Phoenix Global Mining encouraged by Idaho drill test results
Source - SMW
Phoenix Global Mining said it had gathered 'highly encouraging' results from test drilling at its Empire copper prospect in Idaho.
First assay result received from the 2018 drilling programme included finding 68 metres of 0.57% copper from surface, including 29 metres of 0.75% copper and 30 metres of 0.55% copper.
Further holes would be drilled shortly, the company said.
'We are pleased to present the first result from the current drill programme we commenced in June,' chief executive Dennis Thomas said.
'We are highly encouraged with Hole KXD18-02 which delivered 68 metres at 0.57% copper from surface including the initial 29 metres at 0.75% copper.'
'This is a robust hole and on par with our expectations of this portion of the Empire Mine oxide deposit.'
'Our average grade in the current JORC Resource is 0.52% copper, therefore, if we can deliver further holes like this it will materially improve the economics of our open pit project.'
At 9:38am: (LON:PGM) Phoenix Global Mining Limited Ord Npv Di share price was +0.1p at 3.35p