PNX buys Mt Porter deposit
PERTH (miningweekly.com) – Metals explorer PNX Metals will acquire the Mt Porter gold deposit, in the Northern Territory, which is within trucking distance of its Fountain Head and Hayes Creek zinc/gold/silver development.
The company struck a deal with unlisted Ausgold Trading to acquire the Mt Porter deposit for A$1.05-million, with further staged payments required subject to certain resource scale and development hurdles being met.
This included A$1-million in either cash or PNX shares when a mineral resource of more than 100 000 oz is estimated, of which at least 50 000 oz is in the indicated category, and a further A$1-million in cash or shares on the production of 10 000 oz of gold.
As part of the transaction, PNX will also become liable for existing royalty obligations at Mt Porter, including a 1% net smelter return royalty to existing holders, capped at A$1-million, and a 1.25% net smelter royalty to an existing royalty holder.
“The Mt Porter gold deposit is near-surface, can be mined via openpit, and will integrate well with the proposed development plans at the Fountain Head gold and Hayes Creek zinc/gold/silver projects,” said PNX MD James Fox.
“The upfront cost of the gold ounces at Mt Porter is below the market average taking into account the high confidence, with 84% in the indicated category, and highly prospective exploration targets which exist along strike and have the potential to provide additional scale to future operations.”
Mt Porter is currently estimated to host 681 000 t, at 2.2 g/t gold for 48 200 oz of gold, with 84% of this resource classified as indicated.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Astore Keymak is one of South Africa’s leading suppliers of high-quality Thermoplastic Pipeline Systems, with branches in the major provinces.
VISIT SHOWROOM
We at Hawk High Pressure Pumps specialise in industrial pumps and pumping systems. Our high pressure washing equipment is locally manufactured and...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
