PNX Metals Limited announced that numerous high-grade surface gold samples were collected during an assessment of the northern leases of its Burnside exploration project. Multiple targets, with the potential to host economically significant gold mineralisation, have been identified within prospective kilometre-scale gold corridors. These areas are located, along with PNX's Fountain Head and Hayes Creek zinc, gold, silver Projects, in the Pine
Creek region of the Northern Territory, approximately 170km from Darwin. During reconnaissance of these areas in late 2022, PNX collected a total of 114 rock chip samples from outcrop returning numerous high-grade gold values. The results highlight two north-south corridors (Brumby and C6) with very strong surface and historic drilling gold results that have been prioritised for follow-up. As outlined in further detail below high-grade gold was returned from numerous rock-chip samples and historic RC drilling in these corridors including at: 11.65 g/t Au in rock chip sample BCS22AB068, 11.22 g/t Au in rock chip sample BCS22AB089, 7.41 g/t Au in rock chip sample BCS22AB092, and 8 m @ 6.16 g/t gold from surface in RC drillhole RTB2, including 2 m @ 18.90 g/t Au from 4 m C6 6.10 g/t Au in rock chip sample BCS22AB185, 25.00 g/t Au in rock chip sample BCS22AB217,
24.33 g/t Au in rock chip sample BCS22AB219, and 3 m @ 5.6 g/t Au from 10m in RC drillhole BYDC551, including 1 m @ 12.6 g/t Au from 10 m. The northern exploration leases cover approximately 20 x 20 km of PNX's Burnside exploration project. Burnside forms part of the broader Pine Creek region that hosts a significant gold endowment exceeding 20Moz 1. A key targeting criteria for gold in the area is the identification of fold hinges as most of the mineralisation is associated with quartz veins along anticline hinges within folded metasedimentary units. PNX's assessments highlight that large parts of the northern leases remain essentially untested despite being
highly prospective for potentially economic gold mineralisation. Most of the regional exploration in the Burnside area took place between the late 1980s and early 2000s when low gold prices prevailed. Consequently, various
gold anomalies and targets identified during that period were not investigated and now present opportunities for discovery. The scale potential of the area is supported by the historic Goodall Mine, located in the eastern part of PNX's northern leases where approximately 260koz Au was mined by Western Mining Corporation. Historic wide-spaced soil sampling defined kilometre-scale north-south gold-in-soil anomalies to the west of Goodall. The strong historic gold values within these anomalous corridors correlate well with the limited outcrop related to anticline fold hinges, and indicate that sampling in the exposed areas was effective, but inconclusive in areas with transported cover. Along approximately 15 km of the Cosmo-Howley Gold trend, multiple 500 m wide fold hinges (anticlines) have been traced from aeromagnetic data within a north-trending magnetic domain. The Barton's gold prospect sits within the 1.7 km Brumby gold-in-soil anomaly, which in turn can be traced within a larger 6.5 km long corridor of anomalous gold-in-soils that correlates with one of these fold hinges. The other largely untested fold hinges identified are located beneath transported cover and represent priority exploration targets. PNX collected 48 rock chip samples of predominantly quartz vein over a 1.2 x 0.5 km area from or adjacent to the Brumby trend. Significant results, predominantly from the south of the Barton's prospect, which remains open and untested to the south, include: 11.65 g/t Au in BCS22AB068, 1.19 g/t Au in BCS22AB082, 11.22 g/t Au in BCS22AB089, 2.11 g/t Au in BCS22AB091, 7.41 g/t Au in BCS22AB092, and 1.32 g/t Au in BCS22AB094. Twenty-eight (28) reverse circulation ("RC") holes were drilled by previous explorers over an area of 350 x 60 m at the main Barton's area. All but 2 holes were drilled to a vertical depth of less than 55 m. Significant results include: 8 m @ 6.16 g/t gold from surface, including 2 m @ 18.90 g/t Au from 4 m, 2 m @ 7.95 g/t Au from 6 m, 3 m @ 5.30 g/t Au from 15 m, 2 m @ 6.61 g/t Au from 43 m, and 1 m @ 4.99 g/t Au from 32 m, and 4m @ 1.29 g/t Au from 41 m. RC drilling was also completed ~700 m north and northwest of Barton's at three other prospects targeting quartz vein outcrop. Significant results that are located adjacent to the main Brumby trend include: 3 m @ 2.82 g/t Au from 14 m, and 2 m @ 11.32 g/t Au from surface, 1 m @ 2.37 g/t Au from 5 m, 1 m @ 2.33 g/t Au from 6 m.