News

PNX is pleased to advise that it has received all assay results from recent drilling at the high-grade Hayes Creek zinc-gold-silver, incorporating resource extension drilling at Mt Bonnie as well as geotechnical, resource, hydrological, and metallurgical purposes for the DFS.  Highlights: Assay results indicate high-grade, near-surface mineralisation and resource extension potential 15 drill holes intersected previously unknown mineralisation outside the existing resource at Mt Bonnie, including: 4m @ 6.14% Zn, 1.14g/t Au, 176g/t Ag, 1.29% Pb, 0.11% Cu from 73m in MBRC080, including: 2m @ 10.28% Zn, 1.92g/t Au, 304g/t Ag, 2.11% Pb, 0.17% Cu from 74m Scope to increase

PNX is pleased to announce that 80 million ordinary shares have been issued to settle a $1.2 million loan, completing a debt for equity swap totalling $1.8 million first announced in Sept 2017.  $0.6m of convertible notes were settled in late November 2017. The agreement to convert debt into PNX shares at an average price of 1.73 cents per share represents a premium of 48% to PNX’s 5 day VWAP at the time of the announcement of the transaction and a 33% premium to PNX’s closing share price of 1.3 cents on 12 February 2018. PNX has also now received its 2017 R&D tax refund

PNX is pleased to advise the signing of an agreement to acquire the Fountain Head Mineral Leases, the preferred site for the process plant and tailings facility for the Hayes Creek zinc-gold-silver Project in the Northern Territory. The mineral leases will be acquired from Kirkland Lake Gold for no cash outlay.  This transaction represents a key milestone for the development of the Project, with environmental Notice of Intent to now be submitted. As part of the deal, the Moline Exploration Project has also been acquired 100%. Kirkland Lake also recently confirmed it will not exercise its option to re-acquire 30% of

PNX reports the completion of a 75 hole RC, aircore and diamond drilling program at the Hayes Creek zinc-gold-silver Project, designed to provide geotechnical, resource, hydrological, and metallurgical information to inform the engineering and environmental studies. The program incorporated extensional drilling at Mt Bonnie, which intersected zinc mineralisation in at least 10 of the 14 exploration holes drilled with several containing zones of zinc (sphalerite) rich massive sulphide mineralisation located beneath the existing pit design and outside of the current resource boundary.   Assays are pending and will be reported in the New Year.

PNX is pleased to announce the appointment of GR Engineering Services Limited as Study Manager for the Hayes Creek Definitive Feasibility Study.  GRES will be responsible for all process design and engineering aspects of the Project, and their appointment is another important milestone for the Project.

Induced Polarisation (IP) geophysical survey completed at the Swan prospect (Moline Project) with excellent results: Near-surface zinc-lead target, and a deeper (75-100m) potential gold sulphide target identified Zinc-lead target located 250 metres from PNX drill hole MORC26 where 1m @ 4.66% zinc, 11.37g/t gold, 95.5g/t silver and 0.90% lead from 45m was intersected These two significant, high-priority new targets are planned to be drilled, commencing early December

PNX has commenced a significant new phase of exploration at its Hayes Creek zinc-gold-silver project and its Moline Exploration Project in the Pine Creek region of the Northern Territory: Induced Polarisation geophysical surveys underway at Moline over 3 new large zinc targets (Waterhole, Mango, Swan) with drilling to follow 4,000m of drilling has commenced at Hayes Creek to support DFS and potentially extend mine life