7th Aug 2018 12:05
LONDON (Alliance News) - Phoenix Global Mining Ltd said Tuesday it is pleased with results from drilling at its Empire copper mine in the US, the first results from its current work programme.
The first assay, from hole KXD18-02 at the Idaho mine, delivered 68 metres at 0.6% copper grade, and this included 29 metres at 0.8% copper and 30 metres at 0.6% copper.
The company said the drilling programme is well underway, with five rigs on-site and more than half of work done. It will report further results from other holes shortly.
Chief Executive Dennis Thomas said the company is pleased with this assay result, adding it met expectations in what he described as a "robust" hole.
Phoenix also announced it has bought the Granite block claims, at the south of its Empire mine claims, increasing the total acreage of the Empire project to 1,837 acres.
Thomas added: "We are pleased to note the acquisition of the Granite Block claims. This property, along with our other claims, should provide ample space to the southern end of the Empire Mine pit and any expansion beyond the existing resource in that area.
"Our current understanding of the historical production from the Granite patented claim provides the possibility of a southern extension to the known Empire resource," he continued.
"The potential for resource expansion in the Granite Block, and in the previously reported Horseshoe Block at the north end of the Empire property, is high and will be drill tested later in the summer as part of our ongoing bankable feasibility study programme."
Shares were 7.7% lower on Tuesday at a price of 3.00 pence each.