Phoenix Copper Ltd (AIM:PXC, OTCQX:PXCLF), with operations primarily focused in the US, has said it is set to commence exploratory drilling at its North Pit/Red Star site in Idaho on September 15, 2022.
The news follows the commencement of drilling by the company at the Empire open pit copper mine in June to provide samples for ATS metallurgical test work.
In an operational and financing update, Phonix Copper also announced the approval of its drilling plan in Navarre Creek five kilometres west of Empire.
In a statement, Phonix Copper chief executive officer Ryan McDermott said: "The work carried out this summer is moving the company closer to its goal of bringing Empire into production in the most economical and environmentally sustainable way possible.
“We are making progress across all fronts, though are not immune to the same supply chain and contractor staffing challenges that companies throughout the industry are experiencing.”
In other company news, Phoenix Copper said its corporate copper bond issue is underway, with an initial tranche expected to complete in the coming weeks.
Phoenix Copper shares enjoyed a 0.85% bump in early deals on Thursday, bringing shares up to 23.7p as of 8.40am.