The Company is pleased to advise that Grants NT has approved its application for co-funding in Round 15 of the Northern Territory Geophysics and Drilling Collaborations program.

The Geophysics and Drilling Collaborations program is part of the Northern Territory Government’s ‘Resourcing the Territory’ initiative, This is a competitive grants program administered by the Northern Territory Geological Survey to address geoscientific knowledge gaps, advance exploration activity and support the discovery and development of resources in the NT.

PNX’s application for a 1,099 line-km drone magnetic survey to cover its 100% owned zinc-gold-silver Hayes Creek, and Fountain Head and Glencoe gold projects was successful under the new Brownfields Targeting component. The grant amounts to $34,404 (inclusive of GST) and covers 50% of the direct cost of the survey which will be flown during the 2022 NT dry season.