PNX holds 4 tenements on the Yorke Peninsula which cover approximately 1,200 square kilometres and are located on the eastern edge of the Gawler Craton within the ‘Olympic Domain’. The location is a world class mining province hosting significant copper and gold resources.
PNX conducted an airborne electromagnetic survey in 2011 generating valuable information to assist with exploration in the region. Subsequent to the survey in 2013, an aircore and reverse circulation drill program was completed over highly prospective iron ore copper-gold targets, which have the potential to host Iron Oxide Copper Gold style mineral deposits. Drilling results support the Company’s view of the resource potential in the area.
The Company is currently seeking a joint venture partner to assist with funding further exploration.