PNX Metals Ltd raises funding from the Government of the Northwest Territories for an airborne magnetic survey of gold and base metal projects

PNX Metals Ltd (ASX:PNX) has secured co-funding approval for Round 15 of the Northern Territory Geophysical and Drilling Collaborations Program, part of the Government of the Northern Territory’s Resourcing the Territory initiative .

This initiative – administered by the Northern Territory Geological Survey (NTGS) – is a competitive grants program designed to fill gaps in geoscience knowledge, advance exploration activity and support resource discovery and development in the Territory. North.

PNX successfully requested a 1,099 line kilometer magnetic drone survey to cover the Fountain Head and Glencoe gold projects as well as the Hayes Creek zinc-gold-silver project, under the new brownfields targeting stream, obtaining a funding of $34,494 – approximately 50% of the direct survey costs.

Proposed drone magnetic survey location.

“Happy to be back on the pitch”

“This grant approval is a positive development as it marks the start of our new exploration season in the NT, and the additional focus by the NTGS on highlighting the significant gold and metals prospecting base in the Pine Creek Orogen,” said PNX Metals General Manager James Fox.

“We look forward to commencing the study and are excited to be back in the field with preparations for drilling near the mine and ongoing regional exploration targets.”

The company is currently finalizing an updated mineral resource estimate for its Glencoe gold project and will commence near-mine and regional reverse circulation (RC) drilling on its Pine Creek exploration licenses during the 2022 dry season.

Additionally, PNX is reviewing its Northern Territory assets to determine the prospectivity of other products that may not have been considered historically.