PNX is pleased to provide an update on its Fountain Head gold development project, located in the Pine Creek region of the Northern Territory, following the receipt of final assays from the recently completed Reverse Circulation (RC) drilling program.

Between December 2019 and February 2020, the Company drilled 59 RC holes at Fountain Head, with all assays now received and reported.

The drilling program was designed to confirm and provide support to the Mineral Resource Estimate and has resulted in increased confidence in the geological model and Project economics. Significantly, a number of holes intersected gold outside the proposed pit-shell and/or the current resource boundary, highlighting new target zones and potential upside for the Project.