Annual Technical Report Exploration Licence 28616 Moline Exploration Project for period ending 19th January 2017

Abstract

Exploration Licence 28616 is an amalgamation of seven previous Exploration Licences (EL 22966, EL 22967, EL 22968, EL 22970, EL 23605, EL 24127 and EL 24262) that surrounds the Moline goldfield and is now part of the Moline Project. The tenement is about 245 km from Darwin via the Stuart Highway then the Kakadu Highway. This annual technical report covers the Moline exploration activities from 20th January 2016 to 19th January 2017. Gold mineralisation at Moline occurs within greywacke, siltstone and carbonaceous phyllite of the Mount Bonnie Formation. It is also occurs in meta-greywacke and slate of the Burrell Creek Formation. Base metal mineralisation is also being targeted, with potential skarn, VMS, or shear zone hosted deposit types plausible. The Evelyn Ag-Pb-Zn historical workings are a local example of such mineralisation. During the 2016 reporting period PNX collected 423 pXRF surface geochemical, and 6 rockchip samples. In addition, geological mapping and investigation of historical data undertaken.