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GCX - GCX METALS LIMITED


nipper
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On 05 May 2022, Paringa Resources Limited (PNL) changed its name and ASX code to GCX Metals Limited (GCX). ..... this followed PNL falling over; was a coal miner with Poplar Grove Coal Mine in Western Kentucky USA.

Following 2019 consolidation, there has been a fresh shake of the tree with existing shareholders falling out.

GCX Metals Limited advises that the 1 for 20 consolidation approved by shareholders at the Company Annual General Meeting held on 21 April 2022 is now complete.  
The Company has securities on issue post consolidation as follows:  
31,639,347 quoted fully paid ordinary shares (PNL)
1,722,223 unquoted share options (PNLAC)

Looking to be a forward facing battery minerals outfit? No, just gold (so far)

About the Onslow Gold Project

The Onslow Gold Project is located in the northwestern extension of the Capricorn Orogen and is considered prospective for gold and copper. Nearby 1990s historic exploration identified the potential for banded iron formation hosted gold and iron oxide hosted copper-gold mineralisation.  
The Onslow Gold Project covers 567km2 and comprises three tenements. The Company owns 100% of granted licence E08/3311 (121km2) and has entered into an agreement to acquire 80% of granted licence E08/3197 (188 km2). The Company has also recently applied for E08/3462, comprising a further 258km2 of prospective ground located adjacent to E08/3311.
Historical drilling on the tenements was almost exclusively focussed on the cover sequence in the search for pisolitic iron mineralisation and hence the proterozoic basement is considered to be essentially untested. A recent review of historic airborne electromagnetic surveys confirmed several anomalies that have never been drill tested.
GCX recently completed new airborne magnetic and electromagnetic survey using a modern high powered system with 200 metre line spacing. The new airborne survey led to the identification of 11 priority targets exhibiting strong mid to late time peaks considered worthy of follow up exploration, including air core drilling. This initial geophysical program represents the early stages of a systematic exploration approach to target gold and copper mineralisation across the Onslow Gold Project.

.... they will be after more money soon!!

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