Sign up Australia
Proactive Investors - Run By Investors For Investors

PNX Metals begins gold, base metals drilling at Moline Project

The company’s focus is on its four projects located in the Pine Creek Region.
PNX Metals begins gold, base metals drilling at Moline Project
PNX’s exploration team have generated a number of compelling targets

PNX Metals Ltd (ASX:PNX) has commenced a 15-hole reverse circulation drill program testing three highly prospective targets at the Moline Project in the Pine Creek region of the Northern Territory.

These prospects had returned significant intersections of gold and base metals mineralisation in 2016.

The historic mining area at Moline has strong synergies with PNX’s Hayes Creek Project, where the company recently completed a preliminary feasibility study (PFS).

The PFS confirmed a strong potential to establish a low-cost, high-margin zinc and precious metals mine.

PNX’s aim is to delineate high-value gold and/or base metals deposits at Moline which can be treated through the proposed Hayes Creek processing plant, or through other milling infrastructure in the region.

James Fox, managing director, commented: “PNX’s exploration team have generated a number of compelling targets within our large exploration tenure in the Pine Creek region.

“The results of this drill program at Moline are keenly anticipated given the high-grade gold and base metals mineralisation that was intercepted in the 2016 programs”

Drill program details

Drilling is underway at the School Prospect where previous drilling by PNX intersected significant gold mineralisation less than 50 metres below the historical pit.

A further four holes are also planned to test a new target at Redback which is located immediately along strike from the School Prospect.

In addition to the 15 holes to be drilled at the Moline Project, PNX is finalising approvals to drill 15 holes at the Cookies Corner Prospect within its Burnside Project.

Background

PNX’s focus is on its four projects located in the Pine Creek Region, 180 kilometres south of Darwin.

- Hayes Creek Project (flagship);
- Burnside Project;
- Moline Project; and
- Chessman Project.

The Burnside, Moline and Chessman Projects form part of PNX’s farm-in agreement with a subsidiary of Kirkland Lake Gold Ltd (TSE:KL).

PNX currently holds a 51% interest (excluding uranium) in these project areas, covering circa 1,700 square kilometres in the Pine Creek region of the Northern Territory.

The company has proceeded to the second stage of the farm-in whereby it can increase its interest in each of the tenements to 90% (excluding uranium) with expenditure of $2 million by 15 December 2018.

Circa $1 million of this has been already spent.

View full PNX profile View Profile

PNX Metals Ltd Timeline

Related Articles

drillrignewangle.jpg
September 19 2017
Peter Bird has a clear idea of his task: to get the BKM deposit in production as quickly and seamlessly as possible
PNX-Metals-MD-James-Fox-presenting-Melb-Aug-2016.JPG
February 24 2017
James Fox outlined upcoming news flow including a pending resource upgrade.
AuKing Mining: Access latest PPT from Proactive's CEO Sessions
June 19 2017
Paul Williams talked gold-silver potential of Mexico with investors.

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2017

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use