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PNX Metals’ German cornerstone investor and directors increase stake

The company recently received positive gold drilling results from its Fountain Head Project.

trucks at the project
Trucks at PNX’s flagship Hayes Creek zinc-gold-silver project

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.

Quick facts: PNX Metals Ltd

Price: 0.006 AUD

Market: ASX
Market Cap: $14.61 m

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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