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Phoenix Copper reports positive results from first three drill holes at Empire open pit copper project

Published 10/11/2022, 08:49
Updated 10/11/2022, 09:11
© Reuters.  Phoenix Copper reports positive results from first three drill holes at Empire open pit copper project
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Phoenix Copper Ltd (AIM:PXC, OTCQX:PXCLF) reported encouraging results from the first three drill holes at its Empire open pit copper project in Idaho, US.

The drilling results confirmed the continuity of mineralisation within the open pit, which appears along structures striking northeast and dipping steeply to the southeast, it said.

"The copper, gold, and silver values in the drilling, as well as the length of the mineralized intercepts, are robust and may add further material to the open pit resources,” said chief executive Ryan McDermott.

The drilling targeted specific zones within the resource to collect samples representative of the geology and grade of the deposit as a whole. These will be used in the additional testing of ammonium thiosulfate as a recovery agent for copper, gold, and silver.

“The results of these studies may enable us to bring forward production of gold and silver, currently scheduled as a second phase of the open pit project,” said McDermott.

Significant drill results from one of the first three holes included 21.3 metres (m) of 1.99% copper, 38.9 grammes a tonne (g/t) silver, and 358.7 parts per million (ppm) molybdenum from a depth of 17.7m, including 13.4m of 2.96% copper, 54.3 g/t silver, and 436.5 ppm molybdenum.

About 1,060m, of a 1,500m metallurgical drilling program, has been completed since June, although the company noted that assay results are taking longer than originally anticipated due to 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,” said McDermott.

“This rig is suitable for winter drilling and we anticipate that despite its delayed arrival, we will complete the planned drilling program at North Pit/Red Star over the coming weeks.”

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