PNX has excellent projects. Their communication with shareholders and presentations about what they are doing are all excellent as well. However its sp won't reflect what it's got, I don't know why! 13m MC is too low for PNX. It should have been at least 3x of that value today.
DFS & Environmental Impact assessment underway for the Hayes Creek project. It has a high grade zinc equivalent resource 4.1Mt @ 11.9% and aggressive exploration is going on in parallel with ongoing DFS. There are multiple high order targets in close proximity to proposed plant site. The company is aiming to delineate additional economic resources for increasing mine life over 10 years.
Further exploration drilling is due to start in May.
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Fountain Head Prospect
Also new gold exploration at recently secured Hayes Creek plant site at Fountain Head. The Fountain Head Mineral Leases (MLs), which PNX recently signed an agreement to acquire, represent a key milestone in the development of Hayes Creek as it secures the preferred location for the Project’s process plant.
Drilling is to commence in May at Fountain Head.
Surprisingly, the historic results that have not been followed up and remain open at MLs include very wide and high grade intersections :
- THRC069: 26m @ 17.0 g/t Au (from 139m)
- THRC079: 7m @ 9.3g/t Au (from 144m)
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Ithaca (Burnside) prospect
Same for the Ithaca (Burnside) prospect which is a high-grade gold prospect, located in the western portion of the Burnside project area, is situated along the same structural corridor as Kirkland Lake Gold Ltd’s ~2Moz Cosmo Howley Gold Mine (20km to the SSE). Numerous near-surface historic high-grade gold intersections have been identified at Ithaca over a near-continuous 5km strike extent with no follow up work since the mid-1990s. These include:
- MPQC26 12m @ 11.40 g/t Au (from 6m)
- MPQC36 5m @ 15.02 g/t Au (from 39m)
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Moline prospect
PNX moving to 100% ownership of Moline prospect which is a greenfield base metals and gold
Drilling starts on mid-2018
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