Phoenix Copper Ltd (AIM:PXC, OTCQX:PXCLF, FRA:5HR) announced positive results from a drilling programme under the open pit at the Empire Mine in Idaho, US.
The first drill hole, KXD21-02, intercepted 8.38% copper in the underground sulphide zone as well as copper, gold, silver and zinc mineralisation in the oxide zone of the proposed open pit. The hole drilled through about 170 metres of oxide before reaching the sulphide mineralization.
“The drill hole not only intercepted high-grade copper, silver, gold, lead and zinc in the sulphide zone, but also intersected good copper, gold, silver and zinc mineralization in the oxide zone from within the proposed copper oxide pit boundary, as it passed through the oxide zone into the sulphides,” said chief executive Ryan McDermott. “These oxide assays will be included in the resource update later this year.”
“The Phoenix team is particularly encouraged by these results, given that this is the first hole of this exploration programme.
"The mix of metals in the recent assays from KXD21-02 highlights the polymetallic nature of the Empire ore zones. The high-grade nature of the sulphide veins encountered in this drill hole are particularly important as they are verification of the 6% to 8% smelter grades reported from pre-WWII production,” he said.