PNX Metals Limited announced positive gold assay results from its recently completed reverse circulation drilling program at the Glencoe gold deposit. The program comprised 18 RC drill holes for a total of 1,740 metres, and was successful in demonstrating continuity to the east of the Central Zone by approximately 200 metres, and that the gold-bearing quartz veins previously reported at surface extend at depth and to the south, oblique to the main gold
mineralisation. Glencoe currently hosts a Mineral Resource Estimate of 2.1 Mt @ 1.2 g/t Au for 79,000 oz Au reported in accordance with the 2012 JORC Code and is located on a granted Mineral Lease approximately 170 km south of Darwin, and 3 km north of PNX's Fountain Head Gold Project development in the Pine Creek region of the Northern Territory. The latest RC drilling at Glencoe has successfully intersected gold mineralisation outside of the existing MRE, and extended the strike extent of Central mineral lode to the SE along the Glencoe anticline by approximately 200 metres. The delineation of gold mineralisation with a new north-south geometry unlocks the potential for resources beyond those currently estimated, which typically followed the NW/SE-trending anticline, and opens up a significant new zone between Glencoe and the Fountain Head gold project 3 km to the south. Several approximately north-south-trending faults, identified by the detailed drone-mag survey, are interpreted to cut through the Glencoe area and appear to displace the host geology and the main fold-related gold lodes by approximately 40 metres. A fault with a displacement of between 250- 400 metres is interpreted immediately west of the West Pit. The importance of these north-south faults is to be investigated to determine their influence on the location and possible displacement of the known high-grade gold domains. The Glencoe RC drill program successfully tested Targets 1, 3 and 4 where: near-surface gold anomalism highlighted along-strike potential from the current gold-bearing quartz veins oblique to the main gold lodes were identified by surface rock chip samples including: 33.1 g/t Au in GLFS035c, 15.5 g/t Au in GLFS043, 35.8 g/t Au in GLFS046a, 15.9 g/t Au in GLFS046c. Four RC drill holes were drilled approximately 120 m west of the West pit along the interpreted westward extension of fold-hinge gold lodes. All holes returned narrow gold intercepts, with a best result of 2 m at 2.81 g/t Au from 28 m in GLRC063 providing support for further anticline-hosted gold mineralisation to the NW. Target 3 - Gold mineralisation intersected in four widely spaced RC drill holes has extended the defined mineralised lodes along strike from the Central Pit to the south-east by approximately 200 m. Assay results include 1 m at 4.53 g/t Au from 77 m in GLRC070, and 3 m at 2.92 g/t Au from 78 m in GLRC071. An approximate north-south fault extends through this zone and appears to displace gold mineralisation across the Central and North Central zones. Near-surface gold mineralisation has been extended by approximately 80 metres south of the South pit oblique to the main orientation of gold mineralisation along the Glencoe anticline. Four RC drill holes confirm a north-south geometry to modelled gold lodes with best results of 4 m at 2.35 g/t Au from 13 m and 4 m at 1.29 g/t Au from 87 m in GLRC065, and 4 m at 1.26 g/t Au from 5 m in GLRC067. Targets 2 and 5 remain untested and relate to the potential northern extension of mineralisation along the West and North Central zones. The area between Glencoe and Fountain Head, 3 km to the south, is highly prospective for new gold mineralisation. Due to the presence of transported shallow cover, Rotary Air Blast drilling will be used to obtain broad-spaced geochemical information which can then be used to further target zones of interest. The potential exists for additional anticline-hosted mineralisation similar to that at both the Glencoe and Fountain Head gold deposits, and new north-south trending mineralisation associated with gold-bearing sheeted quartz veins. Independent mining consultants. The MRE was finalised on 29 August 2022 and is based on geological data acquired from 443 drill holes that intersected the in-situ orebody. Glencoe is a key component of PNX's integrated gold, silver and zinc development strategy, which is proposing to mine and process ore from five 100%-owned discrete deposits located on granted MLs in the Pine Creek region of the Northern Territory. A Pre-feasibility Study (excluding Mt Porter) was released in mid-2021 detailing the proposed development strategy. PNX received draft environmental approval for the Fountain Head Gold Project from the NT EPA in late November. An Assessment Report is to be prepared for the NT Minister for Environment to consider, with formal approval expected early CY 2023.