14th Apr 2020 15:59
(Alliance News) - Phoenix Copper Ltd said Tuesday its 2019 loss widened due to lower administrative and exploration expenditure as it looks to advance its projects in Idaho, US.
For 2019, the base and precious metals exploration company reported a pretax loss of USD1.1 million from USD1.7 million the year before, as administrative expenses dipped to USD1.1 million from USD1.4 million, and exploration and evaluation costs dropped to USD3,429 from USD169,863.
Due to being focused on exploration, Phoenix Copper did not generate any revenue for 2019 nor 2018.
Despite the Covid-19 pandemic, Phoenix Copper is working to progress the Empire and Red Star projects as mining as classified as an essential service in Idaho. On examination of its supply chain, the company is confident that it has all equipment and supplies needed for the drilling programme.
"My outlook on the company is more positive now than in the three years since joining the Phoenix team. In that time, we have expanded our resources and exploration potential from a single oxide-copper resource into a high-grade silver lead vein system, a polymetallic sulphide vein system, a very prospective volcanic-hosted gold system, and two strategically located cobalt properties, all within the same geopolitically stable, pro-mining jurisdiction," said Chief Executive Officer Ryan McDermott.
"Despite challenging metals markets, we came out of 2019 well positioned for further expansion and with more confidence in our projects than ever before. We have an oxide-copper resource within a stone's throw of a high-grade silver lead vein system, all on patented mining claims in a first world jurisdiction, and all with favourable environmental baseline results. The positives have not blinded us to the work we have ahead, however, but it has provided us confidence that we are on the cusp of developing a mineralized system of which we believe we have barely scratched the surface," McDermott added.
Shares in Phoenix Copper were up 9.6% at 6.85 pence on Tuesday in London.
By Dayo Laniyan; [email protected]
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