27th May 2020 17:02
(Alliance News) - Precious metals explorer Phoenix Copper Ltd on Wednesday said it has raised GBP1.8 million to fund work at its assets in Idaho, US.
Phoenix Copper said it issued 9.8 million shares at 18 pence each. Its shares closed 14% lower at 23.75p each in London on Wednesday.
"The funds will be used to accelerate the gold and silver work programmes at the company's Red Star, Empire open pit and Navarre Creek mineral properties in Idaho," said Phoenix Copper.
Chief Executive Officer Ryan McDermott hailed the fundraising as a "significant moment" in the company's development.
"This fundraising will allow the Phoenix team to continue its work on a precious metals expansion programme at the Empire open-pit through a combination of drilling and metallurgical testing focused on the gold and silver trends recognised in and around the oxide-copper resource area. Additionally, it will enable the expansion of the Red Star drilling programme throughout the Red Star shear zone, and allow the team to conduct a focused, geophysical and geochemical programme at the Navarre Creek claim block," McDermott said.
"The drilling programme at Red Star is progressing well, especially as the wet spring time weather is now turning toward drier, summer conditions. As we have recently expanded the network of roads and drill pads in the shear zone, several additional mineralised structures have been exposed in the dozer cuts below the alluvium. These structures have been added to the list of drill targets in the Red Star zone."
By Eric Cunha; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Phoenix Copper.