Phoenix raises funds for Idaho copper mine BFS
Aim-quoted, North America-focused Phoenix Global Mining on Tuesday announced that it would raise £3-million to further advance the historically producing Empire mine in Idaho, in the US.
Phoenix would deploy the proceeds of the raising to build on the April 2018 preliminary economic assessment (PEA) to advance the openpit project towards a bankable feasibility study (BFS) and to further optimise the development scenario.
Funds would be used for a drilling programme, which would provide assays for a new resource estimate. In addition, the company would undertake further metallurgical testwork, process and mine designs, infrastructure designs and environmental studies over the course of the coming months.
Having established an initial copper oxide resource of 19.4-million tonnes, grading 0.47% copper for 90 547 t contained copper, plus zinc, gold and silver, Phoenix has defined a two-phase development strategy. Phase 1 is focused on starting openpit production from the current oxide resource, targeting 8 000 t/y of copper cathode. Stage 2 will look to extend the life-of-mine by targeting the deeper, higher grade copper sulphides, where intercepts of up to 11.4% copper have been recovered.
The PEA on the priority openpit oxide resource estimated that only 5% of the potential ore system has been explored to date.
“Our BFS programme at the Empire mine openpit is already under way and this financing puts the company in a strong position, with minimal further dilution, to concentrate on the completion of a successful BFS next year and also to focus on construction financing for the operation,” CEO Dennis Thomas said.
Some of the funds would be used to carry out further work on the company's recently acquired cobalt properties in the Idaho cobalt belt.
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