencoe and Fountain Head gold deposits, located in the Pine Creek region of the Northern Territory.

The prospective gold targets are located within newly delineated magnetic stratigraphy and a north-south structural corridor identified by the 2022 detailed drone-magnetic survey (refer ASX release 17 November 2022), and high-grade surface rock-chips from field mapping that returned assays of up to 35.8 g/t gold (refer ASX release 17 March 2022).