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- PNX Metals (PNX) signs an agreement with Ausgold Trading to acquire the Mt Porter gold deposit for $1.05 million
- The deposit lies within the same NT-based region as the company’s Fountain Head and Hayes Creek projects and will strategy feed into its proposed development plans
- Mt Porter has an inferred and indicated mineral resource estimate of 681,000 tonnes at 2.2 g/t gold for 48,200 ounces and is believed to have strong exploration potential
- PNX ends the day in the grey to close at 0.5 cents
PNX Metals (PNX) has signed a sale and purchase agreement with Ausgold Trading to acquire the Mt Porter gold deposit for $1.05 million.
The Mt Porter Gold Deposit is located in the Northern Territory and within trucking distance of PNX Metals’ existing Fountain Head and Hayes Creek zinc-gold-silver projects.
It is considered to have strong exploration potential along a 1.2-kilometre strike where high-grade gold intercepts were identified. These include 13 metres at 3.53 grams per tonne (g/t) gold from 71 metres and eight metres at 8.38 g/t gold from 54 metres.
Mt Porter has an inferred and indicated mineral resource estimate of 681,000 tonnes at 2.2 g/t gold for 48,200 ounces.
This addition takes the company’s total metal inventory to 520,900 ounces of gold, 16.2 million ounces of silver, 177,000 tonnes of zinc, 37,000 tonnes of lead and 10,000 tonnes of copper.
PNX Metals said the acquisition aligns with its strategy to consolidate nearby projects to support the proposed Fountain Head and Hayes Creek development.
“The Mt Porter Gold Deposit is near-surface, can be mined via open-pit, and will integrate well with the proposed development plans at the Fountain Head gold and Hayes Creek zinc-gold-silver projects,” Managing Director James Fox said.
PNX’s plan is to mine and process ore from five of its wholly-owned deposits, being Fountain Head, Glencoe, Mt Porter, Mt Bonnie and Iron Blow, which are all located on granted leases within the Pine Creek region.
The company will update its existing mine management plan and will undertake field activities to test walk-up exploration targets.
PNX has ended the day in the grey to close at 0.5 cents.
