Proactiveinvestors Australia PNX Metals Ltd https://www.proactiveinvestors.com.au Proactiveinvestors Australia PNX Metals Ltd RSS feed en Tue, 16 Jul 2019 23:04:07 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - PNX Metals reveals 138,000-ounce maiden resource at Fountain Head Gold Project ]]> https://www.proactiveinvestors.com.au/companies/news/223716/pnx-metals-reveals-138000-ounce-maiden-resource-at-fountain-head-gold-project-223716.html PNX Metals Ltd (ASX:PNX) has revealed the maiden resource for its Fountain Head Gold Project, which together with the Iron Blow and Mt Bonnie VMS deposits comprise the Hayes Creek zinc-gold-silver project in the Pine Creek region of the NT.

Fountain Head Gold Project resource (comprising the Fountain Head and Tally Ho deposits)

PNX managing director James Fox said: “This new gold mineral resource at Fountain Head is an important development for the company as it highlights the significant potential of our large NT exploration tenure and is complementary to existing resources defined for the Hayes Creek Zinc-Gold-Silver Project.

“The Fountain Head gold system is no doubt significant in scale, it extends over 1.6km at surface and remains open at depth along the strike extent.

“We are confident that with continued exploration success, Fountain Head would add significant value to the Hayes Creek Project and improve the already robust case for its development.”

Plan view of the Fountain Head and Tally Ho resources showing proximity to historical mining areas, mineral leases and drill collar locations

Fox added: “New geological re-interpretation and modelling based on historic drilling over the Fountain Head project has identified numerous high-value target areas with the potential to significantly extend the mineral resource with further drilling.

“Relative values of mining the gold resource at Fountain Head versus using the historic open pits for tails from the Hayes Creek Project will now be assessed along with processing options, and whether, and if so how, the two strategies might be combined.”

READ: PNX Metals completes rights issue to progress Hayes Creek zinc-gold-silver project

PNX is progressing well with the Hayes Creek definitive feasibility study (DFS), having recently completed a fully-underwritten rights issue to raise $5.48 million.

The DFS is on schedule and follows on from the successful completion of a pre-feasibility study (PFS) in mid-2017 which confirmed Hayes Creek to be a promising future low-cost, high margin zinc and precious metal mine.

READ: PNX Metals shares more than double as it drills 85 metres at 11.8% zinc

The DFS is expected to provide increased confidence in all aspects of the project as well as investigate opportunities to improve mine life and overall project economics, thereby increasing the prospect of favourable development finance terms and structure.

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Thu, 11 Jul 2019 16:23:00 +1000 https://www.proactiveinvestors.com.au/companies/news/223716/pnx-metals-reveals-138000-ounce-maiden-resource-at-fountain-head-gold-project-223716.html
<![CDATA[News - PNX Metals shares more than double as it drills 85 metres at 11.8% zinc ]]> https://www.proactiveinvestors.com.au/companies/news/222894/pnx-metals-shares-more-than-double-as-it-drills-85-metres-at-118-zinc-222894.html PNX Metals Ltd (ASX:PNX) has received assay results from three diamond holes it drilled at the underground Iron Blow deposit within the Hayes Creek Project in the Northern Territory.

The holes were drilled to obtain samples for metallurgical flotation test work and other mine-related planning and design and have intersected some impressive massive sulphide sections.

IBDH061 intersected 85.22 metres at 11.87% zinc, 4.19 g/t gold, 309 g/t silver, 1.94% lead, 0.49% copper from 115.9 metres within the eastern lode.

IBDH063 intersected 48.07 metres at 5.67% zinc, 2.45 g/t gold and 90.6 g/t silver from 230.3 metres in the western lode.

Finally, IBDH062 intersected near-surface oxide gold and silver in its 21.42 metres at 1.98 g/t gold and 161 g/t silver.

The definitive feasibility study (DFS) remains on schedule, with final metallurgical flotation test work for offtake and marketing purposes now underway.

READ: PNX Metals' board of directors participate in non-renounceable rights issue

PNX’s managing director James Fox said: “We are very pleased to have commenced (locked-cycle) metallurgical test work on Iron Blow core.

“This is critical path work for the company at present as it supports marketing and offtake discussions and sets the final design parameters for the proposed process plant.

“We are also encouraged to see high-grade gold contained within predominantly oxide mineralisation at surface and the thick, massive sulphide intervals intersected by drilling are consistent with the geological model adding confidence to the Mineral Resource.

“The DFS is on schedule and continuing to demonstrate that Hayes Creek is a technically, environmentally and financially viable project.”

Metallurgy work underway

The Iron Blow (underground) and Mt Bonnie (open-cut) VMS deposits, along with the Fountain Head gold prospect collectively form the company’s Hayes Creek zinc-Gold-Silver project.

PNX is well-funded to continue the Hayes Creek development having recently completed a fully underwritten rights issue to raise $5.48 million before costs

This next phase of the metallurgy test work program that has now commenced is expected to take up to four months to complete.

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Thu, 27 Jun 2019 12:29:00 +1000 https://www.proactiveinvestors.com.au/companies/news/222894/pnx-metals-shares-more-than-double-as-it-drills-85-metres-at-118-zinc-222894.html
<![CDATA[News - PNX Metals' board of directors participate in non-renounceable rights issue ]]> https://www.proactiveinvestors.com.au/companies/news/220756/pnx-metals--board-of-directors-participate-in-non-renounceable-rights-issue-220756.html PNX Metals Ltd’s (ASX:PNX) board of directors have shown faith in the company with Graham Ascough, Paul Dowd, Peter Watson and David Hillier acquiring fully paid ordinary shares in a non-renounceable rights issue.

The non-renounceable rights issue was announced in April to raise $5.48 million towards its Hayes Creek Zinc-Gold-Silver Project, including completion of the definitive feasibility study and ongoing assessment of the high-grade Fountain Head Gold Project.

READ: PNXs’ German substantial shareholder Delphi increases stake to 40.6%

PNX chairman Graham Ascough acquired 4,149,951 shares worth $24,899.71 and now holds more than 11.06 million shares in indirect interests.

PNX non-executive director Paul Dowd purchased 8,007,990 shares worth more than $48,000 and now holds more than 21.85 million shares in indirect and indirect interests.

PNX non-executive director Peter Watson purchased 6,11,484 shares and now holds more than 16.31 million shares in direct and indirect interests.

READ: PNX Metals completes rights issue to progress Hayes Creek Zinc-Gold-Silver Project

PNX non-executive director David Hillier acquired 3,946,430 shares worth more than $23,670 increasing his securities to 10,500,001 fully paid shares in indirect interests.

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Wed, 22 May 2019 03:19:00 +1000 https://www.proactiveinvestors.com.au/companies/news/220756/pnx-metals--board-of-directors-participate-in-non-renounceable-rights-issue-220756.html
<![CDATA[News - PNX Metals’ German substantial shareholder Delphi increases stake to 40.6% ]]> https://www.proactiveinvestors.com.au/companies/news/220642/pnx-metals-german-substantial-shareholder-delphi-increases-stake-to-406-220642.html PNX Metals Ltd (ASX:PNX) has received a further show of confidence from Germany-based substantial shareholder Delphi, which has increased its holding to 40.61 % from 18.09%.

Delphi Unternehmensberatung Aktiengesellschaft (AG), of Heidelberg, Germany, purchased about 714 million shares between December 2018 and May 2019.

This includes a take-up of about 169 million placement shares and 539 million shortfall shares under PNX’s recently concluded underwritten non-renounceable pro-rata rights issue.

READ: PNX Metals completes rights issue to progress Hayes Creek zinc-gold-silver project

The company recently identified a new process to increase gold and silver recoveries from the Iron Blow VMS deposit of its Hayes Creek Zinc-Gold-Silver Project in the Northern Territory.

Innovative leaching test work on the Iron Blow float tailings stream indicates the potential for recovery of about 13,000 ounces of gold and 1 million ounces of silver that would otherwise be lost to tails.

READ: PNX Metals has potential new gold and silver revenue stream from tailings at Hayes Creek

The optimisation test work was recently completed and results will feed into a definitive feasibility study (DFS) for the Hayes Creek project.

The DFS will incorporate a new unit process designed to capture additional gold and silver from Iron Blow float tails that would otherwise remain locked in the mineral lattice and remain unrecoverable.

This work has the potential to increase the robust economics of the Hayes Creek project which were demonstrated by a pre-feasibility study (PFS) completed in 2017.

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Tue, 21 May 2019 13:50:00 +1000 https://www.proactiveinvestors.com.au/companies/news/220642/pnx-metals-german-substantial-shareholder-delphi-increases-stake-to-406-220642.html
<![CDATA[News - PNX Metals completes rights issue to progress Hayes Creek zinc-gold-silver project ]]> https://www.proactiveinvestors.com.au/companies/news/220272/pnx-metals-completes-rights-issue-to-progress-hayes-creek-zinc-gold-silver-project-220272.html PNX Metals Ltd (ASX:PNX) has received acceptances for 371,111,697 new shares under its underwritten non-renounceable pro-rata rights issue, for a total consideration of $2,226,670.

The acceptances represent a take-up of about 41% of the shares offered at an issue price of 0.6 cents per share.

This includes participation by a number of major shareholders, including Delphi which took up its full entitlement together with the board and management of PNX.

READ: PNX Metals launches rights issue of up to $5.48 million to fund Hayes Creek DFS completion

Pursuant to the underwriting agreement, Delphi will be allocated the remaining shortfall of 539,073,425 shares for a total consideration of $3,234,441.

Following completion of the rights issue, Delphi’s shareholding in PNX will be about 40.6% on an undiluted basis. New shares under the rights issue will be issued on May 20, 2019.

PNX managing director James Fox said: “On behalf of the board of PNX, I would like thank all our shareholders who have participated in this rights issue which will enable the company to progress its flagship Hayes Creek zinc-gold-silver project, including completion of the definitive feasibility study, and ongoing assessment of the high-grade Fountain Head gold project.

“We are grateful for the continued strong support of our major shareholders, and Delphi’s underwriting commitment for the rights issue is particularly appreciated.”

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Wed, 15 May 2019 14:45:00 +1000 https://www.proactiveinvestors.com.au/companies/news/220272/pnx-metals-completes-rights-issue-to-progress-hayes-creek-zinc-gold-silver-project-220272.html
<![CDATA[News - PNX Metals’ $5.48 million rights issue closing on Friday ]]> https://www.proactiveinvestors.com.au/companies/news/219840/pnx-metals-548-million-rights-issue-closing-on-friday-219840.html PNX Metals Ltd’s (ASX:PNX) non-renounceable pro-rata rights issue aiming to raise about $5.48 million at 0.6 cents a share will close at 5pm (ACST) on Friday May 10, 2019.

Funds from the raising will be used to progress work at the company’s flagship Hayes Creek Zinc-Gold-Silver Project, including completion of a definitive feasibility study (DFS), as well as ongoing assessment of the high-grade Fountain Head Gold Project.

PNX has secured commitments and underwriting for the full amount, with key shareholders showing strong support and Hartleys Limited acting as lead manager.

READ: PNX Metals has potential new gold and silver revenue stream from tailings at Hayes Creek

PNX Metals managing director James Fox said that the support for the rights issue is a strong endorsement of the quality of the Hayes Creek Zinc-Gold-Silver Project and PNX’s NT exploration assets.

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Wed, 08 May 2019 15:17:00 +1000 https://www.proactiveinvestors.com.au/companies/news/219840/pnx-metals-548-million-rights-issue-closing-on-friday-219840.html
<![CDATA[News - PNX Metals launches rights issue of up to $5.48 million to fund Hayes Creek DFS completion ]]> https://www.proactiveinvestors.com.au/companies/news/218809/pnx-metals-launches-rights-issue-of-up-to-548-million-to-fund-hayes-creek-dfs-completion-218809.html PNX Metals Ltd (ASX:PNX) has launched a non-renounceable pro-rata rights issue at an issue price of 0.6 cents a share, aiming to raise about $5.48 million.

Funds from the raising will be used to progress work at the company’s flagship Hayes Creek Zinc-Gold-Silver Project, including completion of a definitive feasibility study (DFS), as well as ongoing assessment of the high-grade Fountain Head Gold Project.

PNX has secured commitments and underwriting for the full amount, with key shareholders showing strong support and Hartleys Limited acting as lead manager.

READ: PNX Metals has potential new gold and silver revenue stream from tailings at Hayes Creek

PNX Metals managing director James Fox said: “This support for the rights issue is a strong endorsement of the quality of the Hayes Creek Zinc-Gold-Silver Project and PNX’s NT exploration assets.

“The funding will see the company through a transformative period over the next 12 months.

“It allows for all technical aspects of the project to be de-risked through the completion of a DFS, as well as for the relevant project government and environmental applications to be progressed for approval.

“Additionally, and following on from successful exploration in 2018 where drilling highlighted exceptional grades and scale potential of a gold system at the Fountain Head project, this new project will be advanced as a distinct opportunity to augment the already robust economics of the Hayes Creek project.”

  READ: PNX Metals begins diamond drilling at VMS deposit within Hayes polymetallic project in NT

DFS work at Hayes Creek to be funded through the rights issue includes:

All application work for environmental and governmental approvals;

Project management, drilling and assays and technical studies relating to geology, resources and mining;

Metallurgical test work including process plant engineering and design;

An options study for the Fountain Head project;

Project holding and management costs, including rentals, environmental and statutory reporting; and

Exploration activities to keep tenements in good standing and meet minimum expenditure commitments.

READ: PNX Metals advances NT portfolio with zinc-gold focus

The rights issue will comprise three new shares for every five shares held, with the issue price of 0.6 cents representing a discount of about 8.4% to PNX’s volume weighted average market price in the five trading days prior to April 18.

The offer price also represents a discount of about 14.3% to the last traded price of PNX shares on April 16.

Substantial shareholders Sochrastem SAS and DELPHI Unternehmensberatung Aktiengesellschaft will participate in the rights issue, with Sochrastem to apply for $850,000 in shares and DELPHI agreeing to underwrite the balance of the offer.

Eligible shareholders will be invited to participate in the offer through underwriter Hartleys by way of a sub-underwriting from Monday April 29 until May 8, 2019.

DELPHI’s underwriting commitment will be reduced to the extent of allocations to shareholders that subscribe for entitlements.

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Wed, 17 Apr 2019 21:41:00 +1000 https://www.proactiveinvestors.com.au/companies/news/218809/pnx-metals-launches-rights-issue-of-up-to-548-million-to-fund-hayes-creek-dfs-completion-218809.html
<![CDATA[News - PNX Metals is in trading halt with capital raising news pending ]]> https://www.proactiveinvestors.com.au/companies/news/218637/pnx-metals-is-in-trading-halt-with-capital-raising-news-pending-218637.html PNX Metals Ltd (ASX:PNX) is in a trading halt with an announcement pending regarding a capital raising.

The company’s securities will remain in a trading halt until the start of trade on Tuesday, April 16, 2019, or when an announcement is released to the market, whichever occurs earliest.

Shares last traded at 0.7 cents.

READ: PNX Metals has potential new gold and silver revenue stream from tailings at Hayes Creek

Earlier this month the company identified a new process to increase gold and silver recoveries from the Iron Blow VMS deposits at its Hayes Creek Zinc-Gold-Silver Project in the Northern Territory.

Innovative leaching test work on the Iron Blow float tailings stream indicates the potential for recovery of about 13,000 ounces of gold and 1 million ounces of silver that would otherwise be lost to tails.

The optimisation test work was recently completed, and results will feed into a definitive feasibility study (DFS) for the Hayes Creek project.

READ: PNX Metals begins diamond drilling at VMS deposit within Hayes Polymetallic project in NT

PNX managing director James Fox said the company was very pleased with the outcome of the test work as it was something they had been working on in the background for a while.

He said: “To have identified a potential new revenue stream from material that would otherwise end up in tailings is excellent.”

This work has the potential to increase the robust economics of the Hayes Creek project which were demonstrated by a pre-feasibility study completed in 2017.

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Tue, 16 Apr 2019 14:26:00 +1000 https://www.proactiveinvestors.com.au/companies/news/218637/pnx-metals-is-in-trading-halt-with-capital-raising-news-pending-218637.html
<![CDATA[News - PNX Metals has potential new gold and silver revenue stream from tailings at Hayes Creek ]]> https://www.proactiveinvestors.com.au/companies/news/218194/pnx-metals-has-potential-new-gold-and-silver-revenue-stream-from-tailings-at-hayes-creek-218194.html PNX Metals Ltd (ASX:PNX) has identified a new process to increase gold and silver recoveries from the Iron Blow VMS deposit of its Hayes Creek Zinc-Gold-Silver Project in the Northern Territory.

Innovative leaching test work on the Iron Blow float tailings stream indicates the potential for recovery of about 13,000 ounces of gold and 1 million ounces of silver that would otherwise be lost to tails.

The optimisation test work was recently completed and results will feed into a definitive feasibility study (DFS) for the Hayes Creek project.

READ: PNX Metals advances NT portfolio with zinc-gold focus

PNX managing director James Fox said: “We are very pleased with the outcome of this test work as it is something we have been working on in the background for a while.

“To have identified a potential new revenue stream from material that would otherwise end up in tailings is excellent.”

To be incorporated in DFS

The DFS will incorporate a new unit process designed to capture additional gold and silver from Iron Blow float tails that would otherwise remain locked in the mineral lattice and remain unrecoverable.

This work has the potential to increase the robust economics of the Hayes Creek project which were demonstrated by a pre-feasibility study (PFS) completed in 2017.

READ: PNX Metals begins diamond drilling at VMS deposit within Hayes polymetallic project in NT

A newly trialled reagent to specifically target residual gold and silver in the rougher tails has achieved a first pass result of improved recoveries to a scavenger concentrate by 26.6% gold and 19.9% silver.

This concentrate stream was then subjected to three well-known hydrometallurgical processes - intense cyanidation, ferric oxidation at elevated temperatures and pressure oxidation (POx) for extraction of gold and silver.

Intense cyanidation, the preferred treatment route at this stage, achieves additional recoveries of precious metals to solution and then to doré.

Recoveries improved

Fox said: “Overall gold/silver recoveries have been improved by 10.7% and 17.0% respectively to a new final product being a doré bar, in addition to the zinc and precious metals concentrates as proposed in the PFS.

“This incremental optimisation is continuing to demonstrate that the Hayes Creek Project is a technically, environmentally and financially viable project.”

Assays due this month

Drilling at Iron Blow is complete with thick zones of massive sulphide mineralisation intersected within the eastern and western lodes. Assays are due from late April.

The DFS on the Hayes Creek project has re-commenced and is expected to provide increased confidence in all aspects of the project as well as investigate opportunities to improve mine life and overall project economics.

This would also increase the prospect of favourable development finance terms and structure.

Studies are underway to inform the DFS including those required for government and environmental approvals.

READ: PNX Metals intersects gold mineralisation at Cookies Corner, extending strike to more than 800 metres

Hayes Creek comprises the Iron Blow and Mt Bonnie zinc-gold-silver deposits and the Fountain Head gold prospect, which are less than 3 kilometres apart on wholly-owned mineral leases.

The project is within the Pine Creek region 170 kilometres south of Darwin.

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Tue, 09 Apr 2019 14:40:00 +1000 https://www.proactiveinvestors.com.au/companies/news/218194/pnx-metals-has-potential-new-gold-and-silver-revenue-stream-from-tailings-at-hayes-creek-218194.html
<![CDATA[News - PNX Metals begins diamond drilling at VMS deposit within Hayes polymetallic project in NT ]]> https://www.proactiveinvestors.com.au/companies/news/216800/pnx-metals-begins-diamond-drilling-at-vms-deposit-within-hayes-polymetallic-project-in-nt-216800.html PNX Metals Ltd (ASX:PNX) has started diamond drilling at the Iron Blow volcanogenic massive sulphide (VMS) deposit within its Hayes Creek Zinc-Gold-Silver Project in the Pine Creek region of the Northern Territory.

Drilling is designed to target the eastern and western massive sulphide zones with two diamond drill holes planned for about 500 metres.

The definitive feasibility study (DFS) for the project has also restarted following the successful completion of a pre-feasibility study (PFS) in July 2017, which confirmed the promising future of the project as a low-cost, high-margin zinc and precious metal mine.

 

READ: PNX Metals advances NT portfolio with zinc-gold focus

PNX managing director James Fox: “We are very pleased to have resumed drilling at Hayes Creek.

“This drilling together with processing project approvals and assessment of new gold mineralisation at Fountain Head is critical path work for the company at present.

“We look forward to advancing the DFS and continuing to demonstrate that Hayes Creek is a technically, environmentally and financially viable project.”

The two diamond drill holes at Iron Blow are expected to provide the following:

Samples of eastern and western massive sulphide lodes to finalise DFS-level metallurgical flotation test work for offtake and marketing purposes; and

Additional geotechnical information and assay data relating to stope design and scheduling for the proposed underground development.

The program is expected to take up to three weeks with assays available once all technical information has been collected from the core.

Fountain Head gold prospect

Modelling of the newly delineated gold mineralisation is also being finalised.

The value of mining the gold mineralisation versus using the historic open pits as the (in-pit) tails location for the Hayes Creek project is being assessed, as well as whether the two strategies might be combined.

CSA Global is finalising a structural model that will help understand controls around the gold mineralisation at Fountain Head, Tally Ho and Banner for future drill targeting and mineral resource estimation.

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Wed, 20 Mar 2019 12:33:00 +1100 https://www.proactiveinvestors.com.au/companies/news/216800/pnx-metals-begins-diamond-drilling-at-vms-deposit-within-hayes-polymetallic-project-in-nt-216800.html
<![CDATA[News - PNX Metals advances NT portfolio with zinc-gold focus ]]> https://www.proactiveinvestors.com.au/companies/news/214042/pnx-metals-advances-nt-portfolio-with-zinc-gold-focus-214042.html PNX Metals Ltd (ASX:PNX) (FRA:4P1) is continuing to focus on work streams at its Northern Territory portfolio, advancing its Hayes Creek Zinc-Gold-Silver Project definitive feasibility study (DFS) while setting attractive prospects such as Cookies Corner as exploration targets.

The South Australian company shared its December quarter achievements with the market last week during quarterly reporting season.

Among these achievements was its earn-in to a 90% stake in the Iron Blow and Mt Bonnie volcanogenic massive sulphide (VMS) deposits from Kirkland Lake Gold Ltd (ASX:KLA) (TSE:KL) (NYSE:KL) (FRA:NGDA) subsidiary Newmarket Gold NT Holdings Pty Ltd.

PNX Metals intersects gold mineralisation at Cookies Corner, extending strike to more than 800 metres

PNX Metals’ two parallel work streams consist of a project development stream and an exploration stream.

The company’s planned March quarter activities on the Hayes Creek project development front include generating an updated mineral resource estimate for Mount Bonnie that takes into account 2018 drilling.

READ: PNX Metals earns 90% interest in two projects near Hayes Creek containing high-value targets

Mt Bonnie is a planned initial open-pit mining operation for the Hayes Creek project.

The company hopes to drill two diamond drill holes at Iron Blow to collect large-scale representative samples of the eastern and western massive sulphide lodes.

Iron Blow is a proposed underground development and PNX hopes to also gain additional geotechnical information as it undertakes planning.

Hayes Creek project

Hayes Creek is 170 kilometres south of Darwin by road and had a JORC 2012 mineral resource estimate across the Iron Blow and Mt Bonnie deposits containing 177,000 tonnes of zinc, 238,000 ounces of gold, 16.2 million ounces of silver, 37,000 tonnes of lead and 10,000 tonnes of copper.

Eighty-five per cent of the resource was in the indicated category with the remaining 15% inferred.

The resource is equivalent to 1.1 million ounces of gold or 445,000 tonnes of zinc.

FLASHBACK: PNX Metals study confirms high-value zinc mine

A July 2017 pre-feasibility study for the Hayes Creek project valued it at $133 million using a net present value (NPV10) calculated at a 10% discount.

Net smelter revenue from the sale of zinc and precious metals concentrates was $628 million for a 6.5 year mine life.

Hayes Creek had a low $58 million initial capital expenditure for a 73% internal rate of return and 15-month payback period.

Annual production rates of concentrates were forecast at 18,200 tonnes of zinc, 14,700 ounces of gold and 1.4 million ounces of silver, or 39,100 tonnes of zinc equivalent.

PNX hopes to progress regulatory approvals during the March quarter, gaining an Environment Protection and Biodiversity Conservation (EPBC) referral of the Hayes Creek project development.

The company also hopes to advance environmental impact statement (EIS)-related studies and address feedback it received after submitting a notice of intent (NOI)

PNX Metals’ ground in the NT

Regional exploration budget and objectives

PNX’s objective for the regional program is to make discoveries to supplement Hayes Creek or operate as standalone mining operations or be free-milled at gold facilities in the region.

PNX will undertake low-cost geological modelling during the March quarter, also refining drill targets and planning for the 2019 exploration season.

READ: TNX Metals pursuing two work streams in parallel

PNX reported last week it expected “expenditure will be significantly lower than during the field season”.

The company’s total expected cash outflows for the March quarter are $680,000, with $350,000 earmarked for exploration and evaluation.

Wet season in the NT is likely to run throughout the quarter, with PNX responding by focusing its exploration efforts indoors.

The field season tends to correspond with dry season, with explorers usually able to get out on the ground between about April/May and December.

Cookies Corner resource estimation at Burnside

PNX plans to follow on drilling successes at Cookies Corner prospect of Burnside project with gold mineralisation modelling to determine mineral resource potential and finalise the plan for dry season drilling efforts.

The company has previously said it expected to estimate a near-surface open pittable gold mineral resource after two phases of drilling last year.

READ: PNX Metals’ German substantial shareholder Delphi increases stake to 18.09%

A follow-up reverse circulation (RC) drill program concluded in December netted results such as up to 2 metres at 4.35 g/t gold from 61 metres.

Twelve more holes remain to be drilled as part of this program, which will be completed during the 2019 field season, from about April.

A number of untested NE-SW trending gold-bearing quartz veins associated with NE-SW trending parasitic anticlines were identified at surface through mapping and rock sampling.

These are to be tested as part of the next drilling campaign at the prospect 30 kilometres from Hayes Creek project.

 

Other exploration focuses

PNX plans to complete a conceptual mining study for its Fountain Head project to weigh up the merits of mining the gold mineralisation or historical open pits at Hayes Creek project, or adopting a mixture of both strategies.

The company’s contractor for several project efforts, CSA Global, will help PNX generate a structural model to aid understanding of the controls around the gold mineralisation at Fountain Head, Tally Ho and Banner to assist with future drill targeting and mineral resource estimation work.

PNX hopes to get back delayed assays from Moline Gold and Base Metals Project RC and diamond drilling.

Given the delays, the company had opted to defer metallurgical test work and the interpretation of information for resource estimation efforts and now hopes to complete the work in March quarter.

Moline project includes the Moline, Tumbling Dice, School, Redback and Hercules prospects and is 65 kilometres from Hayes Creek.

The interpretation and modelling of an aeromagnetic survey at Kilfoyle project will be conducted to assist with drill targeting for drilling to be co-funded by the government.

Kilfoyle is prospective for the commodities of zinc, lead, silver, gold, lithium, nickel, cobalt and copper and was picked up as a farm-in project last May.

South Australian assets

Ausmex Mining Group Limited (ASX:AMG) is farming into PNX’s eight exploration licences in South Australia’s Burra area, to earn up to a 90% interest over two stages by spending at least $300,000 in each stage on diamond drilling or other agreed exploratory work.

The first stage which would allow a 60% farm-in is to be completed by September 30.

PNX has the Yorke Peninsula and Adelaide Geosyncline exploration tenements in its home state.

Quarterly results

PNX used $1.2 million on operating activities in the December quarter, spending $862,000 on exploration and evaluation.

It had $1.6 million cash on December 31 and zero debt after raising $3.5 million with a placement in the October quarter.

The company is expecting $680,000 of cash outflows in the March quarter as it focuses on its Hayes Creek DFS and scales back its regional field activities during the wet season.

Major shareholders

PNX had 1,522,055,020 shares on issue on January 31.

Among its significant shareholders at the end of last month was Heidelberg-based Australian juniors investor Delphi Aktiengesellschaft with 18.2%.

The shareholder had become PNX’s cornerstone investor with a $2 million investment made during the company’s December half capital raising.

Second largest holder Marilei International Limited had 10.3%, third BNP Paribas Nominees held 6.2%, fourth Sochrastem SA had 6.2% and fifth Potezna Gromadka Limited held 5.9%.

— with John Miller, Tharun George

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Tue, 05 Feb 2019 21:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/214042/pnx-metals-advances-nt-portfolio-with-zinc-gold-focus-214042.html
<![CDATA[News - PNX Metals intersects gold mineralisation at Cookies Corner, extending strike to more than 800 metres ]]> https://www.proactiveinvestors.com.au/companies/news/213463/pnx-metals-intersects-gold-mineralisation-at-cookies-corner-extending-strike-to-more-than-800-metres-213463.html PNX Metals Ltd (ASX:PNX) has intersected high-grade gold at its Cookies Corner prospect in the Northern Territory, increasing the known strike extent to more than 800 metres.

Results of up to 2 metres at 4.35 g/t gold from 61 metres were returned in the follow-up reverse circulation (RC) program.

The objective was to extend gold mineralisation discovered in August 2018 and to estimate a mineral resource to supplement the Hayes Creek Zinc-Gold-Silver Project, which is  less than 30 kilometres away.

Potential for larger system

PNX Metals managing director James Fox said: “This is an exciting development with gold mineralisation now defined over an 800-metre strike extent, and 100-metre lateral extent that remains open in all directions, including at depth.

“It is encouraging to see the thickness of mineralisation increasing in the fresh rock and an increase in quartz veining and sulphides down hole that appears to be directly associated with the gold.”

Eight new holes drilled

Eight new reverse circulation (RC) holes were drilled and three original holes extended, with all holes intersecting gold mineralisation.

Other strong results include:

11 metres at 1.13 g/t from 75 metres;

6 metres at 1.82 g/t from 133 metres; and

4 metres at 2.12 g/t from 44 metres.

Fox added: “New areas of gold mineralisation have been identified that remain open at depth, indicating the potential for a larger gold system than originally anticipated.”

 

 

Further drilling, gold quartz veins

A further 12 holes remain to be drilled as part of this program which will be completed during the 2019 field season, and this is expected to commence from April.

A number of untested NE-SW trending gold bearing quartz veins associated with NE-SW trending parasitic anticlines have also been identified at surface through mapping and rock sampling.

These will also be tested as part of the next drilling campaign.

READ: PNX Metals commences follow-up drilling for gold at Cookies Corner

The company started follow-up drilling in November last year after a maiden campaign intersected gold from 20 metres at 1.93 g/t from 12 metres including 8 metres at 4.29 g/t.

The initial drilling was designed only to test a portion of the large geochemical anomaly at Cookies Corner, but the strong results prompted a follow-up program.

READ: PNX Metals identifies gold mineralisation at Cookies Corner prospect in NT

Fox said: “The success of this program at Cookies Corner, which is still in its early stages, gives us a new level of confidence regarding the other numerous soil anomalies within our NT tenements that are either untested or have received virtually no exploration for decades.”

Cookies Corner is one of a cluster of targets in the northwest of Burnside at the convergence of two major gold-producing structural corridors – the Howley anticline, host to Kirkland Lake Gold Ltd’s (TSX:KL) Cosmo mine and the Pine Creek shear zone.

- Jessica Cummins 

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Mon, 28 Jan 2019 21:49:00 +1100 https://www.proactiveinvestors.com.au/companies/news/213463/pnx-metals-intersects-gold-mineralisation-at-cookies-corner-extending-strike-to-more-than-800-metres-213463.html
<![CDATA[News - PNX Metals appoints Angelo Gaudio as company secretary and chief financial officer ]]> https://www.proactiveinvestors.com.au/companies/news/212285/pnx-metals-appoints-angelo-gaudio-as-company-secretary-and-chief-financial-officer-212285.html PNX Metals Ltd (ASX:PNX) has appointed Angelo Gaudio as company secretary and chief financial officer, replacing Tim Moran who resigned with effect from the close of business on January 10, 2019.

Gaudio has over 35 years’ experience in the accounting profession and over 8 years’ experience as a company secretary for ASX listed companies.

His experience includes exploration, development and mining within the uranium, copper, gold, silver and graphite sectors, as well as fuel distribution, engineering and fabrication operations.

Gaudio is a Fellow of the Institute of Public Accountants and a certificated member of the Governance Institute of Australia.

READ: PNX Metals drills gold extensions at Fountain Head

PNX recently received high-grade gold assays from diamond drilling at the Fountain Head Project in the Northern Territory.

Drilling was testing extensions to vein systems associated with the Fountain Head and Tally Ho gold lodes.

These latest assay results indicate that high-grade gold mineralisation exists along strike and down dip of the known mineralised structures at both lodes.

Highlights include 6.67 metres at 11.35 g/t gold from 201.15 metres including 0.85 metres at 84.9 g/t gold.

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Thu, 10 Jan 2019 17:50:00 +1100 https://www.proactiveinvestors.com.au/companies/news/212285/pnx-metals-appoints-angelo-gaudio-as-company-secretary-and-chief-financial-officer-212285.html
<![CDATA[News - PNX Metals drills gold extensions at Fountain Head ]]> https://www.proactiveinvestors.com.au/companies/news/211529/pnx-metals-drills-gold-extensions-at-fountain-head-211529.html PNX Metals Ltd (ASX:PNX) has received high-grade gold assays from diamond drilling at the Fountain Head Project in the Northern Territory.

Drilling was testing extensions to vein systems associated with the Fountain Head and Tally Ho gold lodes.

These latest assay results indicate that high-grade gold mineralisation exists along strike and down dip of the known mineralised structures at both lodes.

Highlights include 6.67 metres at 11.35 g/t gold from 201.15 metres including 0.85 metres at 84.9 g/t gold.

Importantly mineralisation exists outside of the known zones that had been modelled prior to drilling and below historical mining which was limited to 60 metres below surface.

READ: PNX Metals earns 90% interest in two projects near Hayes Creek containing high-value targets

PNX’s managing director James Fox said: “We are very excited to have identified high-grade gold mineralisation that extends the strike of the Tally Ho lode at Fountain Head down-plunge by at least a further 100 metres, in addition to identifying numerous open areas for follow-up drilling next drill season”.

“This gold system is no doubt significant in scale as it extends over 1.6 kilometres at surface and remains open at depth all along the strike extent. We are confident that with continued exploration success, Fountain Head can add significant value to the Hayes Creek Project and improve the already robust case for its development.”

Adding resources to the Hayes Creek project

Exploration at Fountain Head aims to define additional resources to incorporate into PNX’s flagship Hayes Creek zinc-Gold-Silver Project.

The Fountain Head Mineral Leases are located less than 15 kilometres from Hayes Creek.

As well as containing a number of high-grade gold prospects, they also provide an ideal site for the proposed Hayes Creek processing plant.

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Thu, 20 Dec 2018 12:26:00 +1100 https://www.proactiveinvestors.com.au/companies/news/211529/pnx-metals-drills-gold-extensions-at-fountain-head-211529.html
<![CDATA[News - PNX Metals earns 90% interest in two projects near Hayes Creek containing high-value targets ]]> https://www.proactiveinvestors.com.au/companies/news/211193/pnx-metals-earns-90-interest-in-two-projects-near-hayes-creek-containing-high-value-targets-211193.html PNX Metals Ltd (ASX:PNX) has now earned a 90% interest (excluding uranium) in the Burnside and Chessman projects in the Northern Territory from a subsidiary of Kirkland Lake Gold Ltd (TSE:KL).

The Burnside and Chessman projects cover about 1,150 square kilometres in the Pine Creek region containing multiple, high-value exploration targets that PNX is systematically assessing with a view to defining additional resources that can be incorporated into its 100%-owned Hayes Creek zinc-gold-silver project.

Burnside and Chessman 90% PNX, Moline and Hayes Creek 100% PNX

Hayes Creek is located within the south-east corner of the Burnside project and ongoing exploration success within the Burnside and Chessman projects could extend the Hayes Creek mine life and improve on its already robust economics.

PNX managing director James Fox said: “We are very pleased to have completed our earn-in over the Burnside and Chessman exploration projects in the Pine Creek region of the NT, which are integral to our plans for Hayes Creek.

“The areas possess significant exploration potential, as demonstrated by recent success at the Cookies Corner gold prospect.

READ: PNX Metals pursuing two work streams in parallel

“We are eagerly awaiting assays from follow-up drilling from a further 17 drill holes which include Cookies Corner and the 100% owned Banner prospect.

“The aim of the exploration undertaken on these projects to date and going forward is to identify additional resources that can be incorporated into the Hayes Creek mine plan in order to augment the economics and extend the life of the project.”

Western Burnside

The recently drilled Cookies Corner gold prospect is one of a cluster of gold targets situated at the convergence of two major gold-producing structural corridors on the western side of the Burnside tenement.

READ: PNX Metals commences follow-up drilling for gold at Cookies Corner

Drilling conducted by PNX intersected gold mineralisation over a continuous 500 metres strike, including:
• 20 metres at 1.93 g/t gold from 12 metres including 8 metres at 4.29 g/t gold from 12 metres; and
• 6 metres at 3.72 g/t gold from 71 metres.

A further eight holes have been drilled (with assays pending) as part of a larger follow-up program, with the remaining 15 planned holes being deferred until the commencement of the 2019 dry-season due to wet-weather access limitations.

Eastern Burnside

The eastern side of the Burnside tenement is equally prospective with the Golden Dyke Dome group located immediately to the south of the Hayes Creek Project.

PNX recently intersected 6 metres at 39.5 g/t gold from 54 metres at Banner 5 where a further eight reverse circulation and one diamond drill hole have been completed, with results pending.

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Fri, 14 Dec 2018 12:32:00 +1100 https://www.proactiveinvestors.com.au/companies/news/211193/pnx-metals-earns-90-interest-in-two-projects-near-hayes-creek-containing-high-value-targets-211193.html
<![CDATA[News - PNX Metals’ German substantial shareholder Delphi increases stake to 18.09% ]]> https://www.proactiveinvestors.com.au/companies/news/210628/pnx-metals-german-substantial-shareholder-delphi-increases-stake-to-1809-210628.html PNX Metals Ltd (ASX:PNX) has received a further show of confidence from Germany-based substantial shareholder Delphi, which has increased its holding to 18.09% from 17.05%.

Delphi Unternehmensberatung Aktiengesellschaft (AG), of Heidelberg, purchased about 15.79 million shares at 8 cents each via a series of on-market trades during October to December 2018, for a total consideration of $126,336.

READ: PNX Metals pursuing two work streams in parallel

Recent exploration success at the Fountainhead Project nearby to the company’s flagship Hayes Creek Project and at the Cookies Corner prospect within the Burnside Project has PNX upbeat.

The Burnside exploration project is in the Pine Creek region of the Northern Territory, an area which has produced over 3.2 million ounces of gold.

PNX recently commenced a follow-up drill program at the Cookies Corner gold prospect within the Burnside Project.

READ: PNX Metals commences follow-up drilling for gold at Cookies Corner

The 20-hole, 1,800-metre reverse circulation program follows up the recent maiden program which intersected gold mineralisation over a continuous 500-metre strike.

Highlights from maiden drilling included 20 metres at 1.93 g/t gold from 12 metres including 8 metres at 4.29 g/t gold.

The follow-up program was expected to take up to three weeks to complete with initial assay results due this month.

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Thu, 06 Dec 2018 15:26:00 +1100 https://www.proactiveinvestors.com.au/companies/news/210628/pnx-metals-german-substantial-shareholder-delphi-increases-stake-to-1809-210628.html
<![CDATA[News - PNX Metals commences follow-up drilling for gold at Cookies Corner ]]> https://www.proactiveinvestors.com.au/companies/news/209134/pnx-metals-commences-follow-up-drilling-for-gold-at-cookies-corner-209134.html PNX Metals Ltd (ASX:PNX) has commenced a follow-up drill program at the Cookies Corner gold prospect within the Burnside Project in the Pine Creek region of the Northern Territory.

The 20-hole, 1,800-metre reverse circulation (RC) program follows up the recent maiden program which intersected gold mineralisation over a continuous 500-metre strike.

Highlights from maiden drilling included 20 metres at 1.93  g/t gold from 12 metres including 8 metres at 4.29 g/t gold.

This follow-up program is expected to take up to three weeks to complete with initial assay results due in December.

READ: PNX Metals identifies gold mineralisation at Cookies Corner prospect in NT

PNX’s managing director James Fox said: “We are excited to commence stage II drilling at Cookies Corner which is designed to test for extensions to gold mineralisation discovered in our successful initial drill program.

“We look forward to receiving the results of this new drill program which will assist in building our understanding of the controls over the gold mineralisation at Cookies Corner, and to then apply this knowledge to a number of other untested similar gold in soils anomalies in the area.”

READ: PNX Metals pursuing two work streams in parallel

The Burnside exploration project is in the Pine Creek region, an area which has produced over 3.2 million ounces of gold.

Furthermore, the project is less than 30 kilometres from PNX’s flagship Hayes Creek Zinc-Gold-Silver Project.

Drilling at Cookies Corner is part of a broader exploration campaign with the objective of making discoveries to either supplement Hayes Creek or operate as standalone mining operations.

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Wed, 14 Nov 2018 09:34:00 +1100 https://www.proactiveinvestors.com.au/companies/news/209134/pnx-metals-commences-follow-up-drilling-for-gold-at-cookies-corner-209134.html
<![CDATA[News - PNX Metals pursuing two work streams in parallel ]]> https://www.proactiveinvestors.com.au/companies/news/207711/pnx-metals-pursuing-two-work-streams-in-parallel-207711.html PNX Metals Ltd (ASX:PNX) will vote on four resolutions at its annual general meeting today at 10.30am being held in Adelaide, South Australia.

Notably, the company used the meeting as an opportunity to reflect on its exploration success at its Northern Territory project portfolio.

Recent exploration success at the Fountainhead Project nearby to the Hayes Creek Project and at the Cookies Corner prospect within the Burnside Project has PNX upbeat.

READ: PNX Metals’ German cornerstone investor and directors increase stake

PNX Metals’ chairman Graham Ascough said: “At Fountainhead, the preferred location for a processing facility for Hayes Creek, recent drilling has intersected high grade gold mineralisation beneath the historic pits, demonstrating that there is considerable potential to grow the mineral inventory both at depth and along strike.

“Approximately 1.5 kilometres to the northwest of the historic mining area at Fountain Head, our initial drilling targeting a gold-in-soil geochemical anomaly returned an outstanding intercept of 6 metres grading 39.6 g/t gold (Banner prospect).

READ: PNX Metals commences follow-up diamond drilling at Banner gold discovery

“This is an exciting result as we have many similar looking soil anomalies on the project that have yet to be tested.

“Also, the intercept is near surface and remains open in all directions. A subsequent diamond drill hole has been completed at Banner and assays are pending.

“Importantly, however, this follow-up drill hole has provided structural and geological information that will guide the next round of drilling at Banner to determine the extent of this high-grade intercept.

READ: PNX Metals identifies gold mineralisation at Cookies Corner prospect in NT

Ascough added: “Drilling at another exploration prospect, Cookies Corner, has also delivered solid results that suggest the presence of an extensive gold system.

“Gold mineralisation was intersected in all 16 drill holes of an initial program that covered an area of approximately 500 metres by 100 metres.

“Several holes terminated in mineralisation at the depth capacity of the rig and the mineralisation remains open in all directions.

Follow-up drilling planned in the coming weeks

“High gold grades from surface rock chip samples located on trend and north of the initial drilling provide an obvious target for future drilling programs and this area will be tested with RC drilling in the coming weeks.”

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Wed, 24 Oct 2018 10:46:00 +1100 https://www.proactiveinvestors.com.au/companies/news/207711/pnx-metals-pursuing-two-work-streams-in-parallel-207711.html
<![CDATA[News - PNX Metals identifies gold mineralisation at Cookies Corner prospect in NT ]]> https://www.proactiveinvestors.com.au/companies/news/206627/pnx-metals-identifies-gold-mineralisation-at-cookies-corner-prospect-in-nt-206627.html PNX Metals Ltd (ASX:PNX) has intersected extensive gold mineralisation in an initial drilling program at the Cookies Corner prospect within its wider Burnside exploration project.

The 16-hole, 1,100-metre reverse circulation (RC) drilling program aimed to identify the source of a 1-kilometre-long gold-in-soil anomaly with surface rock chips grading 28.7 g/t gold.

All holes intersected gold mineralisation associated with quartz-sulphide veins along the target structure and several holes ended in mineralisation and will be extended with further RC drilling.

The Burnside project is in the Pine Creek region of the Northern Territory, an area which has produced over 3.2 million ounces of gold, and less than 30 kilometres from PNX’s Hayes Creek Zinc-Gold-Silver Project.

READ: PNX Metals’ German cornerstone investor and directors increase stake

Highlighted result intersected over a continuous 500-metre strike include: 20 metres at 1.93 g/t from 12 metres, including 8 metres at 4.29 g/t from 12 metres; and 6 metres at 3.72 g/t from 71 metres.

PNX managing director James Fox said: “There is compelling data to support the prospect of a new gold camp within the northwest corner of the Burnside project, which adds to a number of significant gold systems already identified by PNX in the NT.

“The success of this program at Cookies Corner, which is still in its early stages, gives us a new level of confidence regarding the other numerous soil anomalies within our NT tenements that are either untested or have received virtually no exploration for decades.”

PNX's Northern Territory project locations

  READ: PNX Metals commences follow-up diamond drilling at Banner gold discovery

Cookies Corner is one of a cluster of gold targets in the northwest of Burnside at the convergence of two major gold-producing structural corridors – the Howley anticline, host to Kirkland Lake Gold Ltd’s (TSX:KGI) Cosmo Gold Mine, and the Pine Creek shear zone.

Higher gold grades generally occur in the fresh rock below the base of oxidation at a vertical depth of about 25 metres, with the mineralisation open in all directions.

The initial drilling was designed only to test a portion of the large geochemical anomaly at Cookies Corner, but the strong results have prompted PNX to plan a follow-up program.

The anomaly is directly analogous to that observed at the historic Goodall Mine located 4 kilometres to the southwest.

Goodall was discovered with geochemical sampling in 1981 and produced an average of 41,5000 ounces of gold a year from 1988 to 1993.

READ: PNX Metals makes new discovery at Fountain Head with 6 metres at 39.5 g/t gold from 54 metres

Drilling at Cookies Corner is part of a broader exploration campaign PNX is conducting on its NT projects, aimed at defining additional resources that can either supplement the Hayes Creek project or support the development of a stand-alone mining operation.

PNX holds a 51% interest – excluding uranium – in the Burnside project which comprises 16 tenements covering 940 square kilometres.

The company will increase its interest in Burnside to 90% with the completion of the drill program at Cookies Corner.

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Mon, 08 Oct 2018 22:40:00 +1100 https://www.proactiveinvestors.com.au/companies/news/206627/pnx-metals-identifies-gold-mineralisation-at-cookies-corner-prospect-in-nt-206627.html
<![CDATA[News - PNX Metals’ German cornerstone investor and directors increase stake ]]> https://www.proactiveinvestors.com.au/companies/news/206451/pnx-metals-german-cornerstone-investor-and-directors-increase-stake-206451.html PNX Metals Ltd’s (ASX:PNX) promising exploration results from the Northern Territory are continuing to attract interest from the company’s German cornerstone investor.

Delphi Unternehmensberatung Aktiengesellschaft of Heidelberg now has a 17.05% interest in PNX, up from 9.95%.

There were more than 125 million shares purchased by Delphi at 0.8 cents each for total consideration of $1 million.

READ: PNX Metals completes $3.46 million capital raising, drill updates to come

Three directors of PNX have also increased their stake in the company pursuant to their participation in the second tranche of the share placement that was announced to the ASX on 25 July 2018.

With the completion of the $1.4 million second tranche of shares, PNX now has $2.8 million of cash putting it in a strong financial position to continue its ongoing drill programs in the Northern Territory.

Drilling to date has already produced 6 metres at 39.5 g/t gold from 54 metres at the Banner prospect and grades of up to 29.3 g/t gold at the Fountain Head lode.

READ: PNX Metals commences follow-up diamond drilling at Banner gold discovery

The recent positive assay results from the Fountain Head, Tally Ho and Banner prospects within the Fountain Head Project highlight the potential for this area to host a sizeable gold system.

PNX believes that the three prospects could all be part of the same gold system.

Furthermore, exploration success at Fountain Head can positively affect project economics at a future Hayes Creek mining operation, where studies are underway.

READ: PNX Metals makes new discovery at Fountain Head with 6 metres at 39.5 g/t gold from 54 metres

The Fountain Head mineral leases are located less than 15 kilometres from PNX’s flagship Hayes Creek zinc-gold-silver project.

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Fri, 05 Oct 2018 16:18:00 +1000 https://www.proactiveinvestors.com.au/companies/news/206451/pnx-metals-german-cornerstone-investor-and-directors-increase-stake-206451.html
<![CDATA[News - PNX Metals completes $3.46 million capital raising, drill updates to come ]]> https://www.proactiveinvestors.com.au/companies/news/206242/pnx-metals-completes-346-million-capital-raising-drill-updates-to-come-206242.html PNX Metals Ltd (ASX:PNX) has completed the second and final tranche of its July 2018 placement which saw shares issued at 0.8 cents per share.

With the completion of the $1.4 million second tranche of shares, PNX now has $2.8 million of cash putting it in a strong financial position to continue its ongoing drill programs in the Northern Territory.

Drilling to date has already produced 6 metres at 39.5 g/t gold from 54 metres at the Banner prospect and grades of up to 29.3 g/t gold at the Fountain Head lode.

READ: PNX Metals commences follow-up diamond drilling at Banner gold discovery

The recent positive assay results from the Fountain Head, Tally Ho and Banner prospects within the Fountain Head Project highlight the potential for this area to host a sizeable gold system.

PNX believes that the three prospects could all be part of the same gold system.

Furthermore, exploration success at Fountain Head can positively affect project economics at a future Hayes Creek mining operation, where studies are underway.

Fountain Head close to Hayes Creek Project

Notably, the Fountain Head mineral leases are located less than 15 kilometres from PNX’s flagship Hayes Creek zinc-gold-silver project.

As well as Fountain Head's exploration potential, the mineral leases provide the preferred site for the proposed Hayes Creek processing plant.

Drilling updates expected in coming weeks

PNX will update the market on progress with its ongoing drill campaign over the coming weeks.

This includes 300 metres of diamond drilling at the Moline project area, and commencement of a 2,000- metre reverse circulation (RC) and diamond drill program at Fountain Head.

Results regarding the interpretation of airborne geophysics survey and targeting for co-funded drilling at the Kilfoyle farm-in project are also expected.

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Wed, 03 Oct 2018 11:26:00 +1000 https://www.proactiveinvestors.com.au/companies/news/206242/pnx-metals-completes-346-million-capital-raising-drill-updates-to-come-206242.html
<![CDATA[News - PNX Metals commences follow-up diamond drilling at Banner gold discovery ]]> https://www.proactiveinvestors.com.au/companies/news/205174/pnx-metals-commences-follow-up-diamond-drilling-at-banner-gold-discovery-205174.html PNX Metals Ltd (ASX:PNX) has commenced diamond drilling to follow up high-grade gold mineralisation at its Banner prospect within its Fountain Head Project in the Northern Territory.

The new phase of drilling follows the recent discovery of high-grade gold including 6 metres at 39.5 g/t gold from 54 metres depth.

High-grade gold has been drilled at three nearby prospects within the project suggesting it hosts one whole sizeable gold system.

READ: PNX Metals makes new discovery at Fountain Head with 6 metres at 39.5 g/t gold from 54 metres

PNX’s managing director James Fox said: “Excellent ongoing results increase our confidence that the Fountain Head gold system is much larger than previously thought.

“A significant body of mineralisation exists in this area, and if gold grades in mineralisation identified in the two diamond holes drilled reflect those of historic drilling, then the size and scale of the deposit will likely increase significantly.

Funding in place to drill as necessary

“Our recently completed, and strongly supported capital raise has given us the flexibility to increase the scope of drilling here to rapidly advance this opportunity, and we look forward to receiving more assays shortly.

“The aim of drill programs currently underway at Fountain Head and at Moline in particular, is to identify additional resources that can be incorporated into the Hayes Creek project in order to augment the economics and extend the mine life of the project.”

Notably, a larger drill program to delineate Banner mineralisation is expected to commence in October.

Assays from Tally Ho drilling due early October

Two diamond tails have also been completed to test the down-plunge potential of the Tally Ho gold lode with visible mineralisation extending the strike and depth extent by at least 100 metres.

The first diamond hole at Tally intersected a sulphide-rich quartz vein system over 20 metres and the second hole intersected similar visual indications of mineralisation.

Assay results are due from early October.

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Wed, 19 Sep 2018 11:04:00 +1000 https://www.proactiveinvestors.com.au/companies/news/205174/pnx-metals-commences-follow-up-diamond-drilling-at-banner-gold-discovery-205174.html
<![CDATA[News - PNX Metals makes new discovery at Fountain Head with 6 metres at 39.5 g/t gold from 54 metres ]]> https://www.proactiveinvestors.com.au/companies/news/203439/pnx-metals-makes-new-discovery-at-fountain-head-with-6-metres-at-395-gt-gold-from-54-metres-203439.html PNX Metals Ltd (ASX:PNX) has discovered near-surface high-grade gold in drilling at Fountain Head project in the Northern Territory, including an intersection of 6 metres at 39.5 g/t gold from 54 metres.

The new discovery was made in the first drilling program at the Banner prospect with high-grade gold mineralisation returned in three of seven holes drilled.

READ: PNX Metals’ drilling extends high-grade gold mineralisation at Fountain Head

Other significant results include:

• 1 metre at 5.92 g/t gold from 42 metres;
• 2 metres at 5.85 g/t gold from 50 metres; and
• 1 metre at 1.70 g/t gold from 46 metres.

Assays from a further three holes drilled are expected to be received and reported shortly.

Red = assays received and reported, Blue = awaiting assays, Yellow = diamond tail and awaiting assays

PNX managing director James Fox said: “We are very excited to have discovered of high-grade gold near-surface in the first round of drilling at the Banner prospect where the objective of the shallow RC program was to identify the source of a consistent 500 metres, >1 g/t gold-in-soils anomaly.

“We look forward to commencing follow up drilling shortly to advance this exciting discovery.”

The diamond drill rig at Fountain Head will finish its current hole within the next two weeks and will then transfer to the Banner prospect.

A single diamond hole will initially be drilled to obtain further geological information to plan a larger follow-up program to delineate the extent of the Banner mineralisation.

READ: PNX Metals raises $3.36 million, attracts new cornerstone investor

Fox added: “The recent excellent assay results at the Fountain Head, Tally Ho and now Banner prospects highlight the potential for this area to host a sizeable gold system, and we look forward to accelerating exploration to expand this new opportunity.”

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Thu, 23 Aug 2018 11:32:00 +1000 https://www.proactiveinvestors.com.au/companies/news/203439/pnx-metals-makes-new-discovery-at-fountain-head-with-6-metres-at-395-gt-gold-from-54-metres-203439.html
<![CDATA[News - PNX Metals’ drilling extends high-grade gold mineralisation at Fountain Head ]]> https://www.proactiveinvestors.com.au/companies/news/203347/pnx-metals-drilling-extends-high-grade-gold-mineralisation-at-fountain-head-203347.html PNX Metals Ltd (ASX:PNX) has received high-grade gold assays from five reverse circulation drill holes at its Fountain Head Gold Project in the Pine Creek region of the Northern Territory.

Significant results include:

• 16 metres at 1.37 g/t gold from surface at Fountain Head, including 1 metre at 8.39 g/t gold from 5 metres;
• 2 metres at 4.04 g/t gold from 21 metres; and
• 5 metres at 3.96 g/t gold from 107 metres at Tally Ho lode including 2 metres at 9.17 g/t gold from 110 metres.

The new results were received from drilling to test extensions to the mineralised vein systems associated with the Fountain Head and Tally Ho gold lodes.

Isometric view of mineralisation modelled from historic drilling

PNX managing director James Fox said: “The results received to date highlight the potential to increase gold resources within our portfolio.

“Extending the strike of the Tally Ho lode by over 100 metres is a significant outcome for our first drill program at Fountain Head, and if gold grades in mineralisation identified in the first diamond drill hole reflect those of historic drilling, then the size and scale of the deposit could increase significantly.

READ: PNX Metals raises $3.36 million, attracts new cornerstone investor

The Fountain Head mineral leases are located less than 15 kilometres from PNX’s flagship Hayes Creek zinc-gold-silver project and as well as containing a number of high-grade gold prospects, they also provide the preferred site for the proposed Hayes Creek processing plant.

Fox added: “The aim of drill programs currently underway at Fountain Head and at Moline in particular, are to identify additional resources that can be incorporated into the Hayes Creek project in order to augment the economics and extend the mine life of the project.”

READ: PNX Metals starts drilling at potential new ore source for the Hayes Creek Project

A second diamond tail is currently underway to test the potential for a significant depth extent to Tally Ho gold mineralisation.

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Wed, 22 Aug 2018 11:38:00 +1000 https://www.proactiveinvestors.com.au/companies/news/203347/pnx-metals-drilling-extends-high-grade-gold-mineralisation-at-fountain-head-203347.html
<![CDATA[News - PNX Metals starts drilling at potential new ore source for the Hayes Creek Project ]]> https://www.proactiveinvestors.com.au/companies/news/202326/pnx-metals-starts-drilling-at-potential-new-ore-source-for-the-hayes-creek-project-202326.html PNX Metals Ltd (ASX:PNX) has commenced an 11-hole, 1,300-metre reverse circulation drill program at its Moline Project in the Pine Creek region of the Northern Territory.

The Moline Project is about 65 kilometres east of the company’s flagship Hayes Creek zinc-gold-silver project.

PNX’s drill program will focus on the Moline and Tumbling Dice prospects to increase geological confidence and continue to define mineralisation within the boundaries of potential open-pit mining.

READ: PNX Metals hits high-grade gold in drilling at Fountain Head

PNX managing director James Fox said: “This drill program at Moline is aimed at extending high-grade gold and lead-zinc mineralisation and to assess the scale potential as additional ore feed for Hayes Creek.

“Importantly, metallurgical test work highlights the potential for Moline mineralisation to be recovered and upgraded to a high-value concentrate through the proposed Hayes Creek process plant.

“This would have a very significant positive impact on the economics of an already robust project, in particular on the projected mine life where the aim is to extend this beyond ten years.”

Moline Project drill collar locations

Drilling by PNX at Moline in late 2016 and 2017 returned numerous high-grade gold and base metal intersections including:

• 2 metres at 4.66 g/t gold, 177g/t silver, 4.95 zinc and 4.41% lead from 92 metres at the Moline prospect;
• 9 metres at 2.57 g/t gold from 92 metres at the Moline prospect;
• 10 metres at 1.67g/t gold and 0.97% zinc from 57 metres at the Tumbling Dice prospect; and
• 30 metres at 2.29g/t gold and 0.70% zinc from 78 metres at the Tumbling Dice prospect.

 

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Tue, 07 Aug 2018 11:20:00 +1000 https://www.proactiveinvestors.com.au/companies/news/202326/pnx-metals-starts-drilling-at-potential-new-ore-source-for-the-hayes-creek-project-202326.html
<![CDATA[News - PNX Metals hits high-grade gold in drilling at Fountain Head ]]> https://www.proactiveinvestors.com.au/companies/news/202054/pnx-metals-hits-high-grade-gold-in-drilling-at-fountain-head-202054.html PNX Metals Ltd (ASX:PNX) has hit high-grade gold at Fountain Head which is showing potential to complement the Hayes Creek zinc-gold-silver development project in the Northern Territory.

The company has received results from a further three reverse circulation (RC) holes targeting near-surface gold mineralisation outside historical mining areas at Fountain Head.

They have returned up to 1 metre at 10.86 g/t gold from 29 metres while another 6-metre intersection from 2 metres assayed 2.05 g/t.

READ: PNX Metals raises $3.36 million, attracts new cornerstone investor

These add to previous results including 3 metres at 11.09 g/t from 93 metres and 1 metre at 28.00 g/t from 83 metres.

PNX managing director James Fox said: “We are very excited to see high-grade and near-surface gold results continue along the Fountain Head anticline.

“These latest results demonstrate that mineralisation extends at least 600 metres away from the historic mining areas and remains open to the northwest.

“There is no doubt that this gold system, of which we have only just scratched the surface, has the potential to be significant in size and scale.”

 

Fountain Head is the first target in an extensive regional exploration program aimed at identifying additional high-value mineralisation to complement Hayes Creek.

There have been 31 RC holes for 2,610 metres completed along the anticline and assays have been received from 14 holes, with 10 containing significant gold intercepts.

Mineralisation remains open to the northwest and at depth, indicating the potential for further mineralised extensions over at least a 1-kilometre strike extent.

Assays from the remaining 17 holes are expected in the coming weeks along with assays from drilling adjacent to the existing mining areas.

Diamond drilling to start

PNX also expects to start diamond drilling shortly targeting the potential down-plunge extension of high-grade gold mineralisation.

Fox said: “We look forward to commencing the diamond drilling component of the program next week to test under the historic Fountain Head and Tally Ho open-pits.”

READ: PNX Metals reveals high-grade lithium and lead-silver-gold in rock chips at Kilfoyle

The company is awaiting approvals to drill up to a further six gold and base metals exploration targets at the Burnside and Moline projects.

It hopes to carry out this work during 2018.

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Thu, 02 Aug 2018 11:27:00 +1000 https://www.proactiveinvestors.com.au/companies/news/202054/pnx-metals-hits-high-grade-gold-in-drilling-at-fountain-head-202054.html
<![CDATA[News - PNX Metals raises $3.36 million, attracts new cornerstone investor ]]> https://www.proactiveinvestors.com.au/companies/news/201492/pnx-metals-raises-336-million-attracts-new-cornerstone-investor-201492.html PNX Metals Ltd (ASX:PNX) has raised $3.36 million in a strongly supported share placement to sophisticated investors priced at 0.8 cents per share.

Funds will be used to accelerate intensive zinc and precious metals exploration drilling at its Northern Territory projects and to progress the Hayes Creek Project feasibility studies.

Notably, the capital raising included a $2 million investment from a new German cornerstone investor, Delphi Unternehmensberatung Aktiengesellschaft.

READ: PNX Metals hits high-grade gold at Fountain Head in NT, commences capital raising

PNX’s managing director James Fox said: “We are very pleased to have secured a new cornerstone investor who recognises the significant underlying value in our assets, and shares our vision to develop a highly profitable and long-life zinc and precious metals mining operation in the Northern Territory.

“To that end PNX is continuing an aggressive and high-impact regional and near-mine exploration program at its Burnside, Moline and Hayes Creek Projects with the aim of further enhancing and extending the life of Hayes Creek through the discovery and delineation of additional economic resources.”

Fox added: “The recent high-grade gold results being generated from drilling at our new Fountain Head Project clearly demonstrate this potential and continued regional exploration success will be a game-changer for PNX.”

Placement to be conducted in two tranches

The placement will consist of two tranches being $2.1 million and $1.26 million, with the second tranche subject to shareholder approval.

Investors are entitled to one free option for each share subscribed exercisable at 1.5 cents expiring 30 September 2021.

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Wed, 25 Jul 2018 10:56:00 +1000 https://www.proactiveinvestors.com.au/companies/news/201492/pnx-metals-raises-336-million-attracts-new-cornerstone-investor-201492.html
<![CDATA[News - PNX Metals hits high-grade gold at Fountain Head in NT, commences capital raising ]]> https://www.proactiveinvestors.com.au/companies/news/201278/pnx-metals-hits-high-grade-gold-at-fountain-head-in-nt-commences-capital-raising-201278.html PNX Metals Ltd (ASX:PNX) has received high-grade gold results from the maiden reverse circulation (RC) drilling program at its Fountain Head Gold Project in the Northern Territory.

Gold mineralisation defined at Fountain Head will complement the proposed development of the company’s nearby Hayes Creek Zinc-Silver-Gold project.

Drilling targeted near-surface gold mineralisation outside of the historic mining area at Fountain Head.

 

PNX managing director James Fox said the company was excited to have identified several areas where significant gold mineralisation extends beyond the limits of previous drilling and mining.

He said: “We look forward to completing the diamond drilling component of the program to test under the historic Fountain Head and Tally Ho open pits where there is potential for further significant economic gold mineralisation.

Capital raising announced

PNX was granted a trading halt by the ASX today pending an announcement by the company regarding a capital raising.

The halt will remain in place until the announcement is released or the commencement of trading on Wednesday, 25 July, 2018.

Gold results in seven of 11 holes

In the 31-hole RC program gold was returned in assays for seven of the first 11 holes.

Best results are: 3 metres at 11.09 g/t gold from 93 metres, including 1 metre at 29.30 g/t from 95 metres; and 1 metre at 28 g/t from 83 metres.

The 11.09 g/t result occurs beneath 3 metres at 13.80 g/t gold in historical drilling, which demonstrates the continuation of a high-grade ladder vein which remains open.


The Fountain Head tenement is less than 15 kilometres from the Hayes Creek Project

 

READ: PNX Metals reveals high-grade lithium and lead-silver-gold in rock chips at Kilfoyle

The company is planning further diamond drilling test potential down-plunge extensions of the mineralisation directly under the historic open pits on the tenement.

These results highlight that the mineralised structures extend at least 300 metres outside of the historic mining area along the Fountain Head anticline.

“A much larger, previously overlooked gold system”

Fox said: “The Fountain Head lodes are interpreted to represent the near-surface expression of a much larger and previously overlooked gold system and we look forward to receiving further assay results to confirm this.”

Mineralisation remains open to the northwest and at depth, indicating the potential for further mineralised extensions over at least a 1 kilometre strike length.

PNX drilled 12 holes to test this concept, with those assays due in the coming weeks.

READ: PNX Metals commences gold drilling at Fountain Head

The Fountain Head mineral leases are less than 15 kilometres from PNX’s Hayes Creek Project and provide the ideal location for the proposed Hayes Creek process plant.

In addition to drilling at Fountain Head, PNX has identified a pipeline of additional prospects within its NT exploration tenure.

It is obtaining the required approvals to drill a further six gold and base metals exploration targets at the Burnside and Moline projects during 2018.

The aim of the proposed regional exploration program is to identify additional economic mineralisation with the potential to complement and enhance the Hayes Creek development project.

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Sun, 22 Jul 2018 21:57:00 +1000 https://www.proactiveinvestors.com.au/companies/news/201278/pnx-metals-hits-high-grade-gold-at-fountain-head-in-nt-commences-capital-raising-201278.html
<![CDATA[News - PNX Metals reveals high-grade lithium and lead-silver-gold in rock chips at Kilfoyle ]]> https://www.proactiveinvestors.com.au/companies/news/200807/pnx-metals-reveals-high-grade-lithium-and-lead-silver-gold-in-rock-chips-at-kilfoyle-200807.html PNX Metals Ltd’s (ASX:PNX) initial field visit to the newly acquired Kilfoyle Project in the Northern Territory has confirmed high-grade lithium and lead-silver-gold in surface rock chip samples.

Significantly, numerous outcropping pegmatites were mapped over a broad area with up to 7.16% lithium oxide (White Rocks prospect) and 6.24% lithium oxide (Goosewing prospect) in surface sampling.

Furthermore, up to 1.92% lead, 115 g/t silver and 1.04 g/t gold were identified in surface sampling at the White Rocks prospect.

Prospective areas and zones of interest

PNX Managing Director James Fox said: “We are very encouraged by the results and information gathered during initial reconnaissance work at the Kilfoyle Project which provide strong justification for adding the project to our portfolio.

“The project is within a highly mineralised province of the NT, where historic mining has occurred.

“Surface sampling has confirmed the multi-commodity potential within the Kilfoyle leases including pegmatite hosted lithium-tantalum, VMS hosted base and precious metals and nickel-copper-cobalt in the Woolianna Gabbro.”

Kilfoyle is less than 80 kilometres to the west of PNX’s Hayes Creek Project

Fox added: “Our next steps at Kilfolye will include detailed surface mapping and systematic sampling followed by an aeromagnetic survey and drilling of key prospects once the aeromagnetic survey results have been interpreted.

“This work will commence this quarter.”

WATCH: PNX Metals drilling prospects near Hayes Creek Project as DFS continues ]]>
Mon, 16 Jul 2018 12:42:00 +1000 https://www.proactiveinvestors.com.au/companies/news/200807/pnx-metals-reveals-high-grade-lithium-and-lead-silver-gold-in-rock-chips-at-kilfoyle-200807.html
<![CDATA[News - PNX Metals' James Fox details near-mine and regional exploration program with investors ]]> https://www.proactiveinvestors.com.au/companies/news/199630/pnx-metals-james-fox-details-near-mine-and-regional-exploration-program-with-investors-199630.html PNX Metals Ltd (ASX:PNX) managing director, James Fox, presented to investors at Proactive's CEO Sessions this week in Melbourne and Sydney.

PNX’s Hayes Creek Project in the Northern Territory has the potential to become a low-cost, high-margin zinc and precious metals mine.

News flow will continue in coming months, as the company has commenced near-mine and regional exploration, with drilling underway to unlock the significant gold and base metals potential of the Pine Creek Orogen.

FULL PRESENTATION: Melbourne / Sydney Investor Luncheons Presentation ]]>
Wed, 27 Jun 2018 12:49:00 +1000 https://www.proactiveinvestors.com.au/companies/news/199630/pnx-metals-james-fox-details-near-mine-and-regional-exploration-program-with-investors-199630.html
<![CDATA[Media files - PNX Metals drilling prospects near Hayes Creek Project as DFS continues ]]> https://www.proactiveinvestors.com.au/companies/stocktube/9696/pnx-metals-drilling-prospects-near-hayes-creek-project-as-dfs-continues-9696.html Tue, 26 Jun 2018 18:02:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/9696/pnx-metals-drilling-prospects-near-hayes-creek-project-as-dfs-continues-9696.html <![CDATA[News - PNX Metals wins co-funding to drill for nickel-copper-cobalt ]]> https://www.proactiveinvestors.com.au/companies/news/199176/pnx-metals-wins-co-funding-to-drill-for-nickel-copper-cobalt-199176.html PNX Metals Ltd (ASX:PNX) is gearing up to test for potential nickel-copper-cobalt sulphide mineralisation at its Kilfoyle project in the Northern Territory.

PNX's application for co-funding was successful with assistance of 50% of the costs for the planned drill program, and in total the company will receive around $83,000.

The co-funding is supplied by the Northern Territory’s Geophysics and Drilling Collaborations Program, which is administered by the Northern Territory Geological Survey

Managing director James Fox said: "We are very pleased to have received this financial support and technical recognition of the potential for Ni-Cu-Co sulphide mineralisation within the Hayes Creek mobile zone at Kilfoyle.

"Soil sampling data at Kilfoyle highlights a consistent trend of anomalous Ni-Cu-Co-PGE coincident with the Woolianna gabbro, a favourable host for nickel sulphide mineralisation, and its possible extension undercover.

"There has been no drilling in the area to date and we look forward to commencing airborne geophysics to assist with targeting massive sulphide accumulations and drill testing later in the year."

Acquisition of Kilfoyle

Less than a month ago PNX entered a binding term sheet to acquire a 90% interest in the Kilfoyle project, 80 kilometres to the west of its zinc-gold-silver Hayes Creek Project.

Kilfoyle complements PNX’s growing landholding in the Northern Territory which will cover around 1,950 square kilometres in one of Australia’s most prospective yet underexplored mineral provinces.

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Wed, 20 Jun 2018 10:20:00 +1000 https://www.proactiveinvestors.com.au/companies/news/199176/pnx-metals-wins-co-funding-to-drill-for-nickel-copper-cobalt-199176.html
<![CDATA[News - PNX Metals commences gold drilling at Fountain Head ]]> https://www.proactiveinvestors.com.au/companies/news/198824/pnx-metals-commences-gold-drilling-at-fountain-head-198824.html PNX Metals Ltd (ASX:PNX) has commenced drilling activities at the recently acquired Fountain Head mineral leases nearby to the Hayes Creek Project in the Northern Territory.

Drilling will test high-grade gold targets over a 2-kilometre strike extent and will follow-up historical intersections including 15.2 metres at 59.88 g/t gold from 139 metres.

Any gold mineralisation defined at Fountain Head may complement the proposed development of the Hayes Creek zinc-gold-silver project.

Drill assay results expected to be released from early July.

READ: PNX Metals about to drill gold and base metal targets near Hayes Creek development project

PNX’s managing director James Fox said: “Following up these high-grade gold intersections has been a priority for PNX and now that the Fountain Head acquisition has been finalised we are very pleased to have commenced drilling.

“This drill program is aimed at testing the potential for significant economic gold mineralisation where the Fountain Head lodes are interpreted to represent the near-surface expression of a much larger and previously overlooked gold system.

“We look forward to receiving assay results from early July”

Program to comprise 27 holes

Drilling will initially comprise of 27 reverse circulation (RC) and diamond holes for 2,700 metres and will be completed within two months.

In addition to drilling at Fountain Head, PNX has identified a pipeline of additional prospects within its NT exploration tenure.

It is obtaining the required approvals to drill a further six gold and base metals exploration targets at the Burnside and Moline projects during 2018.

The aim of the proposed regional exploration program is to identify additional economic mineralisation with the potential to complement and enhance the Hayes Creek development project.

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Thu, 14 Jun 2018 10:45:00 +1000 https://www.proactiveinvestors.com.au/companies/news/198824/pnx-metals-commences-gold-drilling-at-fountain-head-198824.html
<![CDATA[News - PNX Metals does farm-in deal for multi-commodity project in Northern Territory ]]> https://www.proactiveinvestors.com.au/companies/news/197968/pnx-metals-does-farm-in-deal-for-multi-commodity-project-in-northern-territory-197968.html PNX Metals Ltd (ASX:PNX) has signed a binding term sheet to acquire via farm-in a 90% interest in the Kilfoyle Project located 130 kilometres south-southwest of Darwin, Northern Territory.

The Kilfoyle project is 80 kilometres from PNX’s Hayes Creek Project, where drilling is set to commence.

The farm-in builds PNX’s landholding to 1,950 square kilometres in the underexplored mineral province.

Prospective for multiple commodities

The Kilfoyle project is considered prospective for zinc-lead-silver, lithium, nickel-copper-cobalt, and gold deposits.

Fieldwork at Kilfoyle will commence immediately and planned exploration will include mapping, sampling, airborne electromagnetic survey, and a reverse circulation (RC) and diamond drilling.

PNX must spend $1.2 million on exploration by May 2021 to earn its 90% interest.

READ: PNX Metals about to drill gold and base metal targets near Hayes Creek development project

PNX’s managing director James Fox said: “We are pleased to have secured this highly prospective exploration tenure within trucking distance of our Hayes Creek zinc-gold-silver development project.

“The variety of opportunities presented, both in terms of commodities that can enhance our existing development plans at Hayes Creek, as well as the potential for important battery minerals such as lithium and nickel-cobalt,  are significant.

“Ground based exploration is to commence immediately with airborne geophysics to assist with targeting massive sulphide mineralisation through RC and diamond drilling planned thereafter.”

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Thu, 31 May 2018 11:53:00 +1000 https://www.proactiveinvestors.com.au/companies/news/197968/pnx-metals-does-farm-in-deal-for-multi-commodity-project-in-northern-territory-197968.html
<![CDATA[News - PNX Metals about to drill gold and base metal targets near Hayes Creek development project ]]> https://www.proactiveinvestors.com.au/companies/news/196005/pnx-metals-about-to-drill-gold-and-base-metal-targets-near-hayes-creek-development-project-196005.html PNX Metals Ltd (ASX:PNX) is about to begin an extensive near-mine and regional exploration program for gold and base metals in the Pine Creek Orogen of the Northern Territory.

The first part of the program will be drilling at the Fountain Head prospect, which PNX recently signed an agreement to acquire from a subsidiary of Kirkland Lake Gold Ltd (TSE:KL).

Analysis of historical data has identified the potential for significant gold mineralisation to complement and enhance the company’s Hayes Creek project.

READ: PNX Metals zinc-rich results likely to extend Hayes Creek resource

The Fountain Head lodes are interpreted to represent the near-surface expression of a much larger and previously overlooked gold system.

Historical results include 26 metres at 17 g/t gold from 139 metres and 7 metres at 9.3 g/t from 144 metres.

The proposed Hayes Creek processing facilities are intended to be located on the Fountain Head minerals leases but the exploration is not expected to interfere with this use.

Seeking to increase mine life

PNX aims to identify additional economic mineralisation with the potential to increase mine life at the Hayes Creek Project to beyond 10 years.

Other high-priority targets to be further explored during the 2018 field season include Burnside and Moline.

Exploration Mine Management Plans have been submitted and are awaiting Department of Primary Industry and Resources approval, which is anticipated shortly.

Ithaca prospect next focus

The Ithaca prospect in the Burnside project area is likely to be the next focus point.

It is a large tonnage high-grade gold prospect in the western portion of the project area.

Ithaca lies along the same structural corridor as Kirkland Lake Gold’s 2 million ounce Cosmo Howley Gold Mine, which is 20 kilometres away.

There have been numerous near-surface, historical high-grade gold intersections identified at Ithaca over a near-continuous 5-kilometre strike extent with no follow up work since the mid-1990s.

These include 12 metres at 11.4 g/t gold from 6 metres and 5 metres at 15.02 g/t from 39 metres.

READ: PNX Metals now debt free, Hayes Creek DFS due in 2018

At the flagship Hayes Creek zinc and precious metals development project, PNX is advancing a definitive feasibility study towards completion, with an environmental assessment underway.

The project hosts a high-grade mining inventory of 3 million tonnes at 11.9% zinc equivalent.

PNX has a zinc, gold and silver annual production estimate of about 40,000 zinc equivalent tonnes.

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Mon, 30 Apr 2018 11:54:00 +1000 https://www.proactiveinvestors.com.au/companies/news/196005/pnx-metals-about-to-drill-gold-and-base-metal-targets-near-hayes-creek-development-project-196005.html
<![CDATA[News - PNX Metals zinc-rich results likely to extend Hayes Creek resource ]]> https://www.proactiveinvestors.com.au/companies/news/191676/pnx-metals-zinc-rich-results-likely-to-extend-hayes-creek-resource-191676.html PNX Metals Ltd (ASX:PNX) has received high-grade zinc-rich results which have potential to extend the resource and increase mine life at Hayes Creek project in the Northern Territory.

Drilling at the Mt Bonnie deposit intersected zinc, gold and silver mineralisation in 15 holes outside the existing mineral resource envelope.

Mineralisation has been extended below the pit design and both up and down-dip to the existing resource.

READ: PNX Metals now debt free, Hayes Creek DFS due in 2018

Best result was 4 metres at 6.14% zinc, 1.14 g/t gold, 176 g/t silver, 1.29% lead and 0.11% copper from 73 metres, including 2 metres at 10.28% zinc, 1.92 g/t gold, 304 g/t silver, 2.11% lead and 0.17% copper.

James Fox, managing director, said: “Extensions to zinc-rich massive sulphide mineralisation below the existing pit design, and new mineralisation have potential to improve the already strong project economics.

“This would be possible by reducing the mine strip ratio, providing additional ore feed to the proposed process plant and therefore extending mine life.”

Results to be used in definitive feasibility study

In addition to resource extension drilling, the drilling was designed to provide geotechnical, resource, hydrological and metallurgical information for incorporation in the definitive feasibility study (DFS).

The study is due to be completed later in 2018.

In total 65 reverse circulation holes for 3,314 metres, nine diamond holes for 737 metres and one aircore hole were completed.

Other results include 1 metre at 7.68% zinc, 1.48 g/t gold, 305 g/t silver, 1.88% lead and 0.31% copper from 76 metres; 7 metres at 2.24 g/t gold and 81 g/t silver from 88 metres; and 5 metres at 3.28% zinc and 1.37 g/t gold from 35 metres.

Early production schedules supported

Shallow grade control drilling has confirmed near-surface gold-silver rich mineralisation to support early production schedules.

Fox said: “Since the PFS was published in mid-2017, an ideal site to construct process and tailings management facilities has been acquired, debt has been eliminated and there has been considerable improvement in spot commodity prices.

“Current zinc spot prices of US$1.57 per pound are +34% higher than the PFS average price used of US$1.17 per pound.

“Forward price updates along with ongoing project optimisation will be incorporated into the DFS.”

The Hayes Creek project is 170 kilometres south of Darwin.

Hayes Creek comprises the Iron Blow and Mt Bonnie zinc-gold-silver deposits, less than 3 kilometres apart within the Pine Creek region.

READ: PNX Metals poised to acquire preferred site for Hayes Creek processing plant

PNX recently executed an agreement with a subsidiary of Kirkland Lake Gold Ltd to acquire four mineral leases at Fountain Head, thus securing the preferred site for the proposed processing plant and tailings facility.

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Thu, 15 Feb 2018 11:05:00 +1100 https://www.proactiveinvestors.com.au/companies/news/191676/pnx-metals-zinc-rich-results-likely-to-extend-hayes-creek-resource-191676.html
<![CDATA[News - PNX Metals now debt free, Hayes Creek DFS due in 2018 ]]> https://www.proactiveinvestors.com.au/companies/news/191536/pnx-metals-now-debt-free-hayes-creek-dfs-due-in-2018-191536.html PNX Metals (ASX:PNX) is now debt free after successfully completing the previously outlined $1.8 million debt for equity swap.

A $1.2 million loan was settled through the issue of 80 million PNX shares.

The company is now well positioned to continue the development of its Hayes Creek zinc-gold-silver project in the Pine Creek region of the Northern Territory.

READ: PNX Metals poised to acquire preferred site for Hayes Creek processing plant

James Fox, managing director, said: “The company now has a strong, debt-free balance sheet, and consequently a robust platform for growth of the business.

“A number of important milestones have recently been achieved, including the acquisition of the Fountain Head site for plant and tailings and 100% of the Moline Exploration project.

“We are working hard on the DFS, due for completion later in 2018, and advancing approvals to mine.”

Equity was issued at a premium to the current share price

Positively for PNX, the shares it issued to repay the outstanding debt were valued at $0.0173, which represents a premium to the current share price of $0.015.

Further cash received to fund busy 2018 schedule

Separately, PNX has also received a research tax refund of $0.4 million in relation to the 2017 financial year.

A definitive feasibility study (DFS) is currently underway at Hayes Creek, following the successful completion of a pre-feasibility study (PFS) in July 2017.

The PFS forecasts a net present value (NPV) of $133 million, based on net smelter revenue from the sale of zinc and precious metals concentrates of $628 million over a 6.5-year mine life.

Hayes Creek features the Mt Bonnie and Iron Blow zinc-gold-silver deposits.

Drill results expected soon

During the December quarter, PNX completed a 75 hole, 4,063-metre drill program for DFS purposes.

Assay results are pending and are expected shortly.

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Tue, 13 Feb 2018 10:34:00 +1100 https://www.proactiveinvestors.com.au/companies/news/191536/pnx-metals-now-debt-free-hayes-creek-dfs-due-in-2018-191536.html
<![CDATA[News - PNX Metals gains flexibility through receipt of ASX waiver ]]> https://www.proactiveinvestors.com.au/companies/news/191178/pnx-metals-gains-flexibility-through-receipt-of-asx-waiver-191178.html PNX Metals Ltd (ASX:PNX) has received a waiver from the ASX allowing the company a two month extension to issue 80 million shares to Marilei International Limited.

This issue relates to a debt for equity swap agreement to settle a loan announced to the ASX on 7 September 2017 in conjunction with a placement and share purchase plan.

READ: PNX Metals bags cash from oversubscribed raising for zinc exploration

The strengthening of PNX’s balance sheet via the placement and share purchase plan has assisted the company in progressing the Hayes Creek Zinc-Gold-Silver Project.

The reason for the extension is to allow time for the Foreign Investment Review Board (FIRB) to approve the issue of shares to Marilei.

The transaction is expected to be completed on or before March 25, 2018.

There are no amendments to the terms of the transaction which involves the issue of 80 million shares at $0.015.

Decision provides clarity and certainty

The placement and associated transactions placed PNX in a debt-free position.

This continues to be the case with the company having cash on hand of $1.9 million as at December 31, 2017.

The company also expects to receive a $400,000 research and development claim in March.

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Tue, 06 Feb 2018 09:37:00 +1100 https://www.proactiveinvestors.com.au/companies/news/191178/pnx-metals-gains-flexibility-through-receipt-of-asx-waiver-191178.html
<![CDATA[News - PNX Metals poised to acquire preferred site for Hayes Creek processing plant ]]> https://www.proactiveinvestors.com.au/companies/news/190867/pnx-metals-poised-to-acquire-preferred-site-for-hayes-creek-processing-plant-190867.html PNX Metals Ltd’s (ASX:PNX) proposed acquisition of four mining leases (ML) that span the preferred plant site for its Hayes Creek zinc-gold-silver project is a key milestone.

The area was identified through PNX’s prefeasibility study primarily because of its proximity to the mining areas at Iron Blow and Mt Bonnie in the Northern Territory.

This development comes at a time when PNX is on the verge of completing its definitive feasibility study and updating its resource.

READ: PNX Metals eyes resource upgrade at Hayes Creek in early 2018 Close to existing infrastructure

There is also existing infrastructure including high-voltage power, rail, gas, water and roads in close proximity.

Another factor working in its favour is the existence of established open pits proposed for use as tailings storage.

James Fox, managing director, said: “The benefits of the area are significant for the project as it is the preferred location for the Hayes Creek process plant and tailings facility.

“This site was contemplated in our PFS due to it being located on granted MLs with excellent infrastructure and in close proximity to the mining areas at Iron Blow and Mt Bonnie.”

100% ownership of Hayes Creek Project also confirmed

As part of the Fountain Head Mineral Leases agreement, PNX will also take 100% ownership of the Moline Exploration Project.

The agreement was negotiated with a subsidiary of Kirkland Lake Gold CDI (ASX:KLA) (TSX: KL).

The Moline exploration project is considered to be highly prospective for gold and base metals.

Fox said: “Acquiring the remaining 49% of the Moline Project is also an excellent outcome as it contains a number of strong zinc and gold exploration targets.

“We look forward to drilling these during 2018.”

Under previous terms, the project was 51% owned by PNX through a farm-in agreement with KL Gold, part of Kirkland Lake.

PNX carves out three exploration areas at Burnside Project as consideration

In return for the acquisition of Fountain Head and balance of the Moline Project, PNX has agreed to carve out three exploration areas within the Burnside project area.

These are also part of the farm-in agreement and 51% owned by PNX, and the transfer will allow KL Gold to continue with its regional gold exploration program in those areas. 

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Wed, 31 Jan 2018 10:56:00 +1100 https://www.proactiveinvestors.com.au/companies/news/190867/pnx-metals-poised-to-acquire-preferred-site-for-hayes-creek-processing-plant-190867.html
<![CDATA[News - PNX Metals eyes resource upgrade at Hayes Creek in early 2018 ]]> https://www.proactiveinvestors.com.au/companies/news/189127/pnx-metals-eyes-resource-upgrade-at-hayes-creek-in-early-2018-189127.html PNX Metals Ltd’s (ASX:PNX) drilling has intersected zinc mineralisation in a number of holes outside the existing resource at its Hayes Creek zinc-gold-silver project in the Northern Territory.

The company’s definite feasibility study (DFS) drill program has been completed with the assays due early 2018 and a resource estimate to be updated shortly thereafter.

PNX is planning to undertake a significant amount of technical work over the wet season to prepare the DFS and Environmental Impact Statement.

READ: PNX Metals crosses a milestone at Hayes Creek zinc-gold-silver project

James Fox, managing director, said: “The Hayes Creek DFS drill program has been a great success, particularly in terms of identifying potential to increase feed to the proposed Process Plant from Mt Bonnie.

“The intersection of massive sulphides below the existing pit design and outside of the existing resource area bodes well for providing incremental growth to the initial 6.5 year mine life modelled for the Hayes Creek Project, and is expected to have a positive flow through effect on the already strong project economics.”

Massive sulphides intersected below the existing pit design

PNX drilled zinc (sphalerite) rich massive sulphide mineralisation in at least 10 holes, with new mineralisation intersected beneath the existing pit design and outside of the current resource boundary.

The significance of these results is that they may extend the pit design further south and at depth providing an increase in the feed to the proposed process plant.

Moreover, PNX can potentially reduce the open-pit strip ratio by identifying mineralisation in what was previously assumed to be waste rock.

Moline Project zinc exploration

The Moline Project is located circa 65 kilometres to the east of Hayes Creek in the Pine Creek region of the Northern Territory.

READ: PNX Metals confirms three large zinc targets at the Moline Project

Due to a combination of equipment breakdown and wet season rains making some areas impassable, the planned drill program at the Moline Project was not completed.

The drilling at Moline has been deferred until after the wet season in Q1 2018.

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Thu, 21 Dec 2017 12:16:00 +1100 https://www.proactiveinvestors.com.au/companies/news/189127/pnx-metals-eyes-resource-upgrade-at-hayes-creek-in-early-2018-189127.html
<![CDATA[News - PNX Metals crosses a milestone at Hayes Creek zinc-gold-silver project ]]> https://www.proactiveinvestors.com.au/companies/news/188088/pnx-metals-crosses-a-milestone-at-hayes-creek-zinc-gold-silver-project-188088.html PNX Metals Ltd (ASX:PNX) has appointed GR Engineering Services (ASX:GNG) as study manager for the definitive feasibility study (DFS) on its Hayes Creek zinc-gold-silver project in the Northern Territory.

GRES will be responsible for the process design and engineering aspects of the project, including all of the facilities, equipment and capital works required for the construction, commissioning and ramp-up of the process plant and associated infrastructure at the project.

The appointment of GRES is another important milestone in the development of the Hayes Creek Project and a key part of completing the DFS.

The DFS is expected to build on the excellent outcomes achieved in the pre-feasibility study, which forecasts the project to generate a net present value (NPV) of $133 million over a 6.5-year mine life.

The PFS was based on the development of the high-grade Iron Blow and Mt Bonnie zinc-gold-silver deposits which are located less than 3 kilometres apart within the Pine Creek region.

James Fox, managing director, said “We are pleased to have engaged GR Engineering as an integral part of the Hayes Creek project development team, this appointment is another important milestone in the future development of the Hayes Creek zinc-gold-silver project.

“GRES are a well-respected group with a proven track record of delivering project studies many of which lead to project development.”

The study manager will assess the technical aspects of the project, with a focus on optimising process design and achieving efficiencies in capital and operating costs.

GRES will also develop a project execution plan which will include identification of and planning for early works and pre-commitment activities.

With a low $58 million initial capital expenditure requirement, Hayes Creek is forecast to have a 73% internal rate of return, and a short pay-back period of 15 months.

READ: PNX Metals identifies gold and zinc targets to drill ]]>
Fri, 01 Dec 2017 12:50:00 +1100 https://www.proactiveinvestors.com.au/companies/news/188088/pnx-metals-crosses-a-milestone-at-hayes-creek-zinc-gold-silver-project-188088.html
<![CDATA[News - PNX Metals identifies gold and zinc targets to drill ]]> https://www.proactiveinvestors.com.au/companies/news/187122/pnx-metals-identifies-gold-and-zinc-targets-to-drill-187122.html PNX Metals (ASX:PNX) has completed an induced polarisation (IP) survey at the Swan prospect within the Moline Project located in the Pine Creek region of the Northern Territory.

Swan is one of three recently identified high-priority zinc targets identified by strong surface geochemical signatures at Moline.

Two targets have been generated by the survey at Swan, a near-surface zinc-lead target, and a deeper 75-100 metre potentially gold sulphide target.

Notably, the zinc-lead target is located 250 metres from a historical intersection of 1-metre at 4.66% zinc, 11.37 g/t gold, 95.5 g/t silver and 0.90% lead from 45 metres depth.

Reverse circulation drilling will commence at Swan in early December subject to approvals and will target the main part of the magnetic anomaly.

James Fox, managing director, commented

“The results received from the first IP survey at Moline are excellent. Two new targets have been identified in close proximity to existing zinc and gold mineralisation.

“Drilling of these new targets is to commence in December with additional IP surveys nearing completion and results due shortly.

“Historic zinc and gold production in the area provides indication of the potential and we look forward to completing the planned work program.”

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 $1.3 million of this has been already spent.

Drilling recently commenced at Hayes Creek

PNX recently commenced a 4,000-metre reverse circulation and diamond drilling program at Hayes Creek to support the definitive feasibility study (DFS) and potentially extend the mine life.

Drilling is for resource extension, mine planning, hydrology, metallurgical and waste characterisation purposes.

The DFS is progressing well and is expected to be completed in 2018.

The pre-feasibility study forecasts the project to generate a net present value (NPV) of $133 million over a 6.5-year mine life.

READ NOW: PNX Metals eyes zinc resource in the Pine Creek region ]]>
Mon, 13 Nov 2017 16:31:00 +1100 https://www.proactiveinvestors.com.au/companies/news/187122/pnx-metals-identifies-gold-and-zinc-targets-to-drill-187122.html
<![CDATA[News - PNX Metals eyes zinc resource in the Pine Creek region ]]> https://www.proactiveinvestors.com.au/companies/news/185983/pnx-metals-eyes-zinc-resource-in-the-pine-creek-region-185983.html PNX Metals Ltd (ASX:PNX) has commenced a new phase of exploration at its Hayes Creek zinc-gold-silver project and its Moline Exploration Project in the Pine Creek region of the Northern Territory.

Following recent capital raisings totalling $3.2 million, PNX is well funded to accelerate its exploration activities in this under-explored region of the Northern Territory.

READ NEXT: PNX Metals wraps up oversubscribed share purchase plan

James Fox, managing director, commented: “We are entering an exciting period with considerable activity scheduled to occur over the next few months.

The results of ground IP surveys over our new large zinc geochemical targets at Moline will allow for more accurate drilling of any conductors identified.“

“Historic zinc and gold production in the area provides further indication of the potential and we look forward to completing these surveys over the next few weeks.”

Geophysical surveys to refine drill targets at Moline

Induced Polarisation (IP) geophysical surveys have commenced over three new high priority zinc targets at the Moline Project located circa 65 kilometres to the east of Hayes Creek.

The 3 newly identified zinc prospects at Waterhole, Mango and Swan are defined by their strong geochemical signatures and the ground IP will be used to refine the targets prior to drill testing.

The IP surveys are expected to be completed by the end of October with modelling of the data and drilling of the highest priority targets anticipated to occur during November.

The expenditure incurred on this work will help PNX satisfy the second stage of the farm-in agreement with TSX-listed Kirkland Lake Gold (TSX:KL).

PNX can increase its interest in the tenements to 90% (excluding uranium) by spending $2 million by December 2018, with circa $1.25 million of that having been spent to date.

Drilling commences at Hayes Creek

PNX has commenced reverse circulation and diamond drilling programs at Hayes Creek to support the definitive feasibility study (DFS) and potentially extend the mine life.

The DFS is progressing well and is expected to be completed in 2018.

Importantly, the PFS forecasts annual production of 18,200 tonnes zinc, 14,700 ounces gold, and 1.4 million ounces silver (39,100 tonnes of zinc equivalent) over an initial mine life of 6.5 years.

Circa 4,000 metres of drilling in total is planned in the new program, which will be ongoing until the end of the year.

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Mon, 23 Oct 2017 12:27:00 +1100 https://www.proactiveinvestors.com.au/companies/news/185983/pnx-metals-eyes-zinc-resource-in-the-pine-creek-region-185983.html
<![CDATA[News - PNX Metals confirms three large zinc targets at the Moline Project ]]> https://www.proactiveinvestors.com.au/companies/news/185083/pnx-metals-confirms-three-large-zinc-targets-at-the-moline-project-185083.html PNX Metals Ltd (ASX:PNX) has identified three new large zinc targets at the Moline Project 65 kilometres east of its Hayes Creek zinc-gold-silver Project in the Northern Territory.

The company’s shares were trading circa 9% higher intra-day, at $0.012.

The newly identified prospects are:

- Waterhole: a significant zinc-lead geochemical anomaly defined over a 1,300 metres x 400 metres area;
- Mango: a strong zinc-lead geochemical anomaly measuring 800 metres x 100 metres near a historic base metals mine; and
- Swan: a zinc-lead anomaly circa 700 metres in length immediately to the north of a drill intercept of 1 metre at 4.66% zinc, 11.37 g/t gold, 95.5 g/t silver and 0.90% lead.

The newly identified geochemically anomalous targets at Waterhole, Mango, and Swan will immediately be followed up with induced polarisation (IP) surveys to refine the targets prior to drill testing.

Following the receipt of over $3 million from recent, over-subscribed capital raising activities, PNX is accelerating its exploration activities in this under-explored region of the Northern Territory.

PNX’s aim is to discover additional high-value base metals and/or gold deposits to provide a pipeline of growth opportunities to complement the proposed development at Hayes Creek.

Hayes Creek is currently the subject of a Definitive Feasibility Study (DFS) which is progressing well and is expected to be completed in 2018.

The pre-feasibility studies for Hayes Creek had projected an annual production of 18,200 tonnes zinc, 14,700oz gold, and 1.4 million ounces silver over an initial mine life of 6.5 years.

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Thu, 05 Oct 2017 11:49:00 +1100 https://www.proactiveinvestors.com.au/companies/news/185083/pnx-metals-confirms-three-large-zinc-targets-at-the-moline-project-185083.html
<![CDATA[News - PNX Metals wraps up oversubscribed Share Purchase Plan ]]> https://www.proactiveinvestors.com.au/companies/news/184705/pnx-metals-wraps-up-oversubscribed-share-purchase-plan-184705.html PNX Metals Ltd (ASX:PNX) has received strong support from shareholders in an oversubscribed Share Purchase Plan (SPP).

The SPP raised $600,000, and when added to the recent placement, in total delivered the company with a capital injection of $3.2 million.

The new funds will be used to undertake a significant near-mine and regional exploration program focussed on new discoveries across the company's Hayes Creek Project area in the Northern Territory.

A Pre-Feasibility Study has confirmed Hayes Creek to be a high value, relatively low risk and technically strong development opportunity for the company.

PNX will now also progress the Definitive Feasibility Study on the project that is expected to be completed in 2018.

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Thu, 28 Sep 2017 11:38:00 +1000 https://www.proactiveinvestors.com.au/companies/news/184705/pnx-metals-wraps-up-oversubscribed-share-purchase-plan-184705.html
<![CDATA[News - PNX Metals' high-grade hits at Moline draws synergies with Hayes Creek ]]> https://www.proactiveinvestors.com.au/companies/news/183866/pnx-metals-high-grade-hits-at-moline-draws-synergies-with-hayes-creek-183866.html PNX Metals Ltd (ASX:PNX) has drilled high-grade gold from the Moline Project, which is located 65 kilometres to the east of the company's Hayes Creek zinc and precious metals project in the Pine Creek region of the Northern Territory.

The reverse circulation program covered 16 holes for 1609 metres.

Highlights included: 3 metres at 7.6g/t gold from 138 metres, below 7 metres at 11.9g/t gold, which shows high-grade gold mineralisation continuing at depth at the School prospect.

Across at the Swan prospect, drilling identified: 1 metre at 11.37g/t gold, 128g/t silver and 4.66% zinc from 45 metres, demonstrating potential for mineralisation complementary to Hayes Creek.

The historic mining area at Moline has strong synergies with the Hayes Creek, where PNX recently completed a Preliminary Feasibility Study (PFS) that confirms the strong potential to establish a low-cost, high margin zinc and precious metals mine.

READ NOW: PNX Metals study confirms high-value zinc mine

James Fox, managing director, commented:

"Our second exploration drill program at Moline was completed successfully and has continued to delineate high-grade gold and zinc sulphide mineralisation.

"Modelling of the datasets will be completed to assess the resource potential and identify new, open areas to drill.

"We are keen to further explore the base metal association at Moline due to the clear synergies with our nearby Hayes Creek Project."

Analysis

The occurrence of new gold and base metal sulphide mineralisation along the Moline and Tumbling Dice line of lode, including the newly discovered mineralisation at the Swan prospect, is particularly encouraging due to the similarities with PNX’s Hayes Creek Project.

Importantly, very little of the mineralisation discovered to date has been closed off at depth.

With the recently announced successful capital raising, PNX is well-funded to undertake an aggressive zinc and base metals exploration program at its Burnside and Moline Exploration Projects.

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Wed, 13 Sep 2017 09:15:00 +1000 https://www.proactiveinvestors.com.au/companies/news/183866/pnx-metals-high-grade-hits-at-moline-draws-synergies-with-hayes-creek-183866.html
<![CDATA[News - PNX Metals bags cash from oversubscribed raising for zinc exploration ]]> https://www.proactiveinvestors.com.au/companies/news/183574/pnx-metals-bags-cash-from-oversubscribed-raising-for-zinc-exploration-183574.html PNX Metals Ltd (ASX:PNX) has completed a $1.9 million oversubscribed placement at $0.0105, and will offer a share purchase plan to raise up to $600,000 at the same price.

The company will also undertake debt for equity swap with existing debt holders Marilei International Limited and Sochrastem SA, who have been long time shareholders.

The existing PNX debt of $1.8 million will be converted to PNX shares at $0.0173, a strong premium of 65% to the placement price.

PNX is now well-funded and will be debt-free to advance its Northern Territory based zinc projects.

The company will now commence an intensive zinc and precious metals exploration program.

James Fox, managing director, commented:

"This is a significant series of transactions for PNX, which when all are completed will provide the company with a strong, debt-free balance sheet, and consequently a robust platform for growth of the business.

"We are very pleased with the support from new and existing investors and are looking forward to commencing an aggressive and high-impact regional and near-mine exploration program at our Burnside and Hayes Creek projects in the Northern Territory with the aim of further enhancing and extending the Hayes Creek Project."

The recently published PFS over Hayes Creek confirms the strong potential for the project to become a significant future low-cost, high-margin zinc and precious metals mine.

READ NOW: PNX Metals study confirms high-value zinc mine ]]>
Thu, 07 Sep 2017 14:03:00 +1000 https://www.proactiveinvestors.com.au/companies/news/183574/pnx-metals-bags-cash-from-oversubscribed-raising-for-zinc-exploration-183574.html
<![CDATA[News - PNX Metals to lift funds for the high-value Hayes Creek Project ]]> https://www.proactiveinvestors.com.au/companies/news/183404/pnx-metals-to-lift-funds-for-the-high-value-hayes-creek-project-183404.html PNX Metals Ltd (ASX:PNX) is heading to market with a capital raising, and the ASX has granted the company a trading halt to prepare.

Funds will be used for the Hayes Creek Project, which has a promising future as a low-cost, high-margin zinc and precious metals mine.

READ NOW: PNX Metals study confirms high-value zinc mine

Yesterday the company collected an additional $800,000 in funding from an existing silver forward sales transaction.

The halt will remain in place until the opening of trade on Thursday 7th September 2017, or earlier if an announcement is made to the market.

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Tue, 05 Sep 2017 10:23:00 +1000 https://www.proactiveinvestors.com.au/companies/news/183404/pnx-metals-to-lift-funds-for-the-high-value-hayes-creek-project-183404.html
<![CDATA[News - PNX Metals lifts cash balance with non-dilutive forward silver sale ]]> https://www.proactiveinvestors.com.au/companies/news/183348/pnx-metals-lifts-cash-balance-with-non-dilutive-forward-silver-sale-183348.html PNX Metals Ltd (ASX:PNX) has received further support for its Hayes Creek Project, which has a promising future as a low-cost, high-margin zinc and precious metals mine.

The company has now secured an additional $800,000 in funding from an existing silver forward sales transaction.

Two of the investors involved in the transaction have elected to exercise their options to each acquire a further 56,000 ounces of silver to be produced from the Hayes Creek.

James Fox, managing director, commented:

"This further increase in commitment to the Hayes Creek Project underscores the financial viability demonstrated through the recently announced PFS results.

READ NOW: PNX Metals study confirms high-value zinc mine

"The simple and non-equity dilutive funding allows for advancing the Environmental and Government approvals and ongoing exploration."

Collectively the Hayes Creek Project hosts a total Indicated (84.7%) and Inferred (15.3%) JORC Resources of 4.1 million tonnes containing 177,200 tonnes of zinc, 238,000 ounces of gold, 16.2 million ounces of silver, 37,000 tonnes of lead, and 10,050 tonnes of copper.

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Mon, 04 Sep 2017 13:20:00 +1000 https://www.proactiveinvestors.com.au/companies/news/183348/pnx-metals-lifts-cash-balance-with-non-dilutive-forward-silver-sale-183348.html
<![CDATA[News - PNX Metals: Developing a low-cost Zinc and Precious Metals Mine ]]> https://www.proactiveinvestors.com.au/companies/news/181440/pnx-metals-developing-a-low-cost-zinc-and-precious-metals-mine-181440.html PNX Metals Ltd (ASX:PNX) has received a Buy Recommendation and a $0.03 per share price target from PAC Partners.

The target is three times higher than the current valuation. The following is an extract from the report.

Key points

- Metallurgy confirmation de-risks feasibility work;
- Potential for development of a viable zinc and precious metals mine, with pre-tax NPV of A$133m (as announced) and C1 cash cost globally competitive on our estimates;
- Undervalued compared to risk-adjusted DCF valuation;
- High grade gold potential in surrounding district with the end of wet-season signalling a re-start of drilling;
- Good potential to grow resources organically in both base and precious metals; and
- Valuation of A$0.034/share vs A$0.013/share last price.

Investment Summary

We see PNX as having good potential for re-rating should the DFS confirm the project potential, and exploration underway in the interim identify further potential ore-feed, with any upwards movement in precious metal and zinc prices in A$ terms a bonus from these levels.

We Initiate with a Buy Recommendation and a price target of $0.034/sh (+150% on current price of $0.013/sh).

PFS Released

PNX Metals (ASX: PNX) has released the results from the pre-feasibility study into the Hayes Creek zinc and precious metals project (“The Project”) in the Northern Territory. The PFS largely confirms what was announced in March 2016 in the Scoping Study, with some variations, primarily on the preferred processing route for the ore.

In Summary, the PFS has indicated the following:

- Up to 50% of revenue from Gold and Silver, with an average of 1.2Mozpa of silver and 12kozpa gold in concentrate;
- Up to 50% of revenue from Zinc, producing 14ktpa of contained zinc plus additional revenue from lead and copper (up to 10%);
- First 2.2yrs open-cut at Mt Bonnie (1Mt) followed by 4.5 years underground (2Mt) at Iron Blow;
- Pre-production capital of US$43m (A$58m @ US0.74) approx. with additional capital of US$6m from Year 3 for underground development;
- Announced Pre-tax NPV based on forward price curve of A$133m greater than the Scoping Study (A$109m); and
- Higher zinc recovery than expected (90% vs 80% used in Scoping Study) and +15% increase in zinc production.

The next phase of development includes completion of a Bankable Feasibility Study by 2018 to coincide with anticipated project approval 2H’18.

The project could be in production by late 2019, considering the anticipated short time frame of construction (12 months) subject to any long-lead items and wet-season impacts.

In the interim, exploration has re-commenced for gold and base metals could enhance project economics over the next twelve months as the BFS is completed.

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Wed, 26 Jul 2017 10:15:00 +1000 https://www.proactiveinvestors.com.au/companies/news/181440/pnx-metals-developing-a-low-cost-zinc-and-precious-metals-mine-181440.html