PNX receives $1.6 million to advance Fountain Head


The Company is pleased to advise that it has received $1.1 million from the exercise of 74 million options with an exercise price of 1.5 cents (’Options’) by cornerstone investor and existing substantial shareholder DELPHI Unternehmensberatung Aktiengesellschaft. The Company has also signed Subscription Agreements with sophisticated investor shareholders to raise a further $0.5 million before costs via the placement of approximately 33.3 million ordinary shares, also at a price of 1.5 cents per share (‘Placement’). The exercise price of the Options and the Placement price represent a significant premium to PNX’s last closing price on the ASX.

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Fountain Head Gold – New High-Grade Results


The Company is pleased to provide an update on drill assays received from the Fountain Head gold development, part of the Company’s Hayes Creek Project, located in the Pine Creek region of the Northern Territory. Exceptional gold grades continue to be reported from recent Reverse Circulation (RC) drilling with numerous zones of mineralisation returning grades above the anticipated 0.5 g/t Au mining cut-off grade. Assay results reported in drill holes FHRC149, FHRC152, FHRC154 and FHRC156 in particular confirm high-grade continuity and mineralised extensions along modelled cross cutting and bedding parallel structures, supporting the Mineral Resource Estimate and increasing confidence in

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Fountain Head Gold – Drilling Results and Project Update


The Company is pleased to provide an update on the proposed Fountain Head gold heap leach development, within the Company’s Hayes Creek Project, located in the Pine Creek region of the Northern Territory. Drilling and technical studies at Fountain Head are progressing on schedule and on budget, as the Company assesses the feasibility of a heap leach operation as a low-cost, scalable option for generating early cashflow from existing gold resources. Assay results have now been received for all RC drilling completed up to the end of 2019 with further high-grade gold intersections being reported

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Appointment of Lead Financial Adviser for Fountain Head Gold Project


The Company is pleased to announce that, due to increased confidence in the technical components of the Project,  it has appointed Medea Natural Resources Ltd ("Medea"), a specialist mining finance advisory firm, as the lead financial adviser to assist with the negotiation, structuring and arrangement of project financing for the development of the Fountain Head Gold Project (“Fountain Head”, or “Project”) in Northern Territory, Australia.

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PNX to target near-term gold production from Fountain Head


The Company is pleased to announce a significant step-change by the Company that will result in its immediate priority being near-term gold production from the Fountain Head Project (“Fountain Head”) in the Pine Creek region of the Northern Territory. Heap leaching is currently being assessed as a low-cost, scalable option for rapidly monetising, and generating early cashflow from, existing gold resources at Fountain Head, whilst preserving the future value of Hayes Creek. This strategy may also provide an opportunity to enhance overall Hayes Creek Project economics and extend the project mine life with the mined-out Fountain Head pit available for

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Additional High-Grade Gold Mineralisation at Fountain Head


The Company is pleased to announce assay results from a follow-up reverse circulation (RC) drill program of 1,669m at its 100% owned Fountain Head gold Project. The drill program was successful, with numerous mineralised intercepts confirming good high-grade continuity at depth and along strike, directly adjacent to the current resource envelope. Due to the success of this drill program, the Company is planning further drilling at Fountain Head to test the potential for future growth in the current resources, this is planned to commence in December.

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