The Company is pleased to report multiple occurrences of visible gold identified in diamond drill core from the Fountain Head gold Project, part of the Company’s broader Hayes Creek Project, located in the Pine Creek region of the Northern Territory.

Two diamond drill holes were completed in March to provide geotechnical information for the proposed open-pit mining operation and to capture new geological data from the south eastern end of the Tally Ho lode.

The first diamond hole drilled into the Tally Ho zone by PNX (FHDD181), intersected multiple occurrences of visible gold mineralisation in fractured quartz veining between 145m and 180m down hole, which is interpreted as the extension and thickening of the Tally Ho mineralisation down-dip.

The visible gold, up to 0.5 mm in size, occurs in late stage fracturing of the quartz veining and has been geologically logged in the core in nine separate locations down hole.