News

SPP has closed, raising $0.6 million

High-grade gold returned from drilling at the Moline Project Analysis highlights extensions to mineralisation over three main zones; the School prospect, beneath the historic Moline Pit, and the newly identified Swan prospect 3m @ 7.6 g/t Au from 138m in MORC015 below 7m @ 11.9 g/t Au in MORC002 shows high-grade gold mineralisation continuing at depth at the School prospect Newly discovered mineralisation at the Swan prospect - 1m @ 11.37 g/t Au, 128 g/t Ag, 4.66% Zn from 45m (MORC0026) demonstrates potential for mineralisation complementary to Hayes Creek

PNX has finalised the first of a significant series of transactions comprising a Placement, Share Purchase Plan and Debt for Equity Swap which will leave PNX debt-free and well-funded for a significant upcoming exploration program and to advance the Hayes Creek Project in the NT. $1.9 million Placement completed which was significantly oversubscribed $0.6 million Share Purchase Plan to be offered to eligible shareholders Total new capital of up to $2.5 million is in addition to the $0.8 million recently secured from the forward sale of silver from the Hayes Creek Project Subject to necessary approvals, existing PNX debt of

PNX is pleased to advise that both parties to the Silver Streaming & Royalty Agreements have elected to exercise their option to acquire a further 56,000oz silver to be produced from the Hayes Creek Project, for $0.4 million each, $0.8 million in total.

Ausmex ASX announcement – PNX has provided Ausmex with an option to farm-in to PNX’s Burra tenements

A 15 hole RC drill program has commenced at three prospects in the Moline Project area, approximately 65km to the east of the Hayes Creek zinc and precious metals project in the NT.   All three prospects returned excellent intersections of gold and base metals mineralisation in drilling done in 2016

PNX is pleased to announce the completion of a PFS for its Hayes Creek zinc-gold-silver Project, which confirms the Project to be a high value, relatively low risk and technically strong development opportunity for the Company.  Given these outcomes, the PNX Board has resolved to proceed immediately with a DFS.  PFS highlights: Robust zinc and precious metals Project forecast to generate net smelter revenues of $628 million over a 6.5 year mine life $266 million pre-tax net cashflow estimated over Life of Mine (LoM) at an average of $41 million per year  Pre-tax NPV10% of $133 million, IRR of 73% and

PFS met optimisation completed with an improvement in overall recoveries from initial test-work, de-risking metallurgical aspects of the project.  Zinc concentrate and Precious Metals concentrate readily saleable as high-value products

PNX is pleased to announce an update to the total Mineral Resources at its 100% owned Hayes Creek Project following completion of a revised Mineral Resource at Iron Blow. Total Hayes Creek resources are now 4.1 million tonnes @ 10.93% ZnEq or 8.47g/t AuEq (4.35% Zn, 1.81 g/t Au, 124 g/t Ag, 0.91% Pb, and 0.25% Cu) Contains 445,000 tonnes of ZnEq or 1.11 million ounces of AuEq 85% in the higher confidence Indicated category

PNX has now received all assays from a 30 hole infill and extensional drill program at the Iron Blow VMS deposit.  Highlights from final 9 holes assayed: 7.5m @ 19.1% Zn Eq (12.77% zinc, 1.89g/t gold, 326g/t silver, 2.82% lead, 0.35% copper) from 210.7m in IBDH060 eastern lode 29.5m @ 4.3% Zn Eq (1.82% zinc, 2.41g/t gold, 24.8g/t silver, 0.13% lead, 0.28% copper) from 247.9m in IBDH060 western lode 15.7m @ 5.5% Zn Eq (5.04% zinc, 0.82g/t gold, 19.2g/t silver, 0.13% lead, 0.24% copper) from 118.2m in IBRC029D eastern lode Results from this drill program confirm the geological model and

Excellent assay results from a further 9 holes at the Iron Blow infill and extensional drill program: 15.6m @ 16.8% Zn Eq[1] (12.25% zinc, 2.28g/t gold, 214g/t silver, 2.02% lead, 0.39% copper) from 64.2m in IBRC030D 12.0m @ 13.6% Zn Eq (8.94% zinc, 2.46g/t gold, 209g/t silver, 1.03% lead, 0.32% copper) from 40.0m in IBRC057 eastern lode, and 19.0m @ 9.7% Zn Eq (8.91% zinc, 1.73g/t gold, 40.7g/t silver, 0.25% lead, 0.25% copper) from 67.0m in IBRC057 western lode This excellent near-surface mineralisation intersected introduces the potential for an initial open-pit in addition to the previously considered underground mine - this could

PNX has received assays from a further 10 holes drilled as part of a 30 hole infill and extensional drill program at the Iron Blow VMS deposit, with excellent results: 33.6m @ 12.1% Zn Eq (6.28% Zn, 2.34g/t Au, 246g/t Ag, 1.45% Pb, 0.25% Cu) from 180.0m in IBDH041, including; 11.13m @ 32.8% Zn Eq (17.54% Zn, 6.10g/t Au, 668g/t Ag, 3.57% Pb, 0.69% Cu) from 180.9m, and; 44.56m @ 7.2% Zn Eq (4.30% Zn, 2.07g/t Au, 81g/t Ag, 0.43% Pb, 0.35% Cu) from 219.3m in IBDH041 11m @ 7.4% Zn Eq (0.60% Zn, 0.63g/t Au, 332g/t Ag, 1.31% Pb,

Final assay results from Mt Bonnie drill program - two diamond holes drilled for the purpose of providing material for metallurgical analysis yielded continuing excellent results. Significant intercepts included 16.6m @ 4.24% Zn, 1.74g/t Au, 137g/t Ag, 0.86% Pb, 0.21% Cu from 26.1m in MBRC039D, including 6.9m @ 8.28% Zn, 1.92g/t Au, 177g/t Ag, 1.57% Pb, 0.42% Cu from 31.8m  

PNX has successfully completed the 5500 metre infill and extensional drill program at the Iron Blow VMS deposit on schedule and budget. The program was designed to upgrade confidence in the 2014 Mineral Resource estimate and the updated resources is expected to be completed in March 2017. Assay results from all remaining hole due from end of January 2017.  

PNX has intersected gold and base metals mineralisation in its first drill program at the Moline Exploration Project, approximately 65km to the east of the Hayes Creek Project. The Moline Project comprises four key prospects: Moline, School, Tumbling Dice, and Hercules. Zinc-gold-silver-lead rich sulphides in Moline prospect drill-hole MORC003, including: 2m @ 4.66g/t Au, 177g/t Ag, 4.92% Zn, and 4.41% Pb from 8 A broad zone of near-surface gold and zinc mineralisation drilled at the Tumbling Dice prospect, MORC010 intersected: 30m @ 2.29g/t Au and 0.70% Zn from 78m down hole, including 3m @ 6.58g/t from 100m

PNX has completed the first stage of its farm-in agreement with Newmarket and has now earned a 51% interest in 19 ELs and 4 MLs incorporating the Burnside, Moline and Chessman Projects covering approximately 1,700km2 in the Pine Creek region of the NT

Share placement to sophisticated investors at 2.0 cents to raise $2.6 million