TIDMPGM
RNS Number : 3434Y
Phoenix Global Mining Ltd
05 December 2017
Phoenix Global Mining Ltd / Ticker: PGM / Index: AIM / Sector:
Mining
5 December 2017
Phoenix Global Mining Ltd ('Phoenix' or the 'Company')
70% Increase in Empire Mine Land Position & Extension of
Exploration Area
Phoenix Global Mining Ltd (AIM:PGM.L), the AIM quoted,
US-focused copper and cobalt exploration and development company,
is pleased to announce that it has expanded the land position of
the Empire Copper Mine in Idaho, USA (the 'Empire Mine') with the
addition of 33 unpatented mining claims in the Horseshoe Block
immediately north of the existing property.
Highlights:
o 33 mining claims (564 acres) acquired around the previously
producing Horseshoe Mine, along strike and to the north of the
Empire Mine orebody
o The Empire Mine land position increases by 70% from 819 acres
to a total land package of 1,383 contiguous acres
o The new claims extend the exploration area to the north of the
existing AP open pit resources by approximately 1.2 kilometres
o Recorded copper, lead, zinc, silver and gold production from
the Horseshoe Block as recently as 1979 with reported grades of
3.8% copper and 12% zinc
o Claims staked and registered in the name of Phoenix's
subsidiary Konnex Resources Inc., for a cost of US$6,995
Dennis Thomas, the Company's CEO, said, "The addition of the
Horseshoe Block to the Empire Mine property package nearly doubles
our previous footprint, is contiguous to our existing land position
and extends the exploration area along strike to the north of the
existing resources in the AP Pit by approximately 1.2 kilometres.
The surface geology, as well as the historically recorded copper,
lead, zinc, silver and gold production from the numerous workings
in the Horseshoe Block, provide solid evidence that mineralisation
is not limited to the immediate Empire Mine resource area. The
Horseshoe Block also provides us a greater footprint for future
operations in the existing resource area for minimal cost."
To view a map showing the land position increase, visit the
Company's website at: https://www.pgmining.com/overview.
Historical Production
Historical production from numerous adits and shafts in the
Horseshoe Block, including the former Horseshoe Mine, was
predominantly from skarnified limestone in contact with porphyritic
intrusive bodies. Mineralisation is documented as predominantly
galena and chalcopyrite, with minor pyrrhotite. Mining in the area
dates back to the early 1900s and records indicate production as
recently as 1979.
The majority of the recorded production from the Horseshoe area
was from the former Horseshoe Mine. The last ore shipment was
reported to average 3.8% copper and 12% zinc.
Qualified Person
The information in this announcement has been 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.
**ENDS**
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 20
(Nominated Advisor) Rowe 3470 0470
--------------------- ----------------------------- --------------
Brandon Hill Jonathan Evans / Oliver Tel: +44 20
Capital (Broker) Stansfield/Robert Beenstock 3463 5000
--------------------- ----------------------------- --------------
St Brides Partners Charlotte Page / Susie Tel: +44 20
(Financial PR) Geliher 7236 1177
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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 19.4
mt grading 0.47% copper ('Cu') for 90,547 t contained Cu. 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. Preliminary
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. The Company also holds two prospective
copper-cobalt properties in Idaho, US, which are located north of
the Empire Mine. These are situated close to the town of Cobalt and
are close to projects being advanced by Canadian junior miners,
including eCobalt Solutions and US Cobalt. Early stage exploration
is underway with drilling targeted to commence in 2018.
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 base metal producing
company, offering exposure to two high demand technology metals
with compelling demand/supply fundamentals.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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