Phoenix Copper reports results from Red Star drilling

The AIM-traded firm completed the drilling in late 2022, and conducted it using reverse circulation technology.

It said the results would provide samples and technical information for geological and resource modelling.

The company said the results included hole RS22-01 returning 1.52 metres at 1.44% lead, 19.9 grams of silver per tonne, and 565 parts of molybdenum per million starting at 30.48 metres.

Hole RS22-02 yielded 7.62 metres at 0.36% copper, 142.7 grams of silver per tonne, 2.94% lead, and 1.54% zinc starting at 32 metres, including 1.52 metres averaging 1.01 grams of gold and 332 grams of silver per tonne, 1.35% copper, 2.18% lead, 1.39% zinc, and 156 parts of molybdenum per tonne from 33.53 metres.

It added that hole RS22-02 also showed 6.1 metres averaging 175.3 grams of silver per tonne, 3.68% lead, and 1.89% zinc from 33.53 metres.

Hole RS22-03 meanwhile showed 3.05 metres at 0.53 grams of gold per tonne and 0.21% copper starting at 3.05 metres, including 1.52 metres averaging 0.87 grams of gold per tonne and 0.28% copper from 4.57 metres.

Elsewhere, hole RS22-04 yielded 9.15 metres at 1.56 grams of gold per tonne and 0.32% copper starting at 1.52 metres, including 1.52 metres averaging 0.62 grams of gold and 42.7 grams of silver per tonne, and 0.64% copper from 3.05 metres.

Finally, hole RS22-04 also showed 1.52 metres averaging 7.59 grams of gold per tonne and 0.58% copper from 9.14 metres.

“The drilling targeted the boundaries of the magnetic anomalies identified in the 2021 ground magnetics survey, with the aim of further defining the extents of those anomalies and to provide depth and geometry to the mineralised subsurface,” said chief executive officer Ryan McDermott.

“The results continue to build on our understanding of the Red Star-North Pit area, and further demonstrate the extensive polymetallic mineralization at Empire.

“While we were only able to complete 268 metres of drilling due to the limited availability of the drill rig, the data and results that we collected have added significantly to our understanding of the mineralisation and the boundaries of the magnetic anomalies and will aid in future drilling, modelling and ultimately updating of the resource.”

McDermott said it was “important to understand” that the drilling results seen thus far in the Red Star area were indicative of higher-grade, narrow vein mineralisation, which could best lend itself to underground mining methods.

“Conversely, the longer and lower grade drilling intercepts in the Empire open pit area lend themselves to bulk tonnage, open pit mining methods.

“The close proximity of both styles of mineralisation speaks volumes about the potential size and complexity of the Empire system.”

At 1400 BST, shares in Phoenix Copper were down 6.11% at 21.12p.

Reporting by Josh White for Sharecast.com.