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