Phoenix Copper adds 114 claims to Empire Mine group
North America-focussed base and precious metals producer Phoenix Copper announced the addition of 58 unpatented lode claims and 56 unpatented mill site claims to the Empire Mine claim group on Wednesday.
The AIM-traded firm said the claims would expand the operational footprint of the proposed ore haulage route and processing area.
Phoenix said it was making progress with the feasibility and permitting of the polymetallic resource, most recently completing three years of environmental studies directly applicable to the permitting and mine planning.
Discussions were underway with potential debt financiers to construct the project, with a production target for late 2022.
“The additional acreage comprises 58 lode claims and 56 mill site claims located east of the Empire Mine on lands between the proposed open-pit and the processing area,” said chief executive officer Ryan McDermott.
“These additional claims will allow us to make adjustments in the size and position of the haulage routes and ancillary processing areas, and as our engineers work through the design planning phase and adjust for topography, slope, and other design parameters.
“The addition of the new claims has increased the company's total holdings from 5,717 acres to 6,877 acres.”
At 1114 BST, shares in Phoenix Copper were up 4.59% at 38.7p.