Announcements

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