Phoenix Copper makes progress with Idaho assets
United States-focussed base and precious metals explorer and producer Phoenix Copper updated the market on its recent activities in Idaho on Thursday, as it made further progress towards bringing its assets into operation.
The AIM-traded firm said the Empire Open Pit mine was still on target to start production, with construction and the acquisition of mine supporting infrastructure now underway.
Core drilling on deeper underground copper sulphides was ongoing.
Geophysical ground magnetic surveys on Red Star, Horseshoe and Navarre Creek, meanwhile, had been completed.
The final report from that work was imminent, following which drilling programmes would begin.
“The construction of a permanent office in Mackay is a significant milestone and demonstrates that our flagship Empire project has advanced to a level requiring long-term and wholly owned supporting infrastructure,” said chief executive officer Ryan McDermott.
“The company has also begun to purchase staff housing and warehouse facilities in and near Mackay as part of executing our plans for long-term metals production from our properties.”
At 1439 BST, shares in Phoenix Copper were down 3.18% at 53.25p.