(Alliance News) - Phoenix Copper Ltd on Thursday said that the study will be a "significant milestone" for the company, which will push the under-explored project towards completion.
Shares in the Idaho-focused base and precious metals explorer were down 12% at 15.25 pence each in London on Thursday afternoon.
The company said that a pre-feasibility study for its proposed Empire open-pit copper and silver project in Idaho, in which it holds an 80% interest, is nearing completion. Phoenix expects to complete the study early within the second quarter of 2024 "barring unforeseen delays".
The study will include a comprehensive mine plan, mineral reserve estimates, environmental assessments and analysis, as well as estimations of operating and capital costs.
Chief Executive Officer Ryan McDermott said that the report represents "a significant milestone", allowing Phoenix to begin acquiring the relevant capital equipment items and make final amendments to the plan of operations.
McDermott added that the "critical part" of the Empire study has involved testing the viability of different mining and processing options, which will provide "maximum flexibility" as the company reaches the final stages of development engineering.
Phoenix said it had recently reduced its focus on the Navarro Creek gold exploration project, also based in Idaho, in order to prioritise the Empire mine. The company said that less than 1% of Empire's potential ore system has been explored, and believes the assets holds "significant opportunity to increase the resource through phased exploration".
By Hugh Cameron, Alliance News reporter
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Phoenix Copper. (PXC)