PNX Metals Limited – Gold and silver developer preparing for mine approval
PNX Metals (ASX: PNX) holds a unique mix of zinc, gold and silver assets 170km south of Darwin in the Northern Territory. Gold resources of 400koz, 16.2Moz of silver and 180kt of zinc, are located on 100% owned Mining Licences.
At the Fountain Head Gold Mine, construction of a ±A$40M CIL plant is being evaluated with potential for commencement in 2021. The recent Glencoe acquisition (43koz at 1.9g/t, JORC 2004) shows promise to augment the gold mine and grow resources.
We have a Speculative Buy, with a 12-month target price of 2.5cps, predicated on the ability of the company to successfully grow gold resources (we see >500koz potential excluding Hayes Creek) and commence construction of the Fountain Head Gold Mine in 2021.
Read more here: PNX RCR Research paper