PNX Metals Limited (ASX: PNX) is a minerals exploration and development company, targeting base and precious metals in the Northern Territory. Its primary focus is the advanced Hayes Creek zinc-gold-silver project in the Pine Creek region.PNX acquired 14 mining leases covering the Iron Blow and Mt Bonnie polymetallic deposits in the NT (Hayes Creek project area) from Newmarket Gold NT Holdings Pty Ltd, a subsidiary of Canadian-listed gold producer Kirkland Lake Gold Ltd, in November 2014. A Pre-Feasibility Study was completed on Hayes Creek in late June 2017, confirming the project as a high value, relatively low risk and technically strong development opportunity for the Company.Incorporating Iron Blow and Mt Bonnie, Hayes Creek's JORC 2012 Mineral Resource estimate contains 177Kt zinc, 238Koz gold, 16.2Moz silver, 37Kt lead and 10Kt copper.The PFS forecast that the project would generate an NPV10% of $133 million, based on net smelter revenue of $628 million over a 6.5 year mine life. With a modest $58 million of initial capital expenditure, the project is forecast to have a 73% internal rate of return and pay-back period of just 15 months.PNX is currently engaged in ongoing feasibility studies on Hayes Creek and proceeding through Government and Environmental approvals relating to its development. The Company is well funded for ongoing aggressive regional exploration through which it aims to define additional resources that will either enhance Hayes Creek's already robust project economics or support another stand-alone operation.Numerous gold targets are being tested, with excellent recent results demonstrating the potential for a significant gold system at the Fountain Head project.Subject to continued positive feasibility outcomes and the negotiation of offtake agreements and appropriate financing, PNX aims to move to a decision to mine, followed by process plant construction and mine development at Hayes Creek.