PNX Metals Limited

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PNX Metals Limited (PNX or the ‘Company’) holds a large tenement portfolio containing a unique mix of zinc, gold and silver assets less than 170km south of Darwin in the Pine Creek region of the Northern Territory. The Company is a  successful explorer and is aiming to be a sustainable, profitable producer. The Company’s current priority is completion of feasibility work and approvals processes relating to the rapid development of its Fountain Head gold and Hayes Creek zinc-gold-silver Projects in parallel with regional exploration. Total contained gold in PNX’s Projects is now close to 400Koz, and included in the polymetallic ore at Hayes Creek is a further 16.2Moz of silver and 180Kt of zinc, all Mineral Resources have been reported in accordance with the JORC Code (2012) and are situated on 100% owned granted Mining Licenses. Both the Fountain Head and Hayes Creek Project are located in close proximity to each other in a favourable mining jurisdiction where PNX’s development scenario considers and utilises existing mining infrastructure that includes telecommunications, road, high voltage power lines and water, further enhancing project fundamentals and lowering development risks. Fountain Head hosts a Mineral Resource of 2.94Mt at 1.7g/t Au for 156koz gold. In addition, material quantities of gold and silver contained in oxide mineralisation at Hayes Creek will be assessed in the feasibility along with the preferred processing route of a conventional gravity, milling and Carbon-in-Leach (CIL) plant. Including existing stockpiled material at Mt Bonnie, part of Hayes Creek and located only 15km south by road to Fountain Head up to 28koz of gold and 1.5Moz of silver are present in the oxide/transitional zone and may be processed and recovered through the proposed CIL plant. The expanded feasibility aims to confirm the technical and economic viability of Fountain Head and any other oxide mineralisation as Stage 1 of a multi-asset development, with the Hayes Creek zinc-gold-silver sulphides to follow. This study will highlight the potential for a mixed commodity, multi-asset, long-life, highly profitable development. A Preliminary-Feasibility Study was conducted over Hayes Creek, now envisaged as Stage 2 of PNX’s development strategy, with results announced to the ASX on 12 July 2017 that confirmed the potential for the project to become a low-cost, high-margin Australian zinc and precious metals mine. In addition, the Company is progressing evaluation of additional gold prospects that may have the potential to augment overall project returns.