The Company is pleased to advise that it has successfully completed 27 reverse circulation drill holes for 2,352 metres at the 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. Glencoe represents a ‘bolt-on’ asset that has significantly expanded the proposed Fountain Head development.

In a highly successful first drill program at Glencoe, immediate extensions to near-surface gold mineralisation were intersected, extending the strike by more than 200 metres to the southeast of the deposit and current Mineral Resource Estimate. Mineralisation also appears to be thickening towards the southeast where broader zones of mineralisation containing multiple gold intercepts have been encountered.