TIDMPGM
RNS Number : 9815W
Phoenix Global Mining Ltd
07 August 2018
Phoenix Global Mining Ltd / Ticker: PGM / Sector: Mining
7 August 2018
Phoenix Global Mining Ltd ('Phoenix' or the 'Company')
Update on 2018 Drilling Programme
First Drill Core Hole Result and
Acquisition of Empire Southern Extension Granite Block
Phoenix Global Mining Ltd (AIM:PGM), the AIM quoted, US-focused
copper exploration and development company, is pleased to announce
an operational update, including the first drill results from the
Company's 2018, 12,200 metre, reverse circulation ("RC") and
diamond drilling programme at the Empire Copper Mine in Idaho, USA
(the 'Empire Mine').
Highlights
-- First diamond drill core hole assay result received from the
2018 drilling programme at the Empire Mine with 68 metres of 0.57%
copper from surface, including:
o 29 metres of 0.75% copper
o 30 metres of 0.55% copper
-- Acquisition of contiguous claims on the southern end of the
Empire claim block, the Granite Block, raising the total Empire
land position to 1,837 acres
-- The 12,200 metre 2018 drilling programme is well underway
with five drill rigs on site and now over 50% complete
-- Further drill holes to be reported shortly
Dennis Thomas, Chief Executive Officer, said, "we are pleased to
present the first result from the current drill programme we
commenced in June. 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.
"Also, we are pleased to note the acquisition of the Granite
Block claims. This property, along with our other claims, should
provide ample space to the southern end of the Empire Mine pit and
any expansion beyond the existing resource in that area. Our
current understanding of the historical production from the Granite
patented claim provides the possibility of a southern extension to
the known Empire resource. The potential for resource expansion in
the Granite Block, and in the previously reported Horseshoe Block
at the north end of the Empire property, is high and will be drill
tested later in the summer as part of our ongoing BFS
programme.
"We are looking forward to the continued reporting of assay
results throughout the summer, as well as reporting on the mineral
resource potential of the Horseshoe and Granite Blocks."
Drilling Update
AK Drilling of Butte, Montana is continuing to provide the
drilling services to Phoenix and has completed a total of 6,353
metres of drilling at the Empire Mine, to date. This drilling
consists of 4,690 metres of RC drilling, 960 metres of HQ core
drilling, and 703 metres of PQ core drilling. Drill samples are
being delivered to the ALS Global laboratory in Nevada for assay.
The results of PQ core hole KXD18-2 have now been received and
processed via the Company's QA/QC procedures and are presented
below.
Intersection
Hole Metres % g/t
----------------------- ------------------- ------------
Number From To Interval T Cu Zn W Ag Au
----------- ----- ----- --------- ----- ----- ----- ----- -----
KXD18-02 0.0 68.0 68.0 0.57 0.09 0.01 12.1 0.22
----------- ----- ----- --------- ----- ----- ----- ----- -----
including 0.0 29.0 29.0 0.75 0.06 0.01 13.0 0.16
----------- ----- ----- --------- ----- ----- ----- ----- -----
including 1.5 3.0 1.5 0.97 0.24 0.00 15.5 0.07
----------- ----- ----- --------- ----- ----- ----- ----- -----
including 6.1 6.7 0.6 1.68 0.03 0.01 14.1 0.43
----------- ----- ----- --------- ----- ----- ----- ----- -----
including 9.0 10.5 1.5 1.20 0.08 0.02 25.5 0.56
----------- ----- ----- --------- ----- ----- ----- ----- -----
including 12.0 13.5 1.5 1.25 0.03 0.03 35.4 0.14
----------- ----- ----- --------- ----- ----- ----- ----- -----
including 38.0 68.0 30.0 0.55 0.31 0.01 13.8 0.32
----------- ----- ----- --------- ----- ----- ----- ----- -----
including 39.5 41.0 1.5 0.99 0.13 0.02 14.7 1.25
----------- ----- ----- --------- ----- ----- ----- ----- -----
Acquisition of the Granite Block
PGM is also pleased to announce the acquisition of the 63 acre
Granite Block of claims, a group of one patented and three
unpatented claims contiguous to the southern boundary of the main
Empire Mine patented claims. The acquisition of the Granite Block
claims completes the final operational footprint expansion required
to cover the full proposed Empire Mine open pit and increases the
Empire Mine's overall land position to a total of 1,837 acres.
A review of the historical smelter receipts provided in the
Granite Block data package indicates that production of gold,
silver, copper and zinc ores occurred intermittently from 1936 to
1943, and again from 1961 to 1964. Other documentation in the data
package suggests that production was predominantly from a shallow
shaft sunk in the northwest corner of the patented claim.
Qualified Person
Information in this announcement has been reviewed by Roger
Turner A.C.S.M., M.Sc., M.I.M.M.M., C.Eng., Chief Technical Officer
and Director of the Company. Mr Turner is a graduate mining
engineer from the Camborne School of Mines with an MSc in Economic
Geology from Leicester University with more than 40 years'
experience in mine development, construction and operation and is a
qualified person under the AIM Rules. Mr Turner consents to the
inclusion of the information in the form and context in which they
appear.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
For further information please visit www.pgmining.com or
contact:
Phoenix Global Dennis Thomas / Richard Tel: +44 7827
Mining Ltd Wilkins 290 849 (Dennis)
/
+44 7590 216
657 (Richard)
-------------------- ------------------------ ------------------
SP Angel Lindsay Mair / Caroline Tel: +44 20
(Nominated Adviser Rowe 3470 0470
and Joint Broker)
-------------------- ------------------------ ------------------
Brandon Hill Jonathan Evans / Oliver Tel: +44 20
Capital (Joint Stansfield 3463 5000
Broker)
-------------------- ------------------------ ------------------
Blytheweigh Tim Blythe / Camilla Tel: +44 20
(Financial PR) Horsfall 7138 3204
-------------------- ------------------------ ------------------
Notes
Phoenix Global Mining Ltd (AIM: PGM) is a North American
focused, base and precious metal explorer and developer, which is
fast-tracking the historically-producing Empire Mine in Idaho, USA,
back into production, and exploring for cobalt in Idaho and gold in
Canada.
PGM's flagship project is a brownfield, past producing, copper,
gold, silver, zinc and tungsten underground mine, the Empire Mine
near Mackay in Idaho. PGM acquired an 80% interest in the property
in 2015. Based on a total of 315 drill holes a NI 43-101 compliant
oxide resource was completed in late 2017. A PEA (preliminary
economic assessment) for an open pit heap leach solvent extraction
and electrowinning (SX-EW) mine was completed in April 2018 with a
design capacity of 8,000 tonnes of copper cathode a year. In June
2018 a campaign consisting of 12,200 metres of reverse circulation
(RC) and diamond core drilling was started. This programme is
designed to upgrade and increase the oxide reserves, provide
samples for ongoing metallurgical testwork, geotechnical and
hydrological studies and condemnation drilling for the heap leach
pad site, waste dump and plant site. At the same time the
consultants were appointed to complete a NI 43-101 compliant BFS
(bankable feasibility study). The lead consultant is RPM Global who
are supported by Samuel Engineering, both based in Denver,
Colorado. Cascade Earth Sciences of Pocatello, Idaho have been
working on environmental and permitting issues since 2016 and form
part of the BFS team. Golder Associates are designing the heap
leach pad and ponds, and Call and Nicholas are carrying out the
open pit slope stability studies. The completion of the BFS is
scheduled for Q2 2019.
At Empire, it is estimated that only 5% of the potential ore
system has been explored to date and, accordingly, there is
significant opportunity to increase the resource through phased
exploration; the current resource relates to the oxide resource
only, which remains open along strike and does not include the
deeper, higher grade sulphides. In addition, PGM has increased the
claim area from 813 acres at the time of its acquisition to 1,837
acres, mainly to the northwest, and in so doing has increased the
potential for additional oxide and sulphide resources by a total
strike length of approximately 1,500 metres towards another
brownfield mine, the Horseshoe Mine, which is now within the
property boundary.
The Company also holds two prospective cobalt properties in
Idaho, US, which are located north of the Empire Mine. These are
situated close to the town of Cobalt and are close to projects
being advanced by Canadian junior miners, including eCobalt
Solutions and First Cobalt. Exploration will continue during 2018
to identify drilling targets. Fieldwork is already underway.
The Company has also acquired an exclusive option to explore and
develop the Gordon Lake Project, in the Northwest Territories,
Canada, which is a high-grade shear hosted gold project comprising
of 17 known mineralised zones of which only four have been tested
with 59 diamond drill holes. The Company will proceed to examine
the optimal way forward to develop the project as a low-cost
underground gold producer.
With a management team that has successfully constructed,
commissioned and operated mines and low risk, mining-friendly
jurisdictions with excellent infrastructure, Phoenix is looking to
fulfil its ambitions to become a mid-tier base metal, precious
metal and cobalt production company, offering exposure to three
high value and high demand metals with compelling demand/supply
fundamentals.
More details on the Company, its assets and its objectives can
be found on PGM's website at www.pgmining.com
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END
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