The prefeasibility study for the Fountain Head gold and Hayes Creek gold-silver-zinc projects flagged life-of-mine production totalling 250,000 ounces of gold, 11 million ounces of silver and 116,300t of zinc.

All-in sustaining costs net of zinc by-product credits are put at $1119/oz gold equivalent.

First gold production is targeted for mid-2022.

Capital for the Hayes Creek gold-silver-zinc development is estimated at $58 million.

Meanwhile, the company will be drilling this month for "new mineralised positions".

PNX had cash at the end of the March quarter of $5 million.

Shares in PNX were down 11% at 0.8c in morning trade during a poor session for the gold sector.

At that price the company is capitalised at $29 million.