Phoenix making good progress at Empire Copper Mine
Phoenix Copper Limited
10.00p
16:50 04/10/24
US-focussed copper explorer and developer Phoenix Global Mining updated the market on its activities at the Empire Copper Mine in Idaho on Tuesday, confirming the 28 drill hole drilling programme was now complete at the AP Pit oxide resource.
Industrial Metals & Mining
6,633.30
17:14 04/10/24
The AIM-traded firm said assay results for 14 holes had been received to date, and all samples had now been sent to the assay lab with further results expected in the forthcoming weeks.
A revised JORC resource was on target for the fourth quarter of 2017.
Preliminary Feasibility Study consultants had also now selected, with an aim to complete studies by early Q2 2018.
A mining contractor had also been appointed to open several of the old working portals, and to refurbish and make safe in order to carry out a systematic evaluation of the deeper sulphide resources below the AP Pit.
“The Empire Mine continues to advance at pace,” said CEO Dennis Thomas.
“Our initial drilling programme has been completed and the assay results from 14 of the total 28 holes confirm the robustness of the oxide deposit copper grades.
“The assay results from the remaining 14 holes will be received in the next few weeks at which time the focus will be to update the oxide ore resource estimation for the AP open pit.”
Thomas said the company continued to advance the PFS, which was focused on proving the commercial viability of mining the oxides and recovering copper cathode by heap leaching, solvent extraction and electrowinning.
“We have now appointed a strong professional team of consultants to carry out the required studies with Q2 2018 as the target date for completion of the PFS.”
Thomas added that whilst the oxide resource offered the near-term development opportunity, the deeper sulphide resource was of “potentially significant” value to Phoenix given the historic grades of up to 11.4% copper plus gold, silver and tungsten that had been recovered.
“Accordingly, I am pleased to report that we have appointed an underground mining contractor to open the portals (tunnel entrances) of the old workings on various levels and, once refurbished, ventilated and made safe, to commence a programme to assess the deeper sulphide potential beneath the AP pit oxides.
“We look forward to updating shareholders on progress across our exploration programme in due course.”