Phoenix Copper reports strong core results from Empire project
Phoenix Copper Limited
United States-focussed base and precious metals explorer and producer Phoenix Copper reported assay results from the first three core holes at its Empire Open Pit Copper Project in Idaho on Thursday.
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The AIM-traded firm said 1,500 metres of core was being drilled, with the samples and technical information from the holes being used for further metallurgical testing, geotechnical studies, and geological modelling.
It said significant drill results from the first three holes included 21.3 metres at 1.99% copper, 38.9 grams per tonne of silver, and 358.7 parts of molybdenum per million from a depth of 17.7 metres in hole KXD21-01.
That included 13.4 metres at 2.96% copper, 54.3 grams of silver per tonne and 436.5 parts of molybdenum per million from 20.4 metres, and 9.1 metres at 4% copper, 57.5 grams of silver per tonne and 535.4 parts of molybdenum per million from 24.7 metres.
The hole also features 11.3 metres at 1.09% copper and 22.1 grams of silver per tonne from a depth of 53.3 metres, including 1.8 metres at 1.23% copper and 16.5 grams of silver per tonne from 53.3 metres, 1.8 metres at 2.31% copper and 41.4 grams of silver per tonne from 56.7 metres, and 1.2 metres at 3.52% copper and 75 grams of silver per tonne from 61.9 metres.
At hole KXD21-02, meanwhile, it highlighted 9.1 metres at 0.27% copper, 19.6 grams of silver per tonne, 246.6 parts of molybdenum per million, and 255 parts of tungsten per million from a depth of 9.8 metres.
That included three metres at 0.2% copper, 43.3 grams of silver per tonne and 350 parts of tungsten per million from 9.8 metres.
On hole KXD21-03, Phoenix highlighted 7.3 metres at 2.17% copper, 0.195 grams of gold per tonne, 20.2 grams of silver per tonne and 0.94% zinc starting at the collar.
That included 3.4 metres at 4.08% copper, 0.345 grams of gold and 24.2 grams of silver per tonne, and 1.86% zinc from four metres, 1.5 metres at 3.16% copper, 0.35 grams of gold and 16.2 grams of silver per tonne from 10.1 metres, and 12.2 metres at 1.05% copper, 0.339 grams of gold and 14.5 grams of silver per tonne from 15.2 metres.
The hole also included 6.7 metres at 1.26% copper and 0.519 grams of gold per tonne from 19.2 metres, and 18.9 metres at 0.79% copper, 0.316 grams of gold and 14.3 grams of silver per tonne from 29 metres.
Finally, it included 13.7 metres at 0.98% copper, 0.349 grams of gold and 17.1 grams of silver per tonne from 32.6 metres.
“The metallurgical drilling program is progressing as planned with approximately 1,060 metres completed since June,” said chief executive officer Ryan McDermott.
“However, assay results are taking longer than originally anticipated due to the laboratory backlog.
“In addition to the core drilling, we are pleased to announce that a reverse-circulation drill rig is scheduled to arrive onsite this week and will begin drilling in the North Pit-Red Star area on targets developed from ground magnetic surveys conducted in 2021.”
McDermott said the rig was suitable for winter drilling, with the company expecting that despite its delayed arrival, it would complete the planned drilling program at North Pit-Red Star over the coming weeks.
“We look forward to reporting additional assays from this year's drilling programs as they become available and appreciate everyone's patience while the assay laboratory makes headway on the sample backlog.”
At 1356 GMT, shares in Phoenix Copper were up 5% at 27.3p.
Reporting by Josh White for Sharecast.com.