Aim-listed Phoenix Global Mining on Wednesday announced a threefold increase in its US-based Empire mine landholding, to the north and west of the Horseshoe claim block at Windy Devil and Navarre Creek.
The company’s landholding increased by 3 880 acres, from 1 837 acres, or 7.43 km, and now has a total land package of 5 717 acres, or 23.14 km, by staking and filling 194 new unpatended claims in two blocks, which cover extensions to known mineralisations.
The Windy Devil claim block, contiguous with the Horseshoe Block, covers the identifiable extensions of the Horseshoe Block mineral trends and includes more than 30 historical prospects, shafts, and adits.
The 2018 Horseshoe sampling results reported grades as high as 9.19% copper, 580 g/t silver, 2.02 g/t gold, and 20% lead in surface rock chips.
The Navarre Creek claim block contains a volcanic-hosted epithermal “hot springs” type alteration zone and a 2.5-km brecciated jasperoid, which is geologically similar to the Carlin Trend gold belt, in Nevada, suggesting excellent potential for near surface precious metal discoveries.
CEO Dennis Thomas commented the company’s immediate priority remained the Empire copper deposit, but the other areas have secured a substantial district footprint that allows the company’s future operations and expansion to be easily navigated.
Further, to focus on its increased Empire mine interests, the company has allowed its option to acquire an 80% interest in the Gordon Lake gold property, in Canada, to lapse.
In February 2018, the company acquired an option to acquire an 80% interest in the Gordon Lake gold property from ExGen Resources. Pursuant to the terms of the option, Phoenix was required to spend a further $25 000 by February 2019. Given the potential of the Empire mine and particularly in view of the company’s increased acreage, Phoenix decided to allow the option to lapse.
The company’s 2018 accounts are expected to include a write-off of the option, which has a carried value of $155 000.