Phoenix Copper Ltd (AIM:PXC, OTCQX:PXCLF) said its Empire Mine project in Idaho looks to have "widespread polymetallic mineralization" after recent assay drilling at an adjacent property.
Seven exploratory reverse circulation holes were drilled at Red Star, a silver-lead deposit next to Empire, all of which encountered mineralisation, the company said.
Silver and lead grades in the asays are "consistent with, or exceed", those reported in the maiden Red Star resource, with copper, gold and zinc also encountered "in significant quantities", Phoenix said.
Chief executive Ryan McDermott said these grades "further [demonstrated] the widespread polymetallic mineralization at Empire, and the continuity of a northerly trending system.
"This drilling confirms that the surface geology and geochemistry, as well as the magnetic anomalies identified in the ground magnetics survey reported on 20 October 2021, show a continuous northerly-trend toward the Horseshoe-White Knob project as expected, and are reliable and provide prospective drill targets for a planned 3,000 m core drilling program in 2022."
Ground magnetics at Red Star in 2021 identified three magnetic zones east-southeast of the Red Star discovery outcrop, he noted, covering nearly 46 acres.
The latest exploratory drilling targeted specific areas within those 46 acres for the purpose of providing subsurface exploratory information for future drilling programs.
"These latest drilling results have accomplished that purpose, and the Phoenix team is excited to apply what we have learned to our next phase of Red Star drilling," McDermott said.
"In addition to our ongoing exploration programs, we continue to focus our efforts on the Empire open-pit copper oxide feasibility study, scheduled for completion in Q2 of this year, and with the ongoing permitting of the Empire copper-oxide open pit.
"The evaluation of the Navarre Creek gold project, ahead of an anticipated exploratory drilling program in 2022, is also in progress, as is the planned reporting of the results of the Navarre Creek ground magnetics survey and geophysical program in the coming weeks."