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PNX Metals delivers resource milestone on way to Preliminary Feasibility Study

Hayes Creek contains the Iron Blow and Mt Bonnie zinc-gold-silver deposits.
PNX Metals delivers resource milestone on way to Preliminary Feasibility Study
James Fox, managing director, PNX Metals, presenting to investors

PNX Metals (ASX:PNX) has delivered yet another milestone at the company's wholly-owned Hayes Creek Project, located in the Northern Territory.

Total resources at the project now exceed 1.1 million ounces gold equivalent, or another view is 445,000 tonnes of zinc equivalent.

This is derived from: 4.1 million tonnes at 10.93% zinc equivalent or 8.47g/t gold equivalent (4.35% zinc, 1.81g/t gold, 124 g/t silver, 0.91% lead and 0.25% copper.

The confidence of the resource is high, with 85% in the Indicated category.

The resource came following an upgrade at the Iron Blow deposit, which occurs from surface to around 270 metres.

Detailed open-pit and underground mining studies underway.

James Fox, managing director, commented:

"The completion of this favourable Resource update at Iron Blow is another important achievement in the development of the Hayes Creek Project which now contains over 1.1 million gold equivalent or 445,000 tonnes zinc equivalent.

"Over 84% of the Mineral resources at the Hayes Creek Project have been categorised as Indicated.

"Detailed open-pit and underground mining studies are underway.

"The close proximity of the project to essential services and infrastructure, and high zinc and gold equivalent grades make for a potentially low cost, high margin operation that features an attractive mix of readily extractable commodities for investors.

"We look forward to finalising the studies required for the PFS which is on schedule for mid-2017."

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PNX Metals Ltd Timeline

March 13 2017

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