News

New Gold Targets Prioritised for Immediate Follow-up

2020-10-09T09:37:52+10:30

The Company is pleased to advise that a regional review of its Burnside Exploration Project (located in the Pine Creek region of the Northern Territory, approximately 170km from Darwin) has identified multiple high priority gold targets, separate from Fountain Head, each with the potential to host economic quantities of gold mineralisation. Four areas have been prioritised for immediate follow-up.

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Trading Halt

2020-07-15T12:15:17+09:30

The Company requested it's securities be placed in trading halt pending the release of an announcement for a joint venture arrangement in relation to the Fountain Head project and infrastructure. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Thursday, 16 July 2020 or when the announcement is released to the market.

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Mineral Resource Update at Fountain Head

2020-07-15T12:00:37+09:30

The Company is pleased to announce an update to the Mineral Resource estimate for the 100% owned Fountain Head Gold Project (reported in accordance with the JORC Code, 2012) located in the Pine Creek region of the Northern Territory. The Mineral Resource estimate for Fountain Head and Tally Ho is shown in the Table included in the ASX announcement. The Mineral Resource estimate is reported above a cut-off grade of 0.7 g/t Au, consistent with the assumed open pit mining method..

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Further high-grade gold at Fountain Head

2020-05-19T09:44:04+09:30

PNX is pleased to provide an update on its Fountain Head gold development project, located in the Pine Creek region of the Northern Territory, following the receipt of final assays from the recently completed Reverse Circulation (RC) drilling program. Between December 2019 and February 2020, the Company drilled 59 RC holes at Fountain Head, with all assays now received and reported. The drilling program was designed to confirm and provide support to the Mineral Resource Estimate and has resulted in increased confidence in the geological model and Project economics. Significantly, a number of holes intersected gold outside the proposed pit-shell

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Visible Gold in Diamond Drill Core at Fountain Head Project

2020-04-03T10:05:43+10:30

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

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PNX receives $1.6 million to advance Fountain Head

2020-03-18T11:28:10+10:30

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

2020-03-16T09:38:16+10:30

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

2020-02-25T10:58:33+10:30

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

2019-12-19T09:37:20+10:30

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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Refer to PNX’s company page at www.asx.com.au for Announcements prior to 1 July 2014.