With the Company’s 2014 project acquisition in the Northern Territory, PNX Metals Limited now has a significant base and precious metals tenement portfolio in South Australia and the Northern Territory. The Company aims to be a sustainable, profitable gold and base metals producer and successful explorer in the Pine Creek region of the Northern Territory.
The Company has been renamed PNX Metals Limited, following approval by shareholders at the 2015 AGM and the updating of the company name with ASIC. PNX Metals Limited was previously Phoenix Copper Limited.
Completion of the acquisition of 14 mining leases covering the Iron Blow and Mt Bonnie polymetallic deposits (Hayes Creek project area) occurred in November 2014. The Iron Blow deposit is one of the best undeveloped zinc deposits in Australia, with contained metal values of more than 125,000t zinc, 200,000oz gold, and 10.7Moz silver, in 2.6MT ore. Recent drilling at Mt Bonnie has identified significant massive sulphide mineralisation containing high values of Zinc, Gold, Silver and Lead. A mineral resource is yet to be completed, but will be a key input into a Scoping Study planned in the latter half of 2015 to demonstrate the positive economic viability of the Hayes Creek project. The Company is also conducting greenfields and brownfields exploration on the 19 exploration licences and 4 mining leases on which it is earning up to a 90% interest via its strategic joint venture with gold producer Newmarket Gold Inc. (previously Crocodile Gold).
The Company has used an Induced Polarisation (IP) geophysical survey to define up to six target areas immediately along strike to the north and south of the historic Monster Mine.
High-grade, near-surface copper sulphide mineralisation was intercepted at the Eagle Prospect (one of the northern IP targets) in an initial 2012 diamond drilling program. A soils anomaly was defined at the Condor prospect coincident with an IP target, immediately along strike and to the south of the Monster Mine. This target has not yet been drill tested.
The area remains prospective for copper mineralisation, and also for gold and other base metals in the broader Burra region. Any exploration work in this area will be prioritised against the Company’s other projects.
The Company's four tenements comprising an area of approximately 1200 km² are directly adjacent Rex Minerals' Hillside deposit and are part of the Olympic Domain. An airborne EM survey was completed in 2011 generating valuable information to assist with exploration in the region. Subsequent to the survey, in 2013 an aircore and reverse circulation drill program was completed over highly prospective iron ore copper-gold targets, which have the potential to host Iron Oxide Copper Gold style mineral deposits. The results from the drilling support the Company's view of the resource potential in the area. The Company is currently seeking a joint venture partner to assist with funding further exploration drilling.