New gold targets between Fountain Head and Glencoe

The Company is pleased to advise that a detailed drone-based magnetic survey has identified new targets for follow-up, highlighting the significant untested gold and base metals prospectivity of its 1,500 km² exploration tenure in the Pine Creek region of the Northern Territory.

The 1,238 line-km drone magnetic survey, flown by SensorEM, covered PNX’s 100% owned zinc-gold-silver Hayes Creek, and Fountain Head and Glencoe gold projects. The images generated show much greater detail than previous surveys, and permit confident delineation of the folded and faulted magnetic stratigraphy, particularly where it is covered by transported sediments.

The survey was co-funded by Grants NT Geophysics and Drilling Collaborations program (refer ASX release 2 June 2022) and is part of the Northern Territory Government’s ‘Resourcing the Territory’ initiative.