The $11 million capped PNX Metals (ASX: PNX) continues to meet its milestones at its Hayes Creek Project in the Pine Creek region of the Northern Territory.
News flow has been rife lately with updated Minerals Resources for the project’s Iron Blow and Mt Bonnie deposits as the company accelerates its push towards constructing a fully operational zinc-gold-silver mine.
With $2.25 million in the bank at the end of the last quarter, PNX is now finalising its fully funded Pre-Feasibility Study (PFS), designed to expand on the successful Scoping Study, which determined that mining and processing ore from the mine could generate strong financial returns.
Completion of the PFS — due in late June — will provide more clarity around the Project’s potential, following the recent Resources upgrades at the Project’s Mt Bonnie and Iron Blow deposits.
PNX would be encouraged by the numbers coming from the Project, showing over 1.1 million ounces gold equivalent, or 445,000 tonnes zinc equivalent.
This results in a valuation of less than $1/ounce of contained gold equivalent in resources…
The Project hosts total Mineral Resources of 4.1 million tonnes containing 177,200 tonnes of zinc, 238,000 ounces of gold, 16.2 million ounces of silver, 37,000 tonnes of lead, and 10,050 tonnes of copper, with 84.7% of the resources sitting in the Indicated category and 15.3% classified as Inferred.
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Whilst PNX is busy at Hayes Creek, it is also working hard at its Moline Project to extend existing mineralisation, commence mineral resource estimation and attempt to pinpoint new regional gold and base metals drill targets.
With all this going on, PNX is looking to quickly advance towards production.