Phoenix Copper begins second phase of drilling at Red Star
Phoenix Copper Limited
14.25p
16:55 25/04/24
North America-focussed base and precious metals exploration and development company Phoenix Copper has started a second phase of drilling at its Red Star silver and lead deposit, it announced on Tuesday, building on the initial drilling results from December 2018.
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The AIM-traded firm said its recent fundraise was fully funding the 20 hole, 1,500 metre drilling programme, with an objective to build resource inventory of silver, lead, gold and other minerals by step-out drilling along strike and at depth.
It said the assays from the drilling results were expected from June onwards.
An updated NI 43-101 compliant resource for Red Star was then anticipated in the third quarter, with a development decision shortly thereafter.
“Having cut the required drill roads and prepared the drill pads ready for this season's drill programme, I am pleased to announce that we collared the first drill hole of the 2020 Red Star drilling programme on 27 April,” said chief executive officer Ryan McDermott.
“The 1,500-metre, 20-hole drilling programme will be a combination of reverse-circulation and diamond drilling with the intent of following the Red Star vein along strike and at depth.”
McDermott said the drill holes, together with the channel samples collected and assayed in late 2019, would add to the maiden resource reported last year.
“Our objective is to generate an updated resource as quickly as possible and move forward with the development of the Red Star project.”
At 0836 BST, shares in Phoenix Copper were up 8.33% at 13p.