Phoenix Copper to begin geophysical surveys in Nevada

(Sharecast News) - North America-focussed base and precious metals explorer and producer Phoenix Copper said on Wednesday that Magee Geophysical Services of Reno, Nevada, has been appointed to conduct geophysical surveys at its Red Star silver-lead project and Navarre Creek gold project.
The AIM-traded firm said the surveys would be processed and analysed to enable the exploration team to refine future targets for drilling, and other exploration data.

Chief executive officer Ryan McDermott noted that in November, the company issued an independent report which confirmed the relationship between magnetite and the high-grade silver and lead vein system at Red Star.

The report also suggested the possible extension of the vein system carrying through to the historically=mined Horseshoe and White Knob mines, around 2.5 kilometres to the north.

"The Horseshoe and White Knob vein systems are high-grade silver and lead veins similar in character to Red Star," McDermott said.

"With the exception of the discovery outcrop, discernible outcrops of rock at Red Star are rare and make it difficult to determine the underlying geology.

"The same difficulty arises when targeting drill holes."

Phoenix said it believed that a well-planned electromagnetic survey would highlight the subsurface occurrence of magnetite veins and magnetite bodies, providing valuable information for further exploration and drill hole targeting.

"Similar to the Red Star and Horseshoe areas, evidence of magnetite was discovered during an extensive geological mapping and sampling programme at our Navarre Creek gold property during the summer of 2020 and, like Red Star, outcropping of the magnetite material was rare but evident," Ryan McDermott explained.

"For this reason, Magee will also be conducting a similar electromagnetic survey over the Navarre Creek claim block."

Additional geophysical techniques and technologies were being evaluated, he added, and could be incorporated into the overall geophysical programme, including drone-platform surveys.

"I want to highlight the fact that the company is executing these field-based programmes using the results from the 2020 field season and utilising the funding from the recent equity raise.

"As always, the company is putting shareholder dollars to work in well-planned field programmes that increase the likelihood of adding shareholder value."

At 1332 GMT, shares in Phoenix Copper were down 6% at 32.9p.