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28 Jan 2021 | 16:04

Phoenix Copper makes progress at Empire Mine

(Sharecast News) - North America-focussed base and precious metals company Phoenix Copper updated the market on the Empire Mine on Thursday, reporting that the optimisation of the mine's open pit economic model and feasibility study was now "materially advanced". The AIM-traded firm said that included cut-off grades and scale of operations, and cathode copper and zinc production from heap leach or agitation leach processing.

It said it also consisted of gold and silver production from the second stage heap leach or agitation leach processing using environmentally friendly ammonium thiosulphate instead of cyanide, with metallurgical testwork and an updated preliminary economic model nearing completion.

At Navarre Creek, the company said surface sampling results confirmed the presence of volcanic hosted Carlin-type mineralisation along selected sections of the 6.1 kilometre strike length.

The majority of samples detected gold and silver, with gold grades as high as 0.569 grams per tonne, exceeding expectations.

Surface grades of gold were said to be consistent with historic early-stage exploration grades reported from volcanic-hosted deposits in the Carlin trend that hosted multi million ounce deposits in Nevada.

Follow-up sampling, geophysics and drilling was scheduled for 2021.

At 1530 GMT, shares in Phoenix Copper were up 10.8% at 45.98p.
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