Phoenix Copper Ltd (AIM:PXC, OTCQX:PXCLF) told investors it has received initial assay results from its 2023 drill programme at the Navarre Creek project in Idaho, though the majority of results are still awaited.
Assay data so far, from the first seven of 35 holes, indicates a zone of continuous, low-grade gold mineralisation, open along strike and down-dip, the company said.
Results showed that the mineralisation extended outside the property, so the company has taken up additional mining claims to extend the boundaries in this area. In all, the project now spans some 3,977 acres.
“We have received the initial assay results from our 2023 Navarre Creek exploratory drilling program, the first drilling program to be conducted on the property. 28 RC holes were completed at four different target areas within the 3,577-acre claim block,” chief executive Ryan McDermott said in a statement.
“We are currently assessing all of the results, so that we can put them into context with the geologic system as we currently understand it.
“The results at the other target areas are presently under evaluation.”
McDermott added: “We are also in the process of updating the Empire mine open pit resource model to include last year's metallurgical drilling results, finalising metallurgical testing and completing an updated feasibility study for the open pit mine, as well as preparing for winter operations in the Idaho mountains.
"The Empire mine open pit process design and development is well underway, including the engineering evaluation of the footprint proposed as the site of the processing facility on the company's patented land near the future open pit.
“The final process design is critical to the success of the mining operation as it is the step that ensures maximum metal recovery and maximum revenue.
“We are advancing through the engineering studies at a pace reasonable to maintain the integrity of the final design.”
McDermott told investors that the company will release the Navarre Creek drill results “once they have been fully evaluated and placed in the context of the geologic system as a whole”, and added that the company “very much appreciates everyone's patience as we complete all of the work necessary to maximize the project's economic potential".