4th May 2020 11:59
(Alliance News) - Phoenix Copper Ltd on Monday reported an updated resource estimate at its Empire mine, showing a "substantial increase in gold, silver, copper, and zinc".
The total measured & indicated resource at the Idaho, US, mine rose 27% to 19.3 million tonnes from the May 2019 estimate of 15.2 million tonnes.
The measured & indicated copper resource now stands at 81,948 tonnes an 11% rise from May 2019. The zinc estimate is 26% higher at 37,650 tonnes, silver up 13% to 6.8 million ounces and the gold estimate increased by 56% to 217,500 ounces.
Chief Executive Officer Ryan McDermott said: "I am pleased to report this significant increase to our Empire polymetallic open pit resource. As we stated throughout 2019 and early 2020, our team has continued work on the main Empire orebody at the same time as we are moving forward at the Red Star project."
Shares in the company were 3.2% lower at 19.85 pence each in London late on Monday morning.
By Eric Cunha; [email protected]
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