PNX Metals Limited announced further positive gold assay results from its 2021 reverse circulation (RC) drilling program at the Glencoe gold deposit ("Glencoe") which comprised 54 RC drill holes for a total of 4,470 metres. The program was extremely successful in confirming and enhancing historic drill results, and identifying along-strike gold lode extensions that remain open. Glencoe is located on a granted Mineral Lease approximately 170 km south of Darwin and 3 km north of PNX's Fountain Head Gold Project in the Pine Creek region of the Northern Territory.

The Glencoe Project represents a bolt-on asset that has significantly expanded the proposed Fountain Head development. PNX previously reported a Mineral Resource Estimate (MRE) at Glencoe of 2.1 Mt @ 1.2 g/t Au for 79,000 oz Au (Inferred category; reported in accordance with the JORC Code, 2012. This latest batch of gold assay results are from the final 13 RC holes drilled in late 2021 that continue to increase the gold mineralised footprint at Glencoe, which has now been drilled and demonstrates good continuity over a 1,400-metre strike extent.

The assays for the balance of the 54 drillhole program were reported on 14 September and 25 November 2021. These holes have extended the easternmost line of drilling towards the south, generated valuable infill data in the Eastern Extension area previously reported, and complete the confirmatory RC drilling within the currently defined Mineral Resource domain. Significant gold intervals were intersected, with many holes returning multiple intervals consistent with PNX's current geological model (Table 2).

Broad zones of gold mineralisation (11 to 20 metres wide at 1.0 g/t Au) were intersected in GLRC048, GLRC049, GLRC052 and GLRC054. Of the 54 RC holes drilled by PNX at Glencoe, only six extended beyond 80 metres vertical depth, as delineating near-surface gold lodes was prioritised to maximise the gold reporting to the optimised mining studies and conceptual pit designs. The deposit remains open at depth and further down-dip testing will occur during 2022.

The drilling was complemented by other work at Glencoe, including surface geological mapping and sampling, which will also assist in informing an updated MRE, to be completed after the planned diamond drilling scheduled to commence in January.