19th Jun 2018 11:49
LONDON (Alliance News) - North America-focused precious metals miner Phoenix Global Mining Ltd said on Tuesday it has started a drilling programme for its feasibility study for the Empire Mine, Idaho.
Five drill rigs will be used to drill a total of 40,000 feet, in order to increase the open pit resources, upgrade the existing inferred resources, acquire metallurgical samples, and open pit slope-stability data.
Data collected will be used for the feasibility study which is expected to be published in the second quarter of 2019.
"We are pleased to commence our BFS drill programme and our excellent relationship with AK Drilling has allowed us to secure a drilling fleet sufficient to complete all of the work necessary for the BFS in one season. Also, this allows us to dovetail a step-out and exploration drilling programme using the same rigs as they complete the feasibility work on the Empire Mine," said Chief Executive Dennis Thomas.
"We are confident that we can continue to build value for shareholders by drilling for additional copper resources through stepping out at the open pit and putting the first holes into the Horseshoe block where some very interesting copper grades have been mined historically," Thomas added.
Shares in Phoenix Global Mining were untraded on Tuesday, last quoted at 3.40 pence.