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(Sharecast News) - Phoenix Copper updated the market on its 2023 Navarre Creek exploratory drilling programme in Idaho on Tuesday, as it assessed and analysed assay results from 28 reverse circulation (RC) drill holes.
The AIM-traded firm said preliminary findings from the first seven holes revealed the presence of a continuous, low-grade gold mineralisation zone that remained open along the strike and down-dip.
Additionally, Phoenix said it had expanded its mining claims in the Navarre Creek area.
It staked 20 unpatented mining claims, covering 400 acres on the southwest end of the existing Navarre Creek claim block.
That, the board said, had resulted in a significant increase in the total size of the Navarre Creek claim block, now encompassing 3,977 acres or 16.09 square kilometres.
"We have received the initial assay results from our 2023 Navarre Creek exploratory drilling programme - the first drilling program to be conducted on the property," said chief executive officer Ryan McDermott.
"28 reverse circulation holes were completed at four different target areas within the 3,577-acre claim block.
"We are currently assessing all of the results, so that we can put them into context with the geologic system as we currently understand it."
However, McDermott said gold values from the first target area, comprised of seven holes along the strike of the Lehman Creek fault, showed a clearly defined low-grade gold-bearing zone continuous across each drill hole that appeared to trend off the property to the southwest.
"As such, we have added 400 acres of unpatented mining claims to the claim block on the southwest to ensure control of the property while we finish our evaluation of the results.
"The results at the other target areas are presently under evaluation.
"In addition to the evaluation of the Navarre Creek drilling results and the additional claim staking, we are also in the process of updating the Empire mine open pit resource model to include last year's metallurgical drilling results, finalising metallurgical testing and completing an updated feasibility study for the open pit mine, as well as preparing for winter operations in the Idaho mountains."
Ryan McDermott said the Empire Mine open pit process design and development was well underway, including the engineering evaluation of the footprint proposed as the site of the processing facility on the company's patented land near the future open pit.
"The final process design is critical to the success of the mining operation as it is the step that ensures maximum metal recovery and maximum revenue.
"We are advancing through the engineering studies at a pace reasonable to maintain the integrity of the final design.
"We will release the results of the Navarre Creek exploratory drilling once they have been fully evaluated and placed in the context of the geologic system as a whole, to assist us to determine the drilling priorities for the remaining 32 holes within our planned 60-hole RC drilling programme and application for additional drill permitting for the 2024 field season."
At 1243 BST, shares in Phoenix Copper were down 2.56% at 19p.
Reporting by Josh White for Sharecast.com.
