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Phoenix GlobalMining (PXC)

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Tuesday 23 January, 2018

Phoenix GlobalMining

Cobalt Exploration Update

RNS Number : 5887C
Phoenix Global Mining Ltd
23 January 2018
 

 

Phoenix Global Mining Ltd / Ticker: AIM:PGM / Sector: Mining

23 January 2018

Phoenix Global Mining Ltd ('Phoenix' or the 'Company')

Cobalt Exploration Update

 

Phoenix Global Mining Ltd (AIM:PGM.L), the AIM quoted, US-focused copper and cobalt exploration and development company, is pleased to provide an update for its Redcastle and Bighorn cobalt exploration properties in Lemhi County, Idaho. 

 

Highlights

 

·      46 surface grab samples were collected at the Company's Redcastle iron-rich copper/cobalt and Bighorn copper/cobalt properties in Idaho, USA - 20 samples are representative of the Redcastle (SCOB) project and 26 of the Bighorn (NCOB) project 

·      All of the sample results showed cobalt mineralisation above detection limits and ranged from 2.0 ppm to 3120 ppm, or 0.31% Co

·      The sample results showing cobalt values greater than 100 ppm and copper values greater than 0.5% Cu are considered significant for the purposes of future exploration and targeting

·      Plan for 2018 field season being developed and will be announced shortly

 

Results

The Company has now completed a review of the 46 samples taken at the Redcastle and Bighorn cobalt exploration properties.  Key samples are noted below:

 

 

Property

Sample #

Co ppm

Cu%

Bighorn

NCOB-19

1360

1.55

NCOB-20

1705

4.12

Redcastle

SCOB-14

148

-

SCOB-18

3120

-

SCOB-19

209

-

SCOB-20

370

-

SCOB-23

209

-

SCOB-24

153

-

 

 

2018 Programme

The data collected during the 2017 field season continues to be evaluated and a plan for the 2018 field season is currently being developed.  Based on the recent sampling results, it is the Company's intention to scope additional detailed mapping and sampling at both the Redcastle and Bighorn projects, as well as to conduct a focused drilling programme in 2018. 

 

Dennis Thomas, the Company's CEO, said, "It is encouraging to note that all samples encountered cobalt mineralisation from the initial round of surface sampling, which was focused on the Company's Redcastle and Bighorn properties. We now intend to follow up the initial work carried out in 2017 with an expanded and more detailed exploration programme in 2018.  The 2017 field season has significantly increased our understanding of the intricacies of the structural geology and geochemistry of the Idaho Cobalt Belt in general, and our own claim blocks in particular.  The 2018 field programme is anticipated to include more detailed exploration and putting the first drill hole into targets at these properties.

 

"It is similarly encouraging to see our neighbours, US Cobalt, making significant progress at their Iron Creek Mine, located close to our Redcastle property.  The results from its 2017 drilling campaign have further underpinned this area of Idaho as the most prolific trend of cobalt mineralisation in the country, and with the cobalt price near eight year highs, I believe that Phoenix is at the right time, and at the right place, to deliver a successful cobalt exploration programme in 2018.  I look forward to providing further details on this in due course."

 

Qualified Person

 

The information in this announcement has been reviewed by Roger Turner A.C.S.M., M.Sc., M.I.M.M.M., C.Eng., Chief Technical Officer and Director of the Company. Mr Turner is a graduate mining engineer from the Camborne School of Mines with an MSc in Economic Geology from Leicester University with more than 40 years' experience in mine development, construction and operation and is a qualified person under the AIM Rules. Mr Turner consents to the inclusion of the information in the form and context in which they appear.

 

Market Abuse Regulation (MAR) Disclosure

 

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

 

**ENDS**

 

For further information please visit www.pgmining.com or contact:

Phoenix Global Mining Ltd

Dennis Thomas / Richard Wilkins

c/o St Brides Partners

+44 20 7236 1177

 

SP Angel

(Nominated Adviser)

 

Lindsay Mair / Caroline Rowe

Tel: +44 20 3470 0470

Brandon Hill Capital (Broker)

Jonathan Evans / Oliver Stansfield

 

Tel: +44 20 3463 5000

St Brides Partners

(Financial PR)

Charlotte Page / Susie Geliher

Tel: +44 20 7236 1177

 

Notes

 

Phoenix Global Mining Ltd (AIM: PGM) is a US-focused, base and precious metal explorer and developer, which is fast-tracking the historically-producing Empire Mine in Idaho, USA back into production.

 

Having established an initial copper oxide JORC and NI 43-101 resource of 19.4 mt grading 0.47% copper ('Cu') for 90,547 t contained Cu, plus zinc, gold and silver, Phoenix has defined a two-phase development strategy.  Phase One is focused on commencing low cost, open pit production from the current oxide resource, targeting 7,000t copper cathode per annum by 2020.  Stage Two will look to extend the life of mine by targeting the deeper (below c.120m), higher grade copper sulphides, where intercepts of up to 11.4% Cu have been recovered.  Preliminary Feasibility Study work on the priority open pit oxide resource is already underway.

 

It is estimated that only 5% of the potential ore system has been explored to date and accordingly there is significant opportunity to increase the resource through phased exploration; the current resource relates to the oxide resource only, which remains open along strike and does not include the deeper, higher grade sulphides.  The Company also holds two prospective cobalt properties in Idaho, US, which are located north of the Empire Mine.  These are situated close to the town of Cobalt and are close to projects being advanced by Canadian junior miners, including eCobalt Solutions and US Cobalt.  Early stage exploration is underway with drilling targeted to commence in 2018.

 

With a management team that has successfully constructed, commissioned and operated mines and a low risk, mining-friendly jurisdiction with excellent infrastructure, Phoenix is looking to fulfil its ambitions to become a mid-tier base metal producing company, offering exposure to two high demand technology metals with compelling demand/supply fundamentals.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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