Phoenix Global Mining has boosted resources across the board at its Empire copper mine in Idaho after a year-long work program.
Phoenix Global Mining (LSE:PGM) has boosted resources across the board at its Empire copper mine in Idaho after a year-long work program.
The work done at Empire, which includes over 8,600 meters worth of drilling in 93 holes, led to significant increases in all resources found at the mine. The asset’s measured and indicated resource as a whole grew by 45.6 percent to 15.17 million tonnes (Mt) from April 2018’s preliminary economic assessment resource of 10.42 Mt.
Copper at the mine rose to 73,872 tonnes, a 37.4 percent increase from 2018’s 53,755 tonnes; gold also blossomed to 139,000 ounces, up 75.9 percent from last year’s 79,000 ounces. Silver rose by 69.6 percent to 6.038 million ounces, up from the previous 3.56 million ounces.
Meanwhile, zinc resources saw the most substantial growth at 108.3 percent, hitting 29,813 tonnes from last year’s 14,311 tonnes.
“At a 0.325 percent cut-off grade, we now have over 10 million tonnes in the measured and indicated category at a copper grade of 0.61 percent copper,” Phoenix CEO Dennis Thomas said in a statement.
“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 optimize the project economics as we progress the bankable feasibility study, as well as evaluating the potential for early cash flow from the gold and silver.”
Empire stands tall as Phoenix’s flagship project, a past producing brownfield operation; the company acquired an 80 percent majority stake in the asset in 2015. According to the company, it’s estimated that only 1 to 2 percent of Empire’s potential ore system has been explored to date, with the current resource only relating to the asset’s oxide resource.
Alongside the boost to Empire’s resources, part of the company’s work program also entailed three drill holes and surface sampling at a newly discovered sulfide occurrence, dubbed Red Star. A maiden resource from the area returned an inferred resource of 103,500 tonnes, including 577,000 ounces of gold, 338 tonnes of copper and 3,988 tonnes of lead.
As of May 3, copper was trading at US$6,178 per tonne on the London Metal Exchange.
In London, Phoenix’s share price closed 8.83 percent higher on Tuesday (May 7), ending the day of trading at GBX 16.33.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.