Phoenix Copper pleased with Empire assay results

The AIM-traded company said it completed 1,077 metres of a planned 1,500-metre metallurgical core drilling program in 2022, providing samples for further metallurgical testing, geotechnical studies, and geological modelling.

It said the seventh, eighth, and ninth holes of the programme produced significant results, with hole KXD22-07B showing 24.38 metres of 1.99% copper, 107.4 grams of silver per tonne, 247 parts of molybdenum per million, and 421 parts of tungsten per million.

The hole also included 0.91 metres of 10% copper and 1.07 metres of 12.80% copper.

Hole KXD22-08, meanwhile, displayed 8.84 metres of 0.73% copper, 43.1 grams of silver per tonne, 100 parts of molybdenum and 204 parts of tungsten per million

Finally, hole KXD22-09 showed 8.96 metres of 0.62% copper and 0.78% zinc, including 1.37 metres of 1.63% copper, 82.5 grams of silver per tonne, 0.51% lead, 3.43% zinc, and 505 parts of molybdenum per million.

The firm said the metallurgical exploration programme was designed to evaluate the metallurgical variability within the Empire open pit, while improving the understanding of the geologic and structural controls on mineralisation.

Its results showed continuity of mineralisation, which appeared along structures striking northeast and dipping steeply to the southeast.

Phoenix said it was assessing the results for inclusion in updated geological models and targeting additional drilling.

“We look forward to reporting the results of the metallurgical testing as they become available,” said chief executive officer Ryan McDermott.

“We also look forward to reporting the assay results for the Redstar-North Pit reverse-circulation drilling completed in 2022.

“We expect those results to become available in the near future.”

At 1342 GMT, shares in Phoenix Copper were up 4.29% at 34p.

Reporting by Josh White for Sharecast.com.