Currently viewing Global edition

Phoenix confirms copper on surface at Empire

Phoenix Global Mining (AIM:PGM) has confirmed high-grade copper, gold and silver on surface at its Empire copper mine in Idaho through a channel sampling programme.
Phoenix confirms copper on surface at Empire Phoenix confirms copper on surface at Empire Phoenix confirms copper on surface at Empire Phoenix confirms copper on surface at Empire Phoenix confirms copper on surface at Empire

Phoenix is aiming to update the resource model for the Empire copper mine in Idaho

Staff reporter

The programme of 23 channel samples showed the three metals in exposed outcroppings and road cuts, with highlighted assay results on surface said to be 7.6m of 5.08% copper equivalent; 24.4m of 0.86% CuEq, including 11m of 1.21% CuEq; and 21.3m of 0.73% CuEq.

Other good results were 6.1m of 6.34% CuEq, including 1.5m of 9.26% CuEq; 21.3m of 4.19% CuEq, including 3m of 6.7% CuEq and 1.5m of 10.78% CuEq; 32m of 2.19% CuEq, including 15.2m of 2.89% CuEq and 1.5m of 10.33% CuEq; and 9.1m of 1.42% CuEq.

Phoenix said gold and silver values were associated with the copper intersections, with grades of up to 9.45% copper, 7.63g/t gold and 100g/t silver.

CEO Dennis Thomas said the surface results were expected, as the copper skarn composed a significant portion of the exposed rock at Empire.

He added that the copper grades in the channel samples were consistent with near-surface drilling results around the property.

"We would emphasise the potential economic importance of the mineralised skarn exposed at the surface in terms of the positive effect to open-pit pre-stripping and the early introduction of mineralised material to the processing circuit," he said. 

"We are now more encouraged than ever to see the grades associated with the surface outcroppings and the consistency of these grades compared with near surface drill hole intercepts elsewhere on the property."

Thomas said the infill drilling and channel sampling programme would be used to update the resource model, which has a current average grade of 0.52% copper in the measured and indicated resource.

"Our hope is that continued results, similar to those reported here and previously, both drilling and channel sampling, will have a positive effect on the overall grade and tonnage, which will materially enhance the economics of the project," he said.

The results didn't do much to Phoenix share price, which was down 4% Tuesday to 33.6p (US43.55c) per share.