PNX - PNX Metals

[Joe Blow]

Phoenix Copper Limited (PNX) is a minerals exploration company with the projects located in South Australia and focused on copper and gold. The company has four principal projects covering an area of more than 1,300 sq km in Burra region and Yorke Peninsula.

http://www.phoenixcopper.com.au

 

[mr. jeff]

Re: PNX - Phoenix Copper

Phoenix Copper Limited (PNX) is a minerals exploration company with the projects located in South Australia and focused on copper and gold. The company has four principal projects covering an area of more than 1,300 sq km in Burra region and Yorke Peninsula.

http://www.phoenixcopper.com.au

this has come onto the radar via "Pure Speculation" article, The Australian,

"Phoenix Copper (PNX) made two announcements last week.

One was that it had raised $2.5 million from a small group of New Zealand investors at an 11.5 per cent premium to the share price, not something you see every day.

Apparently there's growing interest across the ditch in putting money into Australian exploration stories. Then it reported first revenue from its project near Leigh Creek, where it is producing copper cement that contains about 80 per cent of metal and is sold to a Burra company producing copper oxide and carbonate.

Phoenix may be producing "poor man's copper", but the company is expecting a $2m profit for the first year. More importantly, it will provide cash for drilling tenements that abut Rex's Hillside project, results from which have been the big excitement behind Rex's share price rise. Seven anomalies have so far been identified on the Phoenix ground."

Just to add to the little info...

 

[adobee]

Re: PNX - Phoenix Copper

could see anywhere what the first income was in $$ ?
looks interesting if they have a goodcashflow and can start funding there own exploration rather than constant cap raising .. (RXM in trading halt for substanial cap rasing)

 

[mr. jeff]

Re: PNX - Phoenix Copper

Mountain of Light Hub
Acquired on 23rd July 2010
Company Cash flow positive almost immediately
Profit forecast from Mountain of Light Hub (A7,900/t)
2010/2011 - $2.0 million (1,181 tonnes of Cu)
2011/2012 - $5.3 million (3,300 tonnes of Cu)*
$3.3 million Leigh Creek
$2.0 million from other mines
2012/2013 - $7.0 million (5,150 tonnes of Cu)*


from the September 2010 Promo slideshow.

Market Cap $20M.

Managing Director:

Paul J Dowd
Mining Engineer
Former MD & VP Newmont Australia Former COO Normandy
Current NED Oz Minerals, et al
45 years mining experience

Basically they have a bit of solid cash flow which can be amped up from Dec (from the 2M current) but also have some prospective ground, some adjacent to RXM. Would call this highly speculative, in positive terms, experienced MD, and they have an income, so can survive longer than just pure explorer.

 

[Gerkin]

Re: PNX - Phoenix Copper

Mountain of Light Hub
Acquired on 23rd July 2010
Company Cash flow positive almost immediately
Profit forecast from Mountain of Light Hub (A7,900/t)
2010/2011 - $2.0 million (1,181 tonnes of Cu)
2011/2012 - $5.3 million (3,300 tonnes of Cu)*
$3.3 million Leigh Creek
$2.0 million from other mines
2012/2013 - $7.0 million (5,150 tonnes of Cu)*


from the September 2010 Promo slideshow.

Market Cap $20M.

Managing Director:

Paul J Dowd
Mining Engineer
Former MD & VP Newmont Australia Former COO Normandy
Current NED Oz Minerals, et al
45 years mining experience

Basically they have a bit of solid cash flow which can be amped up from Dec (from the 2M current) but also have some prospective ground, some adjacent to RXM. Would call this highly speculative, in positive terms, experienced MD, and they have an income, so can survive longer than just pure explorer.

extremly good tenement, will ramp up production in 2011.
good cash,

 

[springhill]

Re: PNX - Phoenix Copper

MC - $13m
SP - 7.5c
Shares - 168m
Options - NQ
Cash - $1.8m

Top Shareholders as at 30/07/2012:
Long Fortune Limited 15.19%
Asia Image Limited 13.79%
Talis SA 11.87%

Board
Chairman: Graham G Spurling
Non Exec Director: Paul J Dowd
Non Exec Director: Peter J Watson
Non Exec Director: David Hillier

PHOENIX COPPER INCREASES YORKE PENINSULA LAND HOLDING
Phoenix Copper announce that it has entered into an agreement to acquire1 EL3907 in the highly prospective Iron Ore Copper Gold (IOCG) province on the Yorke Peninsula, South Australia. The key benefits to the Company of this transaction are:
● Increases the Company’s access to potential copper-gold mineralisation in the Pine Point Copper Belt
● Creates a significant tenement holding on the Yorke Peninsula, with tenure covering 1,419km²
● Provides greater flexibility in the planning and implementation of the Company’s Yorke Peninsula exploration program

Exploration - Yorke Peninsula
• Maiden diamond drilling program completed - six holes for 1,331m over three targets
• Detailed ground gravity conducted over 6 selected areas
• Encouraging assay results received, including anomalous gold and copper
• Sulphide rich alteration assemblages (see Figure 1), similar to those associated with Iron Ore Copper Gold (IOCG) style mineralisation at the Moonta and Wallaroo Mines located to the north
• ELA00278/11 has been approved, Phoenix Copper now holds the second largest tenure on the Yorke Peninsula with 1,165km ² over three EL’s
• Information Memorandum issued to a number of prospective Joint Venture partners

Exploration - Burra North
• Nine diamond drill holes, PCD0035-43, completed for 984m.
• A zone of copper mineralisation newly named the “Eagle Prospect” was intercepted in holes PCD 0037, 0038, 0040, 0041, 0042 and 0043.
• Results previously reported (see ASX releases 1st May, 31st May, 7th June, 26th June 2012) were greatly encouraging:
 PCD0038 was completed to 120.95m depth on 22nd March 2012, assay results include:
 22.5m1 at 0.81% copper from 94.9m, including 4.6m at 2.19% copper from 102.6m, 0.6m at 7.87% copper from 102.6m and 0.6m at 4.65% copper from 105.7m.
 PCD0040 was completed to 77.0m depth on the 21stMay 2012, assays results include:
 26.3m2 at 2.86% copper from 50.7m, including 15.7m at 4.65% copper from 61.1m, and 2.4m at 11.28% copper from 65.0m.
• The mineralised zone defined in the two cross sections drilled to date is open in all directions. Follow up drilling is planned to commence during August 2012 to identify the northern, southern and depth extent of the mineralized zone.


Operations
● Mining and processing operations at Mountain of Light (MoL) continue to be under care and maintenance.
● Testwork has been conducted on alternative processing methods for MoL ore, these include Ion Exchange by InnovEco Australia, Continuous Vat Leach (CVL) by INNOVAT Limited of Burlington, Canada and Agitated Tank Leaching.
● Results indicate oxide copper is readily leached from the ore using sulphuric acid with recoveries in excess of 85% from all three processes (previous recorded recoveries of approximately 50% copper in final product).
● Discussions initiated with possible JV partner to provide capital, equipment and processing expertise in return for a portion of the free cash flow.

 

[System]

On December 15th, 2015, Phoenix Copper Limited changed its name to PNX Metals Limited.

 

[Sean K]

I watched PNX go ballistic this am, up 80% after this announcement, but then has fallen back. Anyone think this is worth watching?

High-grade zinc, gold, silver assays continue at Iron Blow - Hayes Creek project

• Iron Blow assays received, with thick zones of massive sulphide mineralisation intersected within the eastern and western lodes, including:
  
  o 85.22m at 11.87 % zinc, 4.19 g/t gold, 309 g/t silver, 1.94 % lead, 0.49 % copper from 115.9 m in IBDH061 (eastern lode)
  
  o 48.07m at 5.67 % zinc, 2.45 g/t gold, and 90.6 g/t silver from 230.3m in IBDH063 (western lode)
  
  
• Near-surface oxide gold and silver mineralisation intersected higher up-dip than previously tested, and outside of the current mining optimisation:
  
  o 21.42mat1.98g/tgoldand161g/tsilverfrom2.3minIBDH062(westernlode)
  
  
• Definitive Feasibility Study (DFS) on schedule, with final metallurgical flotation test work for offtake and marketing purposes now underway
  
  
• Positive environmental referral decision received for Hayes Creek Project
  

 

[Gringotts Bank]

I watched PNX go ballistic this am, up 80% after this announcement, but then has fallen back. Anyone think this is worth watching?

High-grade zinc, gold, silver assays continue at Iron Blow - Hayes Creek project

• Iron Blow assays received, with thick zones of massive sulphide mineralisation intersected within the eastern and western lodes, including:
  
  o 85.22m at 11.87 % zinc, 4.19 g/t gold, 309 g/t silver, 1.94 % lead, 0.49 % copper from 115.9 m in IBDH061 (eastern lode)
  
  o 48.07m at 5.67 % zinc, 2.45 g/t gold, and 90.6 g/t silver from 230.3m in IBDH063 (western lode)
  
  
• Near-surface oxide gold and silver mineralisation intersected higher up-dip than previously tested, and outside of the current mining optimisation:
  
  o 21.42mat1.98g/tgoldand161g/tsilverfrom2.3minIBDH062(westernlode)
  
  
• Definitive Feasibility Study (DFS) on schedule, with final metallurgical flotation test work for offtake and marketing purposes now underway
  
  
• Positive environmental referral decision received for Hayes Creek Project

Technically it looks like a hump and dump. I don't know anything about FA.

 

[frugal.rock]

Worth a revisit IMO.
Came up in my scan 2 weeks ago.
Double bottom in and progressive buying on.
Not held. Maybe next week.

 

[frugal.rock]

Just announced.
New gold targets prioritised for immediate follow-up.

• Multiple high-priority gold exploration targets identified for immediate follow-up at the Burnside Project

• The highly prospective and underexplored Burnside area hosts a substantial historic gold endowment in excess of 3Moz (PNX and others, see Table 3)

• Targets defined by large geochemical anomalism and supported by favourable
structural settings with limited drilling

• Aim is to discover and define additional ‘standalone’ gold deposits and those that
can be processed through proposed Fountain Head mill

• Field work commenced, drill testing to follow

 

[frugal.rock]

From their quarterly report out yesterday;

Quarterly Highlights

Northern Territory Exploration & Project Development Uranium

o Uranium rights returned to PNX over NT tenure upon expiry of 10-year third-party agreement - Includes the Thunderball uranium deposit and numerous nearby uranium prospects adjacent to PNX’s Hayes Creek zinc-gold-silver and Fountain Head gold projects

o Key datasets, including the drillhole database, re-established to facilitate evaluation and upgrading of historic Thunderball Uranium Mineral Resource Estimate to JORC 2012 compliance in 2024

o Several priority uranium targets identified, including potential extensions to the near-surface Thunderball deposit Gold and Base Metals

o Exploration within kilometre-scale gold corridors on the Northern Leases continues to support the potential for economically significant gold mineralisation as evidenced by the positive results returned from initial RC, aircore, and trenching completed at the recently discovered C6 and Bartons prospects

o Drone magnetic survey completed across Northern Leases tenure to provide geological foundation for
future exploration

 

[Garpal Gumnut]

Also in the quarterly, PNX only have 1.2 quarters of funding left in the 8.7.

I don't buy their reasons for how this is adequate for future business even with the result of the recent sale. I see a CR on the horizon.

The volumes are lowish some days so it may be easier to get in rather than out.

gg

 

[frugal.rock]

High-Grade Uranium Intersections Previously Unreported from Thunderball

PNX Metals Limited | ABN 67 127 446 271

This announcement has been authorised to be lodged with the ASX by the Board of Directors of PNX Metals Limited.
PNX Metals Limited (ASX: PNX) (“PNX” “the Company”) is pleased to report drill results not previously released, identified during recent assessment of historic data from the Thunderball Uranium deposit and nearby uranium prospects in 2014 (Figure 1).
The results demonstrate the significant potential to extend the high-grade mineralisation at Thunderball and to make further uranium discoveries regionally.

The Pine Creek region of the Northern Territory is noted as one of the world’s largest and richest uranium provinces, containing the Alligator River (Ranger, Jabiluka deposits), Rum Jungle and South Alligator Valley (Coronation Hill, El Sherana deposits) uranium fields (Figure 1). PNX’s granted tenure is all within pastoral leases.

The Uranium rights were recently returned to PNX over its tenure in the Pine Creek region as commitments of a historic agreement were not met by Oz Uranium prior its 10 year term, and the agreement expired in November 2023 (refer ASX announcement 9 November 2023).
Originally owned by Thundelarra, the uranium rights were acquired by private company, Oz Uranium in November 2013.
Significant uranium exploration was conducted between 2008 and 2011 including detailed geophysics, detailed mapping, surface sampling and drilling.This work led to the discovery of numerous uranium prospects and culminated in an initial MRE at Thunderball (refer THX ASX announcement 7 February 2011).

In 2014, Oz Uranium completed eight (8) drill holes in the Hayes Creek Uranium tenure that were not publicly reported at the
time.

• During the recent review eight drillholes were identified from 2014 that have not been released previously, or included in the historic Thunderball Mineral Resource Estimate (MRE)

• Significant results include very high-grade uranium in the Lower Lode at Thunderball;
o 15.0 m @ 1.35% U3O8 from 210.0 m in RHCDD005 including:
 1.5 m @ 10.2% U3O8 from 215.0 m
• Regionally, a single hole completed in 2014 at the Goldeneye Prospect (RHCDD002)
returned;
o 1.5 m @ 94.7ppm U3O8 and 2.36g/t Au+Pt+Pd (0.64 g/t Au, 0.97 g/t Pd and 0.75
g/t Pt) from 34.0 m, and;
o 4.0 m @ 1.94 g/t Au+Pt+Pd (0.82 g/t Au, 0.63 g/t Pd and 0.49 g/t Pt) from 37.0 m
• Thunderball and Goldeneye remain open and largely untested
• Gap analysis underway on the Thunderball MRE to provide guidance for drilling and a subsequent resource upgrade, analysis expected to be completed by April 2024

 

[houtman]

• During the recent review eight drillholes were identified from 2014 that have not been released previously, or included in the historic Thunderball Mineral Resource Estimate (MRE)

Funny what can be found down the back of the couch once you get a tenement returned.

Great historical grades, see what they can make of it.
With DEV and AGE, amongst others, also active in the NT PNX should be able to leverage off grade

 

[frugal.rock]

I've let go of half of the holding today at 1 bag level.
Free carried now, excluding costs.
Might review quarterly?

Having said that, there does appear to be some reasonable soaking up of any supply at the current $0.006 level.
Have had a few stocks drift backwards of late without me securing profits when the (fleeting) opportunity was there.

 

[frugal.rock]

Price has held well since last post.
Some selling into 0.005, but mostly holding around the 0.006 mark so nicely consolidated over suitable time, IMO.

15th March, 2024

Significant Upside Potential at the Thunderball Uranium Deposit


• Gap analysis completed on the Thunderball Uranium Deposit.

Highlights include:

o Potential extensions to high-grade zones identified with proposed new drilling to be guided by improved understanding of high-grade structural controls
o Vein-style geological model recommended to domain and increase U3O8 grade in future resource estimations
o Confirmation downhole gamma logging (eU3O8) can be used in conjunction with assays to better increase dataset quality and quantity
• Exploration to target extensions to known mineralisation, discovery of additional mineralised shoots, and regional prospects exhibiting surface anomalism
• Fieldwork re-commenced, with drilling planned to commence in May subject to Govt. MMP approvals

Still holding the free carried lot, but have considered buying back what I sold, at the same price TBH !

 

[Dona Ferentes]

.... PNX only have 1.2 quarters of funding left in the 8.7.
.... I see a CR on the horizon.
... The volumes are lowish some days so it may be easier to get in rather than out.

answer to prayer

15 April , 2024

Kin Mining and PNX Metals announce merger​

By Glenn Dyer |

Two months after it was first mooted, Kin Mining (ASX:KIN) and PNX Metals (ASX : PNX) are set to marry in an all-share union of mining's smaller players. Kin had raised the possibility of a PNX deal back in mid-January.

Trading in Kin's shares was halted to allow for the likely confirmation of the deal to be announced by Tuesday, April 16. However, on Monday, a $123 million production was unexpectedly revealed via a scheme of arrangement.

The deal will see PNX shareholders receiving one fully paid ordinary share in KIN for every thirteen fully paid ordinary PNX shares held. Kin had a market value of $101 million at Friday’s close of 8.5 cents, while PNX’s shares were at half a cent, valuing it at just $26.9 million.
"The Merged Group, capitalized at $123.0 million, offers compelling value and an exceptional platform for growth with a balance sheet consisting of $89.6 million in cash and liquid investments and no debt,” Kin said in its statement to the ASX.
"The merger will create a diversified portfolio of quality mineral assets in Tier-1 jurisdictions across Australia hosting total Mineral Resources in excess of 1.4 Moz gold, 16.2 Moz silver and 177 Kt zinc with significant near-term expansion potential, and multiple highly prospective gold, base metal, and uranium prospects.

(Not a mention of lithium anywhere and if there’s any nickel, well, we’ll have to dig to find it).

Once the marriage is done, Kin shareholders will control 72% of the new company and PNX holders will have the rest.
Independent directors of both companies have recommended the deal with the usual proviso in the absence of a superior proposal.

• The Independent PNX Directors unanimously recommend the Scheme and intend to vote all their PNX shares in favor of the Scheme in the absence of a superior proposal, and subject to the Independent Expert concluding in the Independent Expert's Report (and continuing to conclude) that the Scheme is in the best interests of PNX shareholders.
• The Independent KIN Directors unanimously recommend the Scheme and intend to vote all their KIN shares in favor of the resolution to be put to KIN shareholders for the purposes of ASX Listing Rule 10.1 in respect of the acquisition of the PNX shares from certain substantial shareholders of PNX pursuant to the Scheme, in the absence of a superior proposal

 

[System]

On September 12th, 2024, PNX Metals Limited (PNX) was removed from the ASX's Official List in accordance with Listing Rule 17.11, following implementation of the scheme of arrangement between PNX and its shareholders in connection with the acquisition of all the issued capital in PNX by Patronus Resources Limited (PTN).