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.