Business
33% Rise in Contained Copper
33% Rise in Contained Copper.
About this update from Phoenix Copper Ltd. (united Kingdom)
[{"type":"text","content":"\n \nRNS Number : 5056W Phoenix Global Mining Ltd 15 November 2017 \n\nPhoenix Global Mining Ltd / Ticker: AIM:PGM / Sector: Mining\n15 November 2017\nPhoenix Global Mining Ltd ('Phoenix' or the 'Company') \n33% increase in JORC Resource for the Empire Mine oxide pit - 90,547 tonnes total contained copper \n \nPhoenix Global Mining Ltd (AIM:PGM.L), the AIM quoted, US-focused copper exploration and development company, is pleased to announce a highly positive update on the JORC Resource (NI 43 101 Compliant) for the Empire Copper Mine oxide pit in Idaho, USA. \n \nHighlights:\n \no 51% increase in total copper resource of 19,382,569 tonnes (April 2017: 12,809,000 tonnes);\no 43% increase in Measured and Indicated Resources of 10,419,483 tonnes (April 2017: 7,263,000 tonnes);\no 33% increase in total contained copper for 90,547 tonnes (April 2017: 68,300 tonnes);\no $612m contained copper metal value based on current Cu price of $6,768/tonne\no Zinc, Gold and Silver resources reported for the first time. \no Contained by-products\n§ Zinc - 51,925 tonnes\n§ Gold - 165,686 ounces\n§ Silver - 6,411,703 ounces\no Drilling of high grade sulphide zone below existing oxide pit on-going\n \nDennis Thomas, the Company's CEO, said, \"We have made rapid progress this year with this latest milestone adding considerably more value to the Empire Mine. Since listing in June 2017, we have increased our total resource by 51% from the oxide pit, on a modest investment of US$1m, and increased the copper inventory to 90,547 tonnes, which is valued at US$612m based on today's copper price. Importantly, we have now begun to report the zinc (51,925t), silver (6.412 million ounces) and gold (165,686 ounces) contained within the copper resource. \n \n\"However, we believe this is just the beginning and we are only scratching the surface given that the exploration of the high-grade and potentially transformational sulphides has only just begun. We are expecting initial drill results from these deeper exploration targets as early as December 2017 and look forward to updating the market with these results in due course. We believe we have a valuable copper project, at a time when the demand fundamentals are very strong, in a safe, supportive and politically stabl...