Phoenix Copper reports further results from 2021 drilling

The AIM-traded firm said “significant” intercepts included 2.9 grams of gold and 187 grams of silver per tonne, 1.45% copper, 4.93% zinc, and 8,030 parts of tungsten per million.

At hole KXD21-04, Phoenix said that at 64.5 metres depth it found one metre at 134 grams of silver per tonne, 2.94% lead and 4.59% zinc, while at 97.2 metres depth it found 1.5 metres at 0.8% tungsten, and at 115.8 metres depth it found 1.5 metres at 0.44 grams of gold and 68.7 grams of silver per tonne, 1.45% copper, and 1.37% zinc.

On hole KXD21-05, it said that at a depth of 60.5 metres it found 0.7 metres at 0.42 grams of gold and 187 grams of silver per tonne.

Finally, at hole KXD21-06, it reported that at 152.2 metres depth it found 2.1 metres at 4.93% zinc, while at 166.4 metres depth it found 1.5 metres at 2.9 grams of gold per tonne, and at 191.4 metres depth it found 0.6 metres at 0.88 grams of gold per tonne and 1.17% copper.

Phoenix said anomalous molybdenum and tungsten mineralisation was also intercepted.

A total of 979 metres of the current 4,500 metre-deep sulphide programme had been completed to date, excluding the 68 metre-long KXD21-01, which was abandoned due to interference with historical underground workings.

“We are very pleased to announce that drilling from a further four core holes intercepted high-grade gold, silver, copper, lead and zinc, as well as tungsten as high as 0.80%,” said chief executive officer Ryan McDermott.

“These four core holes, KXD21-03 through KXD21-06, targeted the sulphide zone below Empire's open pit oxide resource.

“The Phoenix team is encouraged by these results which provide further evidence of a metal-rich system below the open pit oxide resource.”

McDermott said that, excluding the meterage from the first hole which was lost in an old working, the firm was 979 metres into a 4,500 metre exploration programme.

“These intercepts are supporting our geological team's exploration model.

“We continue to compile the data, to refine our interpretations, and to improve our drill hole target selection process.

“We are pleased with the elevated gold and silver values, as well as the high lead and zinc numbers from the latest drilling.”

McDermott also noted that the US Geological Survey recently added zinc to its list of minerals “critical” to national security and the economy - a list that already included tungsten and cobalt.

“The next round of drilling in the deep sulphide system is scheduled for this winter.

“While we wait for a core drilling rig outfitted with all the necessary winter capabilities, which we anticipate arriving during December, our geologists are using the results from hole KXD21-02 along with this recent data to best select the next drilling sites.”

At 1347 GMT, shares in Phoenix Copper were down 9.27% at 58.97p.