Phoenix Copper (PXC) on Monday released a report revealing the potential of the Red Star and White Knob Mine Group to be part of the same mineral system as the Empire Mine copper oxide deposit in Idaho USA.
Nigel Maund, a Consultant Economic Geologist to Phoenix Copper concluded in the report that the potential mineralised system, including the Empire, Red Star, and the White Knob Group, "has been less than 1% exploited and explored" and "this northern part of the system remains unexplored with indications of substantial ore potential".
The report found that high-grade silver, lead, and zinc (plus copper and gold) mineralisation extends on a northward strike from the main Empire copper deposit for at least 2.5 km.
Another 30 unnamed historic underground mines and prospects also occur along the same trend.
The mineralisation is part of a larger molybdenum-tungsten porphyry known as the "Empire Mineralised System", the report says.
The geologist who authored the report, Mr. Maund, has worked on projects that include the discovery of the Geita gold project in Tanzania now owned and operated by AngloGold Ashanti, as well as the evaluation and exploration of metalliferous projects in France with BRGM.
Dennis Thomas, Phoenix Copper Chief Executive Officer, commented: "It is our intention to fast track the exploration of Red Star by drilling and sampling along the trend in order to delineate additional economic resources and reach a development decision by the end of H2 2020, whilst also continuing our Bankable Feasibility Study programme for the Empire Mine open pit copper oxide project.”
He added that drilling into Red Star will help to develop “a world class sulphide deposit”.
Mr. Thomas also told investors that early exploration work at its Navarre Creek discovery has begun. The discovery is a Carlin-style gold zone west of the open pit oxide project.
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