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phoenix are estimating average annual production of 7,665 tons of copper equivalent (7,000 tons copper and 1,600 tons zinc) ....with a mine life off 11yrs with first production of 8,600 tons per annum......There is all so 139,000 ounces of gold and 6 million ounces of silver in the open pit at Empire...
No question that Empire can be a world class mine,phoenix raised 2.5 million recently they also raised another £350.000 as you no,they have ploughed another 1m in to the Empire mine cash burn will be high and they will have to find additional funding at some stage but the upside could be massive
What entry point will be the question..
Over the coming weeks. Great RNs raising 850k @ 17p premium. Copper/silver deposits in safest mining jurisdiction...due a re rate.
Anyone please explain why thus didn't hit placing premium of 17p at least...
A raise at 17p...going up
Red Star may develop into a high-grade underground silver-lead mine with a modest level of capex.....
And they are now undertaking some early exploration work at our Navarre Creek discovery, a Carlin-style gold zone west of the open pit oxide project.......
the mineralisation exhibited in the Red Star and White Knob Group trend was consistent with a molybdenum-tungsten porphyry system, for which he attributed the Empire copper deposit to the south......
the continuity of the mineralisation northwards from the Empire Mine through Red Star to the old mines of the White Knob Group in the Horseshoe Block.
"The Red Star discovery is in primary high-grade silver/lead sulphide mineralisation."
after only three holes drilled, the company was able to generate a maiden NI 43-101 compliant resource of some 103,500 tonnes, containing more than half a million ounces of silver.....
Mined widths of two to 16m in the historic White Knob, Blue Bird and Horseshoe mines were said to be similar to the mineralised drill hole intercept widths encountered in the 2018 drilling programme, with similar mineralogy.
Maund reportedly concluded that the potential mineralised system, including the Empire, Red Star and the White Knob Group, had been "less than 1% exploited and explored" and that the northern part of the system remained "unexplored with indications of substantial ore potential"
average production grades from the White Knob Mine were 204 grams of silver per tonne, 19% lead, 6.5% zinc and 0.73% copper......
By comparison, the Red Star drilling results from the 2018 drill holes KX18-55 and KX18-57 showed 9.15m of 361 grams of silver per tonne, 9.9% lead and 0.8% zinc, and 15.24m of 160 grams of silver per tonne, 13.3% lead and 1.4% zinc, respectively.....
In one day we have 2 sales, 2 buys, a positive balance of about £13,000, and yet the prices goes down. Can anyone offer an explanation?
"In 2019, we expect the company to raise a further $6.0m in equity, following on from the ca.$2.178m raised so far in 2019, with an additional $5.0m at the beginning of 2021. We estimate that equity financing will amount to $5.0m, reaching $11.0m by end-2021, with additional debt financing of $55.0m."
New research report by Hardman & Co.
"First stage in potential world-class copper mine"
We made a three-day visit to the Empire project, including viewing the site of the proposed open pit mine, historical workings and drill cores, and we have followed up with in-depth questioning of the Phoenix team on several occasions. In terms of its potential, we concur with the view of consulting geologist, Nigel Maund, in a 5 April 2019 report:
“The Empire Granite Porphyry Breccia (GPB) – Endoskarn copper + gold + silver + zinc + lead + molybdenum + tungsten comprises a world class polymetallic ore system sitting astride a major N - S structure”
Maybe the market do not believe that the BOD can deliver on their strategy. I assume there will be another fund raise to keep the lights on.........
How low can this go? I keep reading about a copper supply shortfall in the next couple of years yet CU down, ANTO CAML all down.
The market isnt pricing in any supply shortfall.
If PXC is so good why doesnt a major snap it up for loose change?
I am (like others I am sure) very grateful to you for the reports. It is now down to Medea Natural Resources to collate any approaches received by the company and by contacting their own connections, to raise the money for the BFS. I have heard a good report about the ability of Medea.
I understand that the company considers that no further drilling at Empire Mine is needed at the present time.
My own view is that raising the money for the BFS provided the terms are acceptable will give the market the necessary assurance that Empire Mine will go into production. First thing would be the open pit.
This could be huge but a start to production is a precursor to the exploitation of other parts of Empire Mine.
We have an excellent geologist and miner respectively in Dennis Thomas and Roger Turner.
Sorry for the delay, I did try to post earlier but with the changes on LSE, plus the move across to PXC, it got lost.
We had a conversation between the BoD and the audience about the name change, which was due to confusion with another company who listed shortly after us with a similar name. The BoD also felt that the new name reflected the core business better. We were told that copper represented more than 80% of the potential business, which made sense for the new name.
There were several questions from fellow investors, including one asking about difficulties US investors had to buy through their electronic platforms. A representative from OTC Markets was present and answered this question himself, specifically regarding the New York trading platform, and it is very clear that they are working closely with the company to resolve the outstanding issues in order to allow the company to trade electronically and without restrictions on the OTCQX Market. When this does happen there should be considerable demand from the US, and hopefully the sp will start to move up, as US buyers do show a real appetite.
In conversations after the formal session, I received a run down from a board director. The findings so far appear outstanding, with in-situ value of measured and indicated open pit metal valued at $850 million, with current metal prices. With the present BFS, and $60 million capital to be raised, production is scheduled to commence in 2021. The pay-back could be under a year! But moving into the future, the opportunity is almost unbelievable, with a significant exploration upside, since only 1% to 2% of the potential ore system has been explored to date. In the words of the director, the findings keep on coming. They have increased their staked territory to protect these new findings, which could be a world scale deposit. The key is financing, and they have many people knocking at the door. Their plan is to raise the maximum possible through debt and project financing, and keep share issue to the minimum, if any.
Hope this helps.
Right On - any more to add from the agm? I could not attend since I was abroad on the day.
I attended the AGM yesterday, and had my confidence in this venture strongly reinforced. This is an early holding message, and I will try to document more fully early next week. But in short, this venture (mines) has the identified resources, so it is just a question of time and raising the finance. The key to success for us early investors is whether they can deliver the project without harming our value. It was my opinion from the AGM yesterday, and the very positive information being communicated, that whilst we may (note the word may) need to raise a little more cash to support the finance (some banks cannot offer 100% loan, and require some shareholder equity), this would deliver finance specifically for the project to construct and operate, essentially ending the risk for us. But the need for additional funds is not sure, whilst the BoD were talking positively of the finance houses calling for our business. I met and chatted to all of the BoD and were very impressed by them, and the time they allowed a small investor. I'll write more next week. If you have any specific questions, pose them here and I'll try to answer them, noting I am just a personal investor, and am not offering any form of advice.
Interesting link copied from Kaz Minerals on the future of copper. https://smallcaps.com.au/copper-demand-to-double-forcing-miners-more-for-less/
When we get into production the signs are very encouraging indeed!
This will be at 13.00 tomorrow - please see new RNS.
I tried to log in via the link given by PGM, but it would not work for me. I hope they post this on their site.
Stretchum - thank you for posting the link but unfortunately the link does not open for me; however I think that one should be able to access it by joining VOX.
I know that I did!! You are correct. The board wishes to keep dilution to a minimum. It is looking to debt financing to get the oxides into production. Next steps imo will be various studies leading to a BFS (many of those in the business say that PFSs DFSs and BFSs are a misnomer but no more than a series of studies.
I understand that various parties were waiting for yesterday's announcement before serious discussions about financing.
The company has a great asset in Empire Mine, greatly enhanced by last year's drilling, with a first rate local man in Ryan McDermott and a vary mine friendly jurisdiction in which to have the asset.
It is a company into which imo to dribble money into an investment.
I cannot open Stretchum's link but if you do not know there is a live webinar with the company at 13.00 today. the details of which were announced as a NON RNS yesterday.
Daramunda. I think you understate the picture, which even more positive than your message describes. With the reserves now getting clarified and set into bankable feasible studies, my reading is that the company is moving into raising funds through loans, not from share dilution. Look at the highlights of the RNS, and I think it is pretty clear, I quote "The Company will fast track into production a low capital cost open pit mine with a planned annual production rate of 8,000 tonnes of copper and zinc at an average head grade of 0.61% copper". My conclusion is that share dilution as a risk is getting lower by the day. When the market gets to understand the implications of this, I suspect this share will fly!
good luck to this rising bird!!