Business
Acquisition of Gordon Lake and Board Appointment
Acquisition of Gordon Lake and Board Appointment.
About this update from Phoenix Copper Ltd. (united Kingdom)
[{"type":"text","content":"\n \nRNS Number : 1507G Phoenix Global Mining Ltd 28 February 2018 \n\n \nPhoenix Global Mining Ltd / Ticker: AIM:PGM / Sector: Mining\n \n28 February 2018\n \nPhoenix Global Mining Ltd ('Phoenix' or the 'Company')\n \nAcquisition of the Gordon Lake gold property, Canada\nand appointment of a Non-Executive Director\n \nPhoenix Global Mining Ltd (AIM:PGM.L), the AIM quoted, North American-focused base and precious metals exploration and development company, is pleased to announce that it has entered into an exclusive option to acquire 80% of the high grade Gordon Lake gold property in the Northwest Territories, Canada, from ExGen Resources Inc (EXG: TSX-V). \n \nHighlights\n \no Strategic expansion of North American mineralised footprint which now includes three high-value and high-demand commodities: copper, cobalt and gold\no Gordon Lake Gold Property has a similar high grade geological setting to previously producing mines in the area including the Con, Giant and Discovery Mines, with grades up to 21 g/t Au over 7.2 metres\no Previous exploration limited to 4 of 17 identified zones with gold mineralisation open at depth, making it a potential low-cost underground gold mine\no Option cost of $25,000 \no Jason Riley, President of ExGen, which will retain a 20% interest in the Project and also retains a 20% interest in the Company's flagship Empire Copper Project, to be appointed to the board of Phoenix as a non-executive director\n \nDennis Thomas, the Company's CEO, said, \"I am pleased to report Phoenix's further collaboration with ExGen and we look forward to creating value at the Gordon Lake property in Canada, which we have considered to have significant exploration merit for some time. We have a strong team of geologists and consultants in the Company who can add value at Gordon Lake. The region has been a prolific gold producer in the past and the Gordon Lake \"footprint\" is similar to other significant historic gold producing operations in the area. Exploration on the property to date has concentrated on only 4 of 17 identified zones with gold mineralisation open at depth, making it a potential low-cost underground gold mine. The acquisition of Gordon Lake reinforces our focus and investment into the safe jurisdictions of...