Phoenix Global Mining
Phoenix Global Mining (“Phoenix”) has announced the conclusions of a report by Nigel Maund, Consultant Economic Geologist to Phoenix.
This is the second visit by Nigel Maund to the Phoenix’s Empire Mine Property, the first being in 2015. He visited the site in March 2019 to analyse the property in more detail, including a review of the drill core from the Company’s 2018 drilling programme, and earlier drilling programmes.
The key findings of the report are:
• It confirms the Empire Mine comprises a world class polymetallic ore system containing tungsten and molybdenum as well as copper, gold, silver and zinc.
• The mine is sited on a major north south structure with some 5km of geologic strike. This compares with 1km referred to in the PEA published by the Company in 2018 based on its November 2017 resource.
• Exploration has to date focused on the near surface oxides in the proposed open pit as they represent potential near-term revenue. Mr Maund is of the opinion that perhaps only 1% to 2% of the ore system has been tested to date.
• Exploration has so far ignored the potential much larger copper / precious metal and base metal sulphide beneath and along strike from the open pit. The potential of this sulphide ore system is of the order of tens of millions of tonnes, and it is almost certainly amenable to underground trackless bulk mining techniques.
• In Mr Maund’s view, the Empire system bears some geological similarities to the World Class 1st category Antamina Mine in Peru, which is the largest porphyry/endoskarn polymetallic deposit in the world.
This report confirms both the views of BHC and the Phoenix management that the Empire Mine has tremendous potential. Apart from the proposed near surface open pit, predominantly for copper and gold, there is excellent potential for a major sulphide system beneath it. Phoenix are also very encouraged that Mr Maund endorses their strategy to expand the territory to the north of the original open pit and are encouraged by the reference to a fivefold increase in strike length.