The Company is pleased to advise that a reverse circulation (RC) drill program of up to 2,000 metres has commenced at its 100%-owned Glencoe gold deposit (Glencoe).  Glencoe is located on a granted Mineral Lease approximately 170 km south of Darwin, and 3 km north of PNX’s Fountain Head Gold Project in the Pine Creek region of the Northern Territory.

The current Glencoe drill program is designed to test 3 targets exploring for mineralised extensions where near-surface gold anomalism highlights along-strike potential, and gold-bearing quartz veins oblique to the main gold lodes identified by surface rock chip samples (refer ASX release 17 March 2022).