The Company is pleased to announce further positive gold assay results from its 2021 reverse circulation (RC) drilling program at the Glencoe gold deposit (“Glencoe”) which comprised 54 RC drill holes for a total of 4,470 metres. The program was extremely successful in confirming and enhancing historic drill results, and identifying along-strike gold lode extensions that remain open.

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. The Glencoe Project represents a ‘bolt-on’ asset that has significantly expanded the proposed Fountain Head development (refer ASX release 20 December 2021).

This latest batch of gold assay results are from the final 13 RC holes drilled in late 2021 that continue to increase the gold mineralised footprint at Glencoe, which has now been drilled and demonstrates good continuity over a 1,400-metre strike extent. The assays for the balance of the 54 drillhole program were reported on 14 September and 25 November 2021.