PNX Metals' James Fox details near-mine and regional exploration program with investors
PNX is set to increase news flow in the near-term from drilling.
Company
ASX:PNX
PNX Metals Ltd (ASX:PNX) has a large tenement portfolio containing a mix of gold, silver and zinc assets in the Pine Creek region of the Northern Territory. Total contained gold in PNX’s projects to date is close to 400,000 ounces. The advanced Fountain Head Project hosts a mineral resource of 2.94 million tonnes at 1.7 g/t gold for 156,000 ounces of gold.
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PNX is set to increase news flow in the near-term from drilling.
The Kilfoyle area is highly prospective for a range of commodities.
Any discoveries made can complement the development of the Hayes Creek Project.
Ground-based fieldwork will commence on the new project immediately.
Fountain Head gold prospect is the first target in the company's 2018 regional exploration program.
Extensions to mineralisation have the potential to improve project economics.
Shares are trading up 15% this morning, priced at $0.015.
The issue of shares to Marilei International Ltd is at $0.015 per share.
The intended site for the establishment of a processing plant is close to infrastructure.
Drilling assays due early 2018 and a resource update thereafter.
The appointment of a study manager is a key part of completing the DFS.
Two drill targets have been identified at the Swan prospect.
Considerable activity scheduled to occur over the next few months.
IP surveys are commencing immediately to refine the targets prior to drill testing.
PNX is now well-funded after receiving strong support from shareholders.
Analysis highlights extensions to mineralisation over three main zones.
PNX will now be debt free and well-funded for zinc exploration.
The halt will remain in place until Thursday 7th September 2017.
Funds will be used for ongoing exploration at the Hayes Creek Project.
PNX has the potential to development a viable zinc and precious metals mine.
The company’s focus is on its four projects located in the Pine Creek Region.
The study has valued a future mining operation at $133 million.
Multiple exploration drilling programs are planned for July.
Results show improvement in overall recoveries from initial test-work.
Hayes Creek contains the Iron Blow and Mt Bonnie zinc-gold-silver deposits.
A resource upgrade for the Iron Blow deposit is expected shortly.
Final assay results from the 30 hole program have been received.
PNX has received assays from another 9 holes in its 30 hole program.
The halt will remain in place until Wednesday 15th March 2017.
James Fox outlined upcoming news flow including a pending resource upgrade.
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Find out more from James Fox at Proactive's CEO Spotlight Sessions.
90% of the resource has been converted to the Indicated category.
PNX’s focus is on its four projects located in the Pine Creek Region.
PNX is expecting two resource upgrades over the coming months.
Successful drill results will now be used to estimate a new resource.
Results from all remaining holes are likely from the end of January 2017.
Further analysis and modelling of the data will proceed.
PNX has now elected to proceed to the second stage of the farm-in.
PNX Metals (ASX:PNX) has been granted a trading halt by the ASX this morning, with its shares placed in pre-open.
PNX Metals (ASX:PNX) has received coverage from the Kamara Group. The following is an extract from the report.
PNX Metals has drilled up to 23.7 g/t gold from Moline.
Four holes for 1,200 metres have been completed at Iron Blow as part of the a planned 32 hole program.
PNX’s focus is on its four projects located in the Pine Creek Region, 180 kilometres south of Darwin.
Drilling will take around two weeks, and target high-grade gold shoots.
Results include 6 metres at 2.61 g/t gold, 345 g/t silver, 0.22% zinc, 3.22% lead and 0.4% copper from 3 metres depth.
Results include 29 metres at 1.02 g/t gold, 187 g/t silver, 5.26% zinc, 1.44% lead and 0.29% copper.
PNX Metals Ltd has commenced drilling in the Pine Creek region of the Northern Territory.