Phoenix Global Mining ups land position at Empire mine

As a result of the acquisition, Phoenix's land position increased by 397 acres to the east and west, resulting in a total land package of 1,774 contiguous acres centred on the previously producing Empire and Horseshoe mines.

The Horseshoe block had recorded copper, lead, zinc, silver and gold production with grades of 3.8% copper and 12% zinc during its initial run back in 1979. A preliminary economic assessment on the Empire mine's oxide resource was expected to kick off imminently ahead of an accelerated development plan and the commencement of its bankable feasibility study.

Dennis Thomas, Phoenix's chief executive, said, "The extension of the Horseshoe claim block by 397 acres is a most timely increase in our land position prior to the imminent completion of our Empire mine oxide preliminary economic assessment It ensures that, as we now move into bankable feasibility study 'mode', we will have a footprint large enough for future operational expansion, particularly to the east of our existing Horseshoe claim block."

"Following the 33% expansion of the Empire oxide resource in November 2017 and understanding the likelihood of additional resource expansion following the upcoming 2018 resource drilling programme, the company believes it is vital to control adequate footprint for any and all operational expansions," he added.

As of 0900 BST, shares had gained 1.33% to 30.40p.