2016 Annual Group Report GR431 MLN 794, MLN 795 and ML 30936 Golden Dyke Dome year ending 31 December 2016

Abstract

PNX Metals Ltd ('PNX') purchased the Golden Dyke Dome tenements in July 2016. This is the first of the Group Reports (GR4311) pertaining to MLN's 794, 795 and ML 30936 collectively referred to as the 'Golden Dyke leases'. PNX are exploring the Golden Dyke leases, as part of the Burnside Project, which also includes surrounding EL's (reported separately in GR185). The Golden Dyke leases lie within the Pine Creek Orogen, in an area that has been subject to significant previous exploration interest since gold was discovered in the 1870's. Sporadic mining up to 1988 has exploited narrow, high grade veins, but with limited strike extent. Previous exploration has focussed mostly on the oxide zones. PNX are exploring the area primarily for gold, but also base metals. During the 2016 reporting period PNX, commenced a broad compilation of data, purchased old hard copy data and completed a small amount of ground truthing. Compilation and field investigation will continue.