(Alliance News) - Phoenix Copper Ltd on Wednesday announced it completed its Red Star reverse circulation drilling at the Empire mine in Custer County, Idaho.
The base and precious metals explorer in the US state of Idaho said it found 7.59 grams of gold per tonne in hole RS22-04 and 332 grams of silver per tonne in hole RS22-02.
Chief Executive Officer Ryan McDermott said: "The drilling results seen thus far in the Red Star area are indicative of higher-grade, narrow vein mineralization which may best lend itself to underground mining methods. Conversely, the longer and lower grade drilling intercepts in the Empire open pit area lend themselves to bulk tonnage, open pit mining methods. The close proximity of both styles of mineralization speaks volumes about the potential size and complexity of the Empire system."
Phoenix Copper shares were 5.9% lower at 21.17 pence each in London on Wednesday morning.
By Tom Budszus, Alliance News reporter
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Phoenix Copper. (PXC)