- Gold and base metals explorer PNX Metals (PNX) has entered a trading halt as it gets ready to raise more capital
- The company will remain in a trading halt until Monday, November 30, unless it can announce the details of the fundraise early
- PNX has been as of late on its Fountain Head Gold Deposit, which is located south of Darwin, Northern Territory
- The exploration business recently identified new exploration targets adjacent to Fountain Head
- The targets are believed to have the potential to host additional "near-mine" gold resources
- Following the discovery, rock chip sampling has been carried out while an aeromagnetic survey is also being planned
- Before today's trading halt, shares in PNX were trading at 0.8 cents each on November 25
PNX Metals (PNX) has entered a trading halt as it gets ready to raise more capital.
The gold and base metals explorer will remain halted from trade until Monday, November 23.
Shareholders will have to wait until then to find out how much PNX is raising, unless it can release the details early.
As of late, the exploration company has been focussed on its 100 per cent-owned Fountain Head Gold Deposit, located near Darwin in the Northern Territory.
PNX recently identified new exploration targets adjacent to Fountain Head, after carrying out field-mapping at the site and assessing geological data.
It's significant news for the company, as the targets are believed to have the potential to host additional "near-mine" gold resources.
Following the discovery, rock chip samples from the area have been sent off for analysis and PNX is planning a follow-up aeromagnetic survey to better define drill targets.
Before today's trading halt came into effect, shares in PNX Metals were last trading for 0.8 cents each on November 25.