Phoenix Copper Ltd (AIM:PXC, OTCQX:PXCLF) said the latest drilling at the Red Star area of its Empire mine in Idaho, USA, shows higher-grade, narrow vein mineralisation.
The company's chief executive Ryan McDermott noted that this is of the sort that may best lend itself to underground mining methods.
“Conversely, the longer and lower grade drilling intercepts in the Empire open pit area lend themselves to bulk tonnage, open pit mining methods. The close proximity of both styles of mineralization speaks volumes about the potential size and complexity of the Empire system,” McDermott said in a statement.
The company reported assay results from a total of 268 metres (m) of reverse circulation drilling completed in late 2022, which it is using for geological and resource modelling.
Two of the holes, RS22-02 and RS22-04, show robust metal values consistent with the results of previous drilling in the area, said McDermott.
Hole RS22-02 included 1.52m grading 1.01 grammes of per tonne (g/t) of gold, 332 g/t silver, 1.35% copper, 2.18% lead, 1.39% zinc and 156 ppm molybdenum. Hole RS22-04 included 1.52m of 7.59 g/t gold and 0.58% copper.
McDermott said the drilling was limited by the availability of the drill rig, but the data collected will aid in future drilling, modelling and updating the resource.