Phoenix Global Mining Ltd (LON:PGM) has produced results for its ongoing drill programme at the Empire Copper Mine in Idaho.
Phoenix Global Mining is a metal explorer and developer, and is US-focused. Its main focus is the advancement of the Empire mine into an open pit copper oxide production.
The results include several highlights. First, they outline extensive evidence that copper sulphides lie below the Empire mine. Likewise, just north-west of the Empire pit lies a new zone of mineralisation. This “Red Star” outcrop holds heavy oxide/sulphide mineralisation. Furthermore, the results show that five drill hole intercepts contain predominantly chalcopyrite and bornite copper sulphide mineralisation.
CEO Dennis Thomas commented:
“These results are “game changing” for the Company given they provide extensive evidence that a high-grade feeder system exists below the Empire oxide resource and demonstrate the existence of such a sulphide system within the Empire Mine.”
Moreover, Thomas added:
“To date, we have focused on the oxides at surface but these results will inevitably require following up with further exploration of the sulphide system. We now have five drill holes that have intercepted predominantly chalcopyrite and bornite copper sulphide mineralisation in high-grade vein structures. This batch of results has given us renewed confidence to explore the sulphides in more detail. Also, quite significantly we have reported material gold and silver grades that would boost project economics.
In addition, the CEO explained:
“We are pleased to report the discovery of a new zone of surface mineralisation in the Empire block, now referred to as Red Star. Red Star is located approximately 330 metres north-west of the northern end of the Empire resource area and is a 20-meter-wide surface outcrop across the structure.”
At 12.23 BST today, Phoenix Global Mining shares were trading at +12.79%.
