Phoenix Copper Limited Share News (PXC)

(Alliance News) - Phoenix Copper Ltd on Tuesday reported the first analytics results from its Red Star core drilling programme as well as further results from drilling at the Empire Mine open pit project, both in the US state of Idaho.

Shares in Phoenix Copper were down 6.2% at 38.45 pence in London in afternoon trading.

Highlights from Red Star include hole RSD20-01, which returned 10.7 metres of 6.74 ounces of silver per tonne of ore equivalent from 33.8 depth including 1.5 metres of 12.08 ounces per tonne silver equivalent from 39.9 metres depth.

Meanwhile, further results from Phoenix's reverse circulation drilling programme at Empire Mine's gold zone included hole KX20-09, which returned 6.1 metres of 2.05 grammes of gold per tonne of ore from 16.8 metres depth including 1.5 metres of 4.11 grammes per tonne of gold from 18.3 metres depth.

Chief Executive Ryan McDermott said of Red Star: "Our team is currently evaluating these latest analytical results, along with the significant geological and mineralogical information gained from the core and is targeting the next round of drill holes which are scheduled for this autumn. The Red Star area is geologically complex with a general lack of surface outcroppings and we have determined that the most successful exploration is best achieved through short drilling programmes, followed by evaluation of new data prior to additional targeted drilling."

McDermott also commented on Empire, saying: "These latest results complement our previously reported high-grade RC drilling and channel sampling programmes. Once our team has evaluated these latest results, additional drilling locations will be targeted with the aim of continuing the drilling programme into late Q3. The Empire Mine resource will be re-modelled in Q4 2020 and will include the gold, silver and copper assays from the 2020 drilling programme."

By Anna Farley; annafarley@alliancenews.com

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