Phoenix copper28 Apr 2020 09:12
Phoenix Copper Limited / Ticker: PXC / Sector: Mining 28 April 2020Phoenix Copper Limited("Phoenix" or the "Company") Phoenix commences second phase of drilling at Red Star silver/lead deposit Phoenix Copper Ltd (AIM: PXC, OTCQX: PXCLF), the AIM quoted North American focused base and precious metals exploration and development company, is pleased to announce that it has commenced a second phase of drilling at its Red Star silver / lead deposit, building on the initial drilling results from December 2018.Highlights· Recent fundraise fully funds a 20 hole (1,500 metre) drilling programme at Red Star· 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· Assays from drilling results expected from June 2020 onwards· Updated NI 43-101 compliant resource for Red Star expected in Q3 2020 with a development decision shortly thereafter Ryan McDermott, Chief Executive Officer, commented:"Having cut the required drill roads and prepared the drill pads ready for this season's drill programme, I am pleased to announce that we collared the first drill hole of the 2020 Red Star drilling programme on 27 April 2020. The 1,500-metre, 20-hole drilling programme will be a combination of reverse-circulation and diamond drilling with the intent of following the Red Star vein along strike and at depth. 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