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(Alliance News) - Phoenix Copper Ltd on Tuesday said it has begun the second phase of drilling at its Red Star silver and lead in Idaho, US.
A recent fundraise means the exploration and development company's 20-hole drilling programme is fully-funded.
"The objective is to build resource inventory of silver, lead, gold and other minerals at Red Star by step out drilling along strike and at depth," Phoenix Copper said.
Chief Executive Officer Ryan McDermott said: "These drill holes, together with the channel samples collected and assayed in late 2019, will add to the maiden resource reported last year. Our objective is to generate an updated resource as quickly as possible and move forward with the development of the Red Star project."
Shares in the company were quoted 18% higher at 14.15 pence in London shortly before market close on Tuesday.
By Eric Cunha; ericcunha@alliancenews.com
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