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Phoenix Global Mining Ltd.
Summary
| Project: | Empire Copper Mine | |
|---|---|---|
| Deposit: | Empire Copper Mine | |
| Location: | United States | |
| Commodities: | Copper-Gold-Silver-Zinc-Lead | |
| Date: | 5/7/2019 | |
| Report Code: | NI43-101 | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 7-5-2019: Phoenix Global Mining Ltd. announces a Resource Estimation report for its Empire Copper Mine deposit at the Empire Copper Mine project. Updated mineral resource estimate for project. Phoenix Global Mining Ltd (AIM:PGM, OTCQX:PGMLF), the AIM quot | |
| Resources: | (Resource, M+I): 15.169Mt @ 0.49% Cu, 0.20% Zn, 12.4g/t Ag, 0.28g/t Au | |
| CP/QP: | [Resources]: Roger Turner (Internal) | |
| ABSTRACT: | Phoenix Global Mining Ltd (AIM:PGM, OTCQX:PGMLF), the AIM quoted, North American -focused base and precious metals exploration and development company, is pleased to announce an updated Resource for its Empire Copper Mine oxide open pit in Idaho, USA. The results of the Empire Mine work programme, to date, were published throughout 2017 and 2018, and can be found on the Company's website at www.pgmining.com. Dennis Thomas, the Company's CEO, said, "Our goal for the 2018 drilling programme was to increase Measured and Indicated resources by way of infill drilling to upgrade Inferred resources, and to increase overall resources by way of a step out drilling programme. We are excited to have accomplished both. The updated resource model at a 0.184% copper cut-off grade, as used in our April 2018 Preliminary Economic Assessment, has resulted in a 45.6% increase in Measured and Indicated tonnes with a 37.4% increase in contained copper, over 100% increase in contained zinc, 75.9% increase in contained gold and 69.6% in contained silver, with a combined metal value at current prices of approximately $800 million. We have an additional 4.3 million tonnes of Inferred resources, but only Measured and Indicated resources will be used for the purposes of completing a Bankable Feasibility Study. "At a 0.325% cut-off grade, we now have over 10 million tonnes in the Measured and Indicated category at a copper grade of 0.61% copper. This will be the corner stone for the development of a low capital cost fast-track open pit oxide operation, to produce 8,000 tonnes of combined copper and zinc annually. Our team will look to optimise the project economics as we progress the Bankable Feasibility Study, as well as evaluating the potential for early cash flow from the gold and the silver. "In addition to the Empire resource update, we can also report the results of our first sulphide inferred resource at the newly discovered Red Star Zone. Drilled for the first time in 2018, Red Star is showing an Inferred resource of 103,500 tonnes with an average grade of 173.4 g/tonne silver, 0.85 g/tonne gold, 0.33% copper, 3.85% lead, and 0.92% zinc. We look forward to the continued evaluation of the Red Star Zone, which has all the makings of a highly profitable mine." | |
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