PNX has made a discovery of near-surface high-grade gold mineralisation in its first drilling program at the Banner prospect, within PNX’s 100% owned Fountain Head project in the NT.

High-grade gold mineralisation was intersected in three of seven holes drilled, with remaining assays from a further three holes drilled on the northern most section expected to be received and reported shortly. Significant results:

  • 1m @ 5.92 g/t Au from 42m; and
  • 2m @ 5.85 g/t Au from 50m in FHRC079
  • 1m @ 1.70 g/t Au from 46m in FHRC081
  • 2m @ 1.86 g/t Au from 6m; and
  • 6m @ 39.5 g/t Au from 54m in FHRC085; including
    • 1m @ 215 g/t Au from 54m

10 RC holes were drilled on three sections spaced approximately 200 metres apart to test a 500 metre long >1 g/t gold-in-soils anomaly which displays the same trend as the nearby Tally Ho gold lode (1.5km to the south-east)