Phoenix Global Mining (PGM) released a progress report of its historic Empire mine site in Idaho following mapping, sampling and drilling results.
There is now proven mineralisation along a 3.5km strike within an expanded 1837 acre property as well as the existing shallow oxide resource along a 1km strike (currently the subject of a continuing Bankable Feasibility Study).
Dennis Thomas, Chief Executive Officer, said, “We have only really begun to understand the scale of the opportunity following the mapping, sampling and drilling work outside the oxide resource envelope which has been the focus of our attention to-date.”
“We have always believed that the area had strong potential. We needed to increase the property holdings to incorporate these potential areas which we have now done.”
The company has indeed increased its holding in the property from 813 acres to 1,837 acres, and are trading at 32.5p per share.
The consulting geologist, Nigel Maund of Arcturus Geoconsult, stated: “Whatever geologic metier one uses, the footprint of the Empire deposit(s) is that of a major mineralised system”
He added “work undertaken to date as exploited or explored in the vicinity of approximately 5% of the deposit's overall potential, or less"
The company believes it can add considerable value by continuing exploration along the whole 3,500m zone within the property boundary, and investigating the mineralised showing and old workings within this vast mineralised system.
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