Announcements

PNX has completed a 16 hole, ~1,100 metre RC drill program at the Cookies Corner prospect, located in the NW corner of the Burnside project and less than 30km from the Hayes Creek Zn-Au-Ag project. This initial drill program tested a 1km long gold-in-soils anomaly, and all 16 holes intersected gold mineralisation over a continuous 500 metre strike that remains open, including: 20m @ 1.93 g/t Au from 12 metres in CCRC005, including; 8m @ 4.29 g/t Au from 12 metres; and 6m @ 3.72 g/t Au from 71 metres in CCRC002

Second and final tranche of placement shares issued - 169.4 million shares for $1.4 million.  Total funds raised from the capital raise were $3.5 million.

PNX has commenced diamond drilling at the Banner prospect (Fountain Head Project), following up the recent discovery of further high-grade gold mineralisation.  Diamond drill-hole FHDD091 is being drilled directly under FHRC085 which returned an intercept of 6m @ 39.5g/t Au from 54m. Results from this program will be essential to designing a much larger follow up drill program planned to commence during October.  

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

High-grade gold assays have been received from a further 5 RC drill holes at Fountain Head.  The new results were received from drilling to test extensions to the mineralised vein systems associated with the Fountain Head and Tally Ho gold lodes.  Significant results include: 16m @ 1.37 g/t Au from surface in FHRC074 (Fountain Head), including; 1m @ 8.39 g/T Au from 5m 2m @ 4.04 g/t Au from 21m; and 5m @ 3.96 g/t Au from 107m in FHRC076 (Tally Ho lode), including 2m @ 9.17 g/t Au from 110 The first diamond tail completed to test the down-plunge extent of

PNX has commenced an 11 hole, ~1,300 metre RC drill program at its 100% owned Moline Project, approximately 65km east of the Hayes Creek zinc-gold-silver project. Drilling objective is to extend significant gold and base metals mineralisation identified by PNX in 2017. Of note, metallurgical testwork highlights the potential for any Moline ore to be recovered and upgraded to a high-value concentrate through the proposed Hayes Creek process plant.    

Assays from a further three RC holes have been received from drilling at PNX's Fountain Head gold project in the Pine Creek region of the Northern Territory.  New significant results being reported from this batch of assays include: 1m @ 10.86 g/t Au from 29m in FHRC072, and 6m @ 2.05 g/t Au from 2m in FHRC073 Assays from the remaining 17 holes are due to be received over the coming weeks, and diamond drilling targeting the down-plunge potential to commence week of Aug 6.   Fountain Head is the first target in an extensive regional exploration program aimed at identifying

PNX has executed agreements with sophisticated investors and received commitments from Company Directors to raise a total of $3.36 million before costs via the placement of approximately 421 million ordinary shares at a price of 0.8 cents per share. The Placement consists of two tranches ($2.1 million and $1.26 million) and investors are entitled to one free option (‘Option’) for each share subscribed, with the issue of the second tranche of shares and all the Options subject to approval by PNX shareholders. The Placement includes $2 million from new cornerstone investor Delphi Unternehmensberatung Aktiengesellschaft, a German investment company, as well