Phoenix Global Mining pleased with updates resource at Empire
Phoenix Global Resources
6.50p
08:00 14/09/22
North America-focussed base and precious metals exploration and development company Phoenix Global Mining announced an updated resource for its Empire Copper Mine oxide open pit in Idaho on Tuesday.
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The AIM-traded firm said that, based on work completed over the last 12 months, which included 8,604 metres of drilling in 93 holes, it had upgraded the resources at the mine/
It said the measured and indicated open pit resource at a 0.184% copper cut-off grade had increased 45.6% over the April 2018 figure to 15.17 million tonnes.
The copper resource was up 37.4% to 73,872 tonnes and the zinc resources had risen 108.3% to 29,813 tonnes, while the gold resource was 75.9% higher at 139,000 ounces and the silver resources had improved 69.6% to 6,038,000 ounces.
Phoenix said it would fast track into production a low capital cost open-pit mine with a planned annual production rate of 8,000 tonnes of copper and zinc at an average head grade of 0.61% copper.
It also reported a maiden inferred sulphide resource at the recently-discovered Red Star Zone averaging 173.4 grams per tonne of silver, 3.85% lead, 0.33% copper, 0.92% zinc and 0.85 grams per tonne of gold.
“Our goal for the 2018 drilling programme was to increase measured and indicated resources by way of infill drilling to upgrade Inferred resources, and to increase overall resources by way of a step-out drilling programme,” said Phoenix Global Mining chief executive officer Dennis Thomas.
“We are excited to have accomplished both.”
Thomas noted that the company had an additional 4.3 million tonnes of inferred resources, although only measured and indicated resources would be used for the purposes of completing a bankable feasibility study.
“At a 0.325% cut-off grade, we now have over 10 million tonnes in the measured and indicated category at a copper grade of 0.61% copper.
“This will be the cornerstone for the development of a low capital cost fast-track open pit oxide operation, to produce 8,000 tonnes of combined copper and zinc annually.
“Our team will look to optimise the project economics as we progress the bankable feasibility study, as well as evaluating the potential for early cash flow from the gold and the silver.”
In addition to the Empire resource update, Thomas said the company was also upbeat on the results of its first sulphide inferred resource at the newly-discovered Red Star Zone.
“We look forward to the continued evaluation of the Red Star Zone, which has all the makings of a highly profitable mine.”