JOHANNESBURG (miningweekly.com) – Base and precious metals explorer PNX Metals has received strong support from new investors and existing major shareholders in its latest share placement, raising $1.5-million to fund the completion of its prefeasibility study (PFS) for its flagship Hayes Creek project, in the Northern Territory.
Shares were placed at 1.9c to raise the capital, the ASX-listed company reported on Monday. PNX added that it would raise a further $250 000 from a placement at the same price to existing substantial investors, subject to shareholder approval later in the year.
“PNX is now fully funded to complete the PFS on our Hayes Creek gold/silver/zinc project,” reported MD James Fox.
He added that PNX would also use the proceeds of the placement to fund a regional exploration programme, targeting high-grade gold and base metal targets in the Pine Creek region of the Northern Territory.
“At least four highly prospective exploration targets will be tested in the Pine Creek region and a comprehensive resource and extensional drilling programme at the Hayes Creek, Mt Bonnie and Iron Blow deposits will be completed by the end of 2016 to allow for metallurgical and mining plan optimisation in the PFS.”
The regional exploration programme will result in PNX earning an initial 51% interest from Newmarket Gold in the exploration tenure surrounding the Hayes Creek project.