Phoenix Copper Ltd (AIM:PXC, OTCQX:PXCLF) has renewed its option over the Redcastle Cobalt Property with an extension to the two main exploration expenditure commitments by two years, to 2026 and 2028 respectively.
This amendment requires Electra to spend US$1.5 million on exploration or other works by the third anniversary date of May 21, 2026, with an additional US$1.5 million to be spent by May 21, 2028.
Electra's 2023 field programme discovered a previously unknown copper surface showing on an unexplored boundary area of the Redcastle Agreement claims, Phoenix Copper noted.
A follow-up field reconnaissance programme is being considered on the heels of the amended Redcastle Agreement, subject to financing.
Ryan McDermott, Phoenix’s chief executive, commented: "We are pleased to be continuing our collaboration with Electra through the extension of this agreement.
"We believe Electra is well-positioned to further advance the Redcastle property's potential."
Phoenix's Redcastle claim block is located in Lemhi County, approximately 110 miles north of its Empire Open-Pit Mine Project.