logo-loader
viewPNX Metals Ltd

PNX Metals wins co-funding to drill for nickel-copper-cobalt

The Kilfoyle area is highly prospective for a range of commodities.

1529454154_pnx-metals_nt-project-locations-757.jpg
PNX's Northern Territory assets

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.

Quick facts: PNX Metals Ltd

Price: 0.0065 AUD

ASX:PNX
Market: ASX
Market Cap: $15.83 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of PNX Metals Ltd named herein, including the promotion by the Company of PNX Metals Ltd in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

PNX Metals drilling prospects near Hayes Creek Project as DFS continues

PNX Metals Ltd (ASX:PNX) managing director and CEO James Fox speaks to Proactive Investors about the multi-commodity exploration and development company's Northern Territory operations. The company is focused on the development of its flagship Hayes Creek zinc-gold-silver project, and...

on 26/6/18

2 min read