The Company is pleased to announce that surface rock chip sampling undertaken during a recent field assessment has returned high gold values from multiple priority target locations within the Burnside exploration Project (“Burnside”), including the Fountain Head anticline and Western Arm North prospects.

Burnside is located approximately 170km south of Darwin in the Pine Creek region of the Northern Territory and surrounds PNX’s 100% owned Fountain Head Gold Project, which hosts a JORC 2012 compliant Mineral Resource Estimate of 2.94Mt at 1.7g/t Au for 156,000oz Au (refer to PNX’s ASX announcement dated 16 June 2020 for full details including JORC tables).