TIDMPGM
RNS Number : 5078M
Phoenix Global Mining Ltd
31 July 2017
Phoenix Global Mining Ltd / Ticker: PGM / Sector: Mining
31 July 2017
Phoenix Global Mining (PGM) (the "Company" or "Phoenix")
Empire Copper Mine Update
Phoenix Global Mining Ltd (AIM:PGM), the AIM quoted, US-focused
copper exploration and development company, is pleased to provide
an update regarding exploration and development activities at the
Empire Copper Mine in Idaho, USA.
Highlights
-- 19 drill holes completed as part of the 28-hole (2,200 metre)
"infill" drilling programme at the AP Pit
-- The drilling programme is targeting to upgrade the current
JORC Inferred resources of 5,546,000 Mt to measured and
indicated
-- The major intersections encountered in the five holes assayed
to date have exceeded the average grade in the current JORC
Resource
-- Further drilling results will be published imminently
-- Metallurgical studies and Preliminary Feasibility Study
("PFS") underway - the revised JORC resource will be calculated as
part of the PFS programme and published in Q4 2017
-- Imminent appointment of the mining contractor to open the
300, 700 and 1100 Level portals and refurbish and ventilate the old
workings to allow sampling, mapping and drilling to commence the
assessment of the underground sulphide resource potential
Dennis Thomas, the Company's CEO, said, "Our 2017 Drill
Programme is progressing encouragingly as these initial results to
date demonstrate that we have a stronger average grade than the
current JORC Resource which was 0.53% in the AP Pit. We now look
forward to publishing more assays and demonstrating that the
current resources in the AP Pit will form a robust basis to deliver
7,000 tonnes of copper cathode per annum when we reach production.
We will be looking at publishing a revised JORC resource by the end
of the year and in parallel with our PFS programme.
"Moreover, the Empire Copper Mine is now a hive of activity,
with two senior geologists and two junior geologists plus support
staff on site who are all working well under the Project Manager,
Ryan McDermott. Negotiations with consulting groups, contractors
and metallurgical test laboratories to carry the mine forward as
planned are well advanced and we look forward to presenting regular
updates of our progress to our shareholders in the coming
weeks."
Drilling Programme and Results to date
The Company's drilling contractor, AK Drilling, Inc. has
completed 19 of the planned 28 drill holes as at 26 July 2017. The
intention of the drilling programme is to "infill" the inferred
resource and upgrade and increase the current JORC resource (12.8mt
grading 0.53% copper for 68,200 tonnes contained metal) derived
from the AP Pit.
14 of the 21-reverse circulation ('RC') drill holes (1,156
metres) and five of the seven diamond drill holes (434 metres) were
complete as of 26 July 2017. This includes three of the four large
diameter PQ diamond drill holes which will provide the samples for
the metallurgical test work programme. Only three such holes were
originally planned.
To date, samples from the first twelve drill holes have been
shipped to the ALS Global's laboratory in Nevada, USA for assaying.
The following summarises the status as of 26 July 2017:
Planned Actual to Assay Results
26 July 2017
--------------------- -------------------- ----------------- ------------------
No. Total No. Total Holes Holes
of Holes Metres of Metres Received with
Holes ALS
lab
--------------------- ---------- -------- ------- -------- ---------- ------
Reverse Circulation 21 1,645 14 1,156 5 6
--------------------- ---------- -------- ------- -------- ---------- ------
Diamond Drill
(PQ & HQ) 7 657 5 434 1
--------------------- ---------- -------- ------- -------- ---------- ------
Total: 28 2,302 19 1,590 5 7
--------------------- ---------- -------- ------- -------- ---------- ------
Significant assay results from the first five drill holes are
summarised as follows:
Hole Number Intersection Metres Total Zn Ag Au
Cu
------------- ------------------------ ------ ----- ----- ----
From To Intercept % % g/t g/t
------------- ----- ----- ---------- ------ ----- ----- ----
KX-17-2 0.0 29.0 29.0 0.46 0.07 7.7
------------- ----- ----- ---------- ------ ----- ----- ----
KX-17-3 0.0 22.9 22.9 0.66 0.10 40.8
------------- ----- ----- ---------- ------ ----- ----- ----
Including 16.8 21.3 4.6 2.06 0.05 92.9
------------- ----- ----- ---------- ------ ----- ----- ----
29.0 36.6 7.6 0.37 0.10 16.0
------------- ----- ----- ---------- ------ ----- ----- ----
41.2 62.5 21.3 0.86 1.22 13.0
------------- ----- ----- ---------- ------ ----- ----- ----
Including 56.4 61.0 4.6 1.65 2.30 3.4
------------- ----- ----- ---------- ------ ----- ----- ----
KX17-4 0.0 16.8 16.8 0.07 0.09 7.9 0.6
------------- ----- ----- ---------- ------ ----- ----- ----
39.6 86.9 47.3 0.23 0.11 6.6
------------- ----- ----- ---------- ------ ----- ----- ----
Drill holes KX17-1 and KX17-5 contained 15.2 metres averaging
9.6g/t Ag, and 4.6 metres averaging 0.17% Total Cu, respectively.
The Company continues its Quality Assurance/Quality Control (QA/QC)
confirmation of the lab results as required by NI43-101
standards.
In addition to the 2017 Drilling Programme, the Company has
undertaken additional exploration, development and planning
initiatives to advance the Empire Copper Mine. This includes the
re-evaluation of core and RC cuttings currently in inventory from
previous drilling campaigns and the completion of the MSHA (Mines
Safety & Health Administration) surface and underground
training plans as required for safety compliance in preparation for
the planned reopening of the underground workings as part of the
deep sulphide evaluation programme. The Company has also been
advised that Dunn Land Surveys has completed the collection of
field data for the aerial drone topographic survey and the final
topographic results are expected shortly.
Qualified Person
Information in this announcement relating to drilling results is
based on data reviewed by Roger Turner A.C.S.M., M.Sc., M.I.M.M.M.,
C.Eng., Chief Technical Officer and Director of the Company. Mr
Turner is a graduate mining engineer from the Camborne School of
Mines with an MSc in Economic Geology from Leicester University
with more than 40 years' experience in mine development,
construction and operation and is a qualified person under the AIM
Rules. Mr Turner consents to the inclusion of the information in
the form and context in which they appear.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
**S**
For further information please visit www.pgmining.com or
contact:
Phoenix Global Dennis Thomas & Richard c/o St Brides
Mining Ltd Wilkins Partners
+44 20 7236
1177
--------------------- ------------------------- --------------
SP Angel Lindsay Mair / Caroline Tel: +44
(Nominated Advisor) Rowe 20 3470 0470
--------------------- ------------------------- --------------
Brandon Hill Jonathan Evans / Oliver Tel: +44
Capital (Broker) Stansfield/ Alex Walker 20 3463 5000
/Robert Beenstock
--------------------- ------------------------- --------------
St Brides Partners Charlotte Page / Susie Tel: +44
(Financial PR) Geliher / Hugo de Salis 20 7236 1177
--------------------- ------------------------- --------------
Notes
Phoenix Global Mining Ltd (AIM: PGM) is a US-focused, base metal
explorer and developer, which is fast-tracking the
historically-producing Empire Mine in Idaho, USA back into
production.
Having established an initial copper oxide JORC resource of
12.8mt grading 0.53% copper ('Cu') for 68,200t contained Cu from
historical drill holes, Phoenix has defined a two-phase development
strategy. Phase One is focused on commencing low cost, open pit
production from the current oxide resource, targeting 7,000t copper
cathode per annum by 2020 via an SX-EW plant. Stage Two will look
to extend the life of mine by targeting the deeper (below c.120m),
higher grade copper sulphides, where intercepts of up to 11.4% Cu
have been recovered. Pre-feasibility Study work on the priority
open pit oxide resource is already underway.
It is estimated that only 5% of the potential ore system has
been explored to date and accordingly there is significant
opportunity to increase the resource through phased exploration;
the current resource relates to the oxide resource only, which
remains open along strike and does not include the deeper, higher
grade sulphides. Furthermore, the Mine has an exploration target of
between 3.4 to 6.7 million tonnes (derived from historic data),
grading 0.34% to 0.50% Cu for 11,560 to 33,500 tonnes of additional
contained copper and there is potential to extract additional
metals, including gold, silver, zinc and tungsten.
With a management team that has successfully constructed,
commissioned and operated mines and a low risk, mining-friendly
jurisdiction with excellent infrastructure, Phoenix is looking to
fulfil its ambitions to become a mid-tier copper producing
company.
This information is provided by RNS
The company news service from the London Stock Exchange
END
DRLBBLLXDDFFBBQ
(END) Dow Jones Newswires
July 31, 2017 02:01 ET (06:01 GMT)
Phoenix Copper (LSE:PXC)
Historical Stock Chart
From Apr 2024 to May 2024
Phoenix Copper (LSE:PXC)
Historical Stock Chart
From May 2023 to May 2024