News

PNX has commenced an 11 hole, ~1,300 metre RC drill program at its 100% owned Moline Project, approximately 65km east of the Hayes Creek zinc-gold-silver project. Drilling objective is to extend significant gold and base metals mineralisation identified by PNX in 2017. Of note, metallurgical testwork highlights the potential for any Moline ore to be recovered and upgraded to a high-value concentrate through the proposed Hayes Creek process plant.    

Assays from a further three RC holes have been received from drilling at PNX's Fountain Head gold project in the Pine Creek region of the Northern Territory.  New significant results being reported from this batch of assays include: 1m @ 10.86 g/t Au from 29m in FHRC072, and 6m @ 2.05 g/t Au from 2m in FHRC073 Assays from the remaining 17 holes are due to be received over the coming weeks, and diamond drilling targeting the down-plunge potential to commence week of Aug 6.   Fountain Head is the first target in an extensive regional exploration program aimed at identifying

PNX has executed agreements with sophisticated investors and received commitments from Company Directors to raise a total of $3.36 million before costs via the placement of approximately 421 million ordinary shares at a price of 0.8 cents per share. The Placement consists of two tranches ($2.1 million and $1.26 million) and investors are entitled to one free option (‘Option’) for each share subscribed, with the issue of the second tranche of shares and all the Options subject to approval by PNX shareholders. The Placement includes $2 million from new cornerstone investor Delphi Unternehmensberatung Aktiengesellschaft, a German investment company, as well

PNX is pleased to announce receipt of the first batch of assays from a maiden RC drilling campaign at its Fountain Head gold project in the NT.   Assays from 11 of 31 holes have been received, with 7 of the first 11 holes containing significant gold, including 3m @ 11.09 g/t Au from 93m in FHRC062, including 1m @ 29.30 g/t Au from 95m, and 1m @ 28.00 g/t Au from 83m in FHRC07   Assays from the remaining holes will be reported over the coming weeks.  Diamond drilling targeting the down-plunge potential for high-grade gold under the historic mining

PNX is pleased to announce that an initial field visit to its new Kilfoyle Project in the NT has clearly confirmed the prospectivity of these leases for multiple styles of mineralisation, notably lithium and lead-gold-silver: Numerous outcropping pegmatites mapped over a broad area with up to 7.16% (White Rocks prospect) and 6.24% (Goosewing prospect) Li2O in surface sampling Up to 1.92% lead, 115g/t silver and 1.04g/t gold in surface sampling at White Rocks   The Kilfoyle Project is located less than 80km to the west of PNX’s zinc-gold-silver Hayes Creek Project.

PNX is pleased to advise that its application for drill co-funding to test the potential for nickel-copper-cobalt (Ni-Cu-Co) sulphide mineralisation at its Kilfoyle Project north of Daly River in the Northern Territory has been successful.  Co-funding of up to $83k has been secured for a drill program to commence following geophysical targeting.

PNX is pleased to announce that drilling activities have commenced at the Fountain Head gold project, being the first target in an extensive regional exploration program aimed at identifying additional high value mineralisation to complement its Hayes Creek zinc-gold-silver project. High-grade gold mineralisation will be targeted, with numerous open high-grade intersections existing that have not been followed up.  

PNX has signed a binding term sheet to acquire via farm-in, a 90% interest in three exploration licenses in the Litchfield area of the Northern Territory (Kilfoyle Project) located 130km SSW of Darwin, and less than 80km to the west of PNX’s zinc-gold-silver Hayes Creek Project.  The Kilfoyle Project is prospective for a range of commodities (zinc-lead-silver-gold-lithium-nickel-cobalt-copper) and is considered to be an excellent strategic fit with the Company's existing NT projects.  

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

A number of new, high priority zinc targets have been identified from within PNX's Moline Project, approximately 65km to the east of the Hayes Creek zinc-gold-silver Project: Waterhole - significant zinc-lead geochemical anomaly defined over a 1,300m x 400m area Mango - strong zinc-lead geochemical anomaly measuring 800m x 100m near a historic base metals mine Swan - zinc-lead anomaly approximately 700m in length immediately to the north of a drill intercept of 1m @ 4.66% Zn, 11.37 g/t Au, 95.5 g/t Ag and 0.90% Pb (MORC026 from 45m) Geophysical surveys to commence in order to refine targets ahead of drilling.