TIDMPGM
RNS Number : 6001C
Phoenix Global Mining Ltd
02 October 2018
Phoenix Global Mining Ltd
Ticker LSE AIM:PGM , OTCQX:PGMLF / Sector: Mining
2 October 2018
Phoenix Global Mining Ltd ('Phoenix' or the 'Company')
Further assay results - 2018 Empire channel sampling programme
results show high-grade copper, gold and silver on surface in
exposed outcroppings and road cuts
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 the results from
the Company's ongoing channel sampling programme at the Empire
Copper Mine in Idaho, USA (the 'Empire Mine'). The results of the
2018 drilling programme, to date, were published on 4(th) and
18(th) September and can be found on the Company's website at
www.pgmining.com
Channel Sample Highlights
-- Significant copper grades exhibited in outcroppings and road
cuts. Channel samples will be tied to near surface drill hole
intercepts and included in the next Empire resource update:
o CH18-02 7.6 metres ("m") of 5.08% copper equivalent on surface
o CH18-09 24.4 m of 0.86% copper equivalent on surface
including 11.0 m of 1.21% copper equivalent on surface
o CH18-12 21.3 m of 0.73% copper equivalent on surface
o CH18-16 6.1 m of 6.34% copper equivalent on surface,
including 1.5 m of 9.26% copper equivalent on surface
o CH18-21 21.3 m of 4.19% copper equivalent on surface,
including 3.0 m of 6.70% copper equivalent on surface
and 1.5 m of 10.78% copper equivalent on surface
o CH18-22 32.0 m of 2.19% copper equivalent on surface,
Including 15.2 m of 2.89% copper equivalent on surface
And 1.5 m of 10.33% copper equivalent on surface
o CH18-23 9.1 m of 1.42% copper equivalent on surface
-- Elevated gold and silver values are associated with the
copper intersections. Grades of up to 9.45% copper, 7.63 grams per
tonne ("g/t") gold, 100 g/t silver.
Dennis Thomas, Chief Executive Officer, said, "It is our
pleasure to present the assay results from the initial phase of the
Empire surface channel sampling programme. The copper skarn
comprises a significant portion of the exposed rock at the Empire
Mine so these surface results were expected. Moreover, we are
pleased with the overall grades that we are seeing at the surface
in the latest assay results. The extended intervals of 21.3 metres
of 2.73% copper in CH18-21 and 32.0 metres of 1.60% copper in
CH18-22, along with the extremely high-grade 1.5 metre intervals of
8.97% copper (CH18-21) and 9.45% copper (CH18-22) are just a few
examples of the exceptional grades exhibited at the surface. The
copper grades in the channel samples are consistent with near
surface drilling results around the property. We have also reported
material gold and silver grades in the channel sample results.
"We would emphasise the potential economic importance of the
mineralised skarn exposed at the surface in terms of the positive
effect to open-pit pre-stripping and the early introduction of
mineralised material to the processing circuit. We are now more
encouraged than ever to see the grades associated with the surface
outcroppings and the consistency of these grades compared with near
surface drill hole intercepts elsewhere on the property.
"Thus far, the infill drilling programme and channel sampling
programme results are encouraging and will be used to update the
resource model, in which the current average grade of the "measured
and indicated" resource is 0.52% copper. Our hope is that continued
results, similar to those reported here and previously, both
drilling and channel sampling, will have a positive effect on the
overall grade and tonnage, which will materially enhance the
economics of the project. We look forward to keeping the market
updated on our progress."
Channel Sampling
23 channel samples composed of 298 1.5 metre samples were
collected from outcroppings and road cuts on the Empire property
and inside the perimeter boundaries of the "Preliminary Economic
Analysis" open pit design. The channels ranged from 6.1 metres to
51.8 metres in length with the individual samples connected
end-to-end. Only those outcroppings and road cuts orientated
perpendicular to the dip of the skarn body were sampled to mimic
the interception of a drill hole oriented perpendicular to the dip
of the skarn, providing a better indication of true thickness. Of
the 23 channels, 14 contained composite intervals greater than
0.20% copper, and 19 of the 23 contained composite intervals of
greater than 0.20% copper equivalent. Additional channel samples
will be collected as new road cuts and outcroppings of skarn
present themselves.
The samples comprising each channel were composited and are
presented in the following table. Copper equivalent grades
("CuEquiv") were calculated based on metal prices as follows -
copper $6,000/tonne, zinc $2,325/tonne, gold $1,200/oz and silver
$14.00/oz.
All channel samples are within the designed pit.
Channel Composite % g/t %
Number Length (metres) TCu Zn Au Ag CuEquiv
---------------- ----- --------
CH18-01 3.0 0.04 0.05 0.42 1.80 0.34
---------------- ----- ----- ----- ------- --------
CH18-02 7.6 0.12 0.06 7.63 3.42 5.08
---------------- ----- ----- ----- ------- --------
and 3.0 0.23 0.03 0.10 5.65 0.35
---------------- ----- ----- ----- ------- --------
CH18-03 9.1 0.11 0.08 0.28 4.75 0.36
---------------- ----- ----- ----- ------- --------
CH18-04 21.3 0.34 0.09 0.05 10.59 0.49
---------------- ----- ----- ----- ------- --------
CH18-05 10.7 0.57 0.24 0.07 18.86 0.85
---------------- ----- ----- ----- ------- --------
CH18-06 13.7 0.34 0.11 0.01 9.98 0.46
---------------- ----- ----- ----- ------- --------
CH18-07 4.6 0.56 0.09 1.55 28.57 1.81
---------------- ----- ----- ----- ------- --------
CH18-08 7.6 0.53 0.07 1.26 35.64 1.63
---------------- ----- ----- ----- ------- --------
CH18-09 24.4 0.68 0.12 0.16 4.61 0.86
---------------- ----- ----- ----- ------- --------
including 11 1.03 0.16 0.15 3.33 1.21
---------------- ----- ----- ----- ------- --------
including 1.5 2.72 0.02 1.53 25.60 3.90
---------------- ----- ----- ----- ------- --------
CH18-10 3.0 0.06 0.03 0.04 5.40 0.14
---------------- ----- ----- ----- ------- --------
CH18-11 1.5 0.03 0.02 0.01 1.30 0.05
---------------- ----- ----- ----- ------- --------
CH18-12 21.3 0.51 0.09 0.19 7.88 0.73
---------------- ----- ----- ----- ------- --------
including 7.6 1.08 0.07 0.09 4.96 1.20
---------------- ----- ----- ----- ------- --------
CH18-13 3.0 0.02 0.74 0.02 1.30 0.33
---------------- ----- ----- ----- ------- --------
CH18-14 3.0 0.12 0.14 0.03 2.40 0.21
---------------- ----- ----- ----- ------- --------
CH18-15 1.5 0.09 0.01 0.02 2.60 0.13
---------------- ----- ----- ----- ------- --------
CH18-16 6.1 5.39 0.12 0.29 95.43 6.34
---------------- ----- ----- ----- ------- --------
including 1.5 8.13 0.16 0.49 100.00 9.26
---------------- ----- ----- ----- ------- --------
CH18-17 12.2 1.05 0.10 0.13 13.74 1.28
---------------- ----- ----- ----- ------- --------
CH18-18 4.6 0.20 0.11 0.06 8.53 0.35
---------------- ----- ----- ----- ------- --------
CH18-19 4.6 0.01 0.01 0.01 4.80 0.06
---------------- ----- ----- ----- ------- --------
CH18-20 6.1 0.45 0.01 0.26 7.00 0.67
---------------- ----- ----- ----- ------- --------
CH18-21 21.3 2.73 0.20 1.35 68.44 4.19
---------------- ----- ----- ----- ------- --------
including 13.7 3.45 0.20 0.57 76.18 4.47
---------------- ----- ----- ----- ------- --------
including 3.0 5.53 0.19 0.54 100.00 6.70
---------------- ----- ----- ----- ------- --------
and 1.5 8.97 0.26 1.49 100.00 10.78
---------------- ----- ----- ----- ------- --------
CH18-22 32.0 1.60 0.12 0.41 37.20 2.19
---------------- ----- ----- ----- ------- --------
including 15.2 1.96 0.10 0.67 61.62 2.89
---------------- ----- ----- ----- ------- --------
and 1.5 9.45 0.17 0.56 60.30 10.33
---------------- ----- ----- ----- ------- --------
CH18-23 9.1 0.85 0.07 0.30 46.30 1.42
---------------- ----- ----- ----- ------- --------
including 3.0 1.74 0.15 0.53 100.00 2.89
---------------- ----- ----- ----- ------- --------
Other Results Pending Analysis
There are currently five RC holes and 14 diamond drill holes
awaiting assay results, as well as 25 surface channel samples from
the new Red Star trend at Empire. Red Star is 330 metres north-west
of the northern end of the designed oxide open pit and is a 20
metre-wide surface outcrop across the structure and is a mix of
copper oxides and sulphide. These results will be announced
following the receipt of assay certificates and QA/QC sign-off. The
Company also plans additional drilling and surface channel sampling
over the next several months. Assay results from this late 2018
work are anticipated to be available in October, November, and
December.
Qualified Person
Information in this announcement has been reviewed by Roger
Turner ACSM., MSc., MIMMM., CEng., 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 Mining Dennis Thomas / Richard Wilkins Tel: +44 7827
Ltd 290 849 (Dennis)
/
+44 7590 216 657
(Richard)
SP Angel Lindsay Mair / Caroline Rowe Tel: +44 20 3470
(Nominated Adviser 0470
and Joint Broker)
----------------------------------- ------------------
Brandon Hill Capital Jonathan Evans / Oliver Stansfield Tel: +44 20 3463
(Joint Broker) 5000
----------------------------------- ------------------
Blytheweigh Tim Blythe / Camilla Horsfall Tel: +44 20 7138
(Financial PR) / Megan Ray 3204
----------------------------------- ------------------
Notes
Phoenix Global Mining Ltd (AIM: PGM, OTCQX:PGMLF) 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 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 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
Bankable Feasibility Study ("BFS"). 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.
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
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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