- PNX Metals (PNX) places its shares in a trading halt while it plans an upcoming capital raising
- The company’s shares will remain in the halt until January 20 or when more details are released, whichever occurs first
- On January 14, PNX announced it had extended its near-surface gold zones to over 1.4 kilometres at the Glencore gold deposit in the Northern Territory
- Further results have been received from the company’s 2021 drilling program with grades peaking at 8.58g/t gold
- Shares in PNX last traded at 0.7 cents on January 12
PNX Metals (PNX) has placed its shares in a trading halt while it plans an upcoming capital raising.
The company’s shares will remain in the halt until January 20 or when more details are released, whichever occurs first.
PNX is yet to disclose how much it intends to raise or what it will use the funds for once received.
On January 14, PNX announced it had extended its near-surface gold zones to over 1.4 kilometres at the Glencore gold deposit in the Northern Territory.
Further results have been received from the company’s 2021 drilling program in which 54 reverse circulation holes were drilled to confirm and enhance historical results.
New results included two metres at 8.58 grams of gold per tonne (g/t) from 10 metres, six metres at 3.84g/t gold from 36 metres and five metres at 1.61g/t gold from 11 metres.
The high-grade gold mineralisation at Glencore now extends over 1.4 kilometres of strike and remains open in all directions.
Shares in PNX last traded at 0.65 cents on January 12. The company has a $23.73 million market cap.