Phoenix Copper reports positive findings from Navarre Creek

United States-focussed base and precious metals explorer and producer Phoenix Copper released results from its ground-based field magnetics survey and airborne hyperspectral mineral survey at its Navarre Creek project in Custer County, Idaho on Friday.

The AIM-traded firm said 169 line kilometres of ground-based total field magnetics and airborne hyperspectral imaging had been completed for the entirety of the claim block.

It said two distinct intrusive bodies had been identified, partially concealed below glacial till, showing strong magnetic signatures which complemented the existing jasperoid outcrops.

A north east trending, 2.3-mile-long by one-mile-wide, corridor of hydrothermal alteration was also identified, consistent with the gold and silver bearing Carlin-style epithermal deposits.

Markers for Carlin-style gold deposits were the presence of jasperoids, the company explained, and the association of gold, antimony, silver and zinc.

Those markers were found at Navarre Creek, and could signify potential for that style of deposit.

Phoenix said the results of those surveys, together with the results of previous exploration, highlighted the prospectivity of the claim block.

Those positive results would drive further exploration and drill targeting in 2022.

“I am excited to finally report the results of two geophysical surveys conducted at our Navarre Creek property this past summer, a ground-based field magnetics survey and an airborne hyperspectral mineral survey,” said chief executive officer Ryan McDermott.

“Both surveys covered the entirety of the 3,577-acre claim block, including the 1,054 acres of additional claims filed in July 2021, and identified two magnetic bodies partially concealed below glacial till and overburden, a roughly 2.3-mile-long by one-mile-wide zone of hydrothermal alteration similar to that associated with Carlin-style epithermal deposits in the western US.

“The results confirm the geological and geochemical testing results reported by the Company from previous field studies, in particular the iron-rich Lehman Fault and Bear Cave gossan.”

McDermott said the geophysical results coincided with the previous mapping and sampling conducted by Phoenix, as well as with the findings of the Idaho Geological Survey reported in 1988.

“Jasperoids and the association of gold, antimony, silver, copper and zinc, as found at Navarre Creek, can be the signatures of precious metal deposits.

“We believe the Navarre Creek area to be quite remarkable, with the combination of iron-rich faults and gossans, jasperoid bodies, and favourable surface geochemistry all supported by the results of the latest geophysical surveys.”

Phoenix developed an exploration model at Navarre targeting the geology, geochemistry, and geophysics typical of epithermal precious metal deposits, Ryan McDermott explained.

“Our findings thus far, including the recent geophysical results, support our exploration model and will provide the basis for further exploration, including a planned drilling program in 2022.

“In addition to the evaluation of these latest Navarre Creek results, we continue to focus our efforts on the Empire Open-Pit copper oxide feasibility study, scheduled for completion in the second quarter of this year, and with the ongoing permitting of the Empire copper-oxide open pit.”

At 1140 GMT, shares in Phoenix Copper were up 3.11% at 46.4p.