Phoenix is looking for up to US$70 million to build the copper mine, including $10 million of mezzanine debt financing.

"The mezzanine debt financing will enable us to complete the feasibility study quickly and, at the same time, carry out exploration on the newly discovered Red Star high grade lead/silver zone, as well as on the underground sulphides, and on the two Idaho cobalt belt properties," said CEO Dennis Thomas.

The finance package would cover the construction of the openpit, heap leach and the SX-EW project at the Empire mine, the company said. Phoenix has a production target of 8,000t/y of copper and zinc, starting in 2021.

Thomas told the recent Mining Journal Select Conference in London the company was fast-tracking the historical Empire mine back into production.

An updated compliant resource completed in early May resulted in an increase from the PEA resources of 37% contained copper and 108% contained zinc. This resource will underpin a bankable feasibility study scheduled for completion in mid-2020.

Shares in Phoenix Copper (AIM:PXC) closed 6.67% higher on Monday at 16p, after setting a fresh 12-month high at 16.22p intraday.