Phonex Global Mining, with it’s flagship Empire Mine in Idaho, has announced that it has successfully listed on the London Stock Exchange (AIM).
Following a fundraising of around £4.6million, the Company is expected to list with a market capitalisation of £9.2million.
Dennis Thomas, Phoenix’s Chief Executive Officer, said, “We screened a multitude of projects and identified the Empire Mine as providing a fantastic opportunity to fast track a high-grade copper mine back into production in a stable and supportive jurisdiction. With a substantial amount of data already available, including historic drilling and a JORC Resource of 7.263 million tonnes at 0.55 per cent. Cu with an additional inferred resource of 5.546 million tonnes at 0.51 per cent. Cu from the AP Pit, we are confident that the Empire Mine offers significant value upside. Importantly, it is estimated that only 5% of the potential ore system has been explored. Accordingly, we have put in place a two-phase development strategy, firstly to rapidly exploit the shallow oxide resource for low cost open pit mining to produce 7,000t of copper per annum, and secondly, to develop the deeper higher-grade copper sulphide resources together with the additional metal credits, including gold, silver and tungsten.
“With funding secured and a dedicated and experienced Board at the helm, Phoenix is confident that its assets will generate significant value for shareholders. We are committed to fast tracking the Empire Mine into production to realise this and have already commenced a Pre-Feasibility Study for open pit development and initiated drilling to upgrade the current JORC resource. The next few months will, accordingly, be highly active and mark a significant step in the development of Phoenix Global Mining. We look forward to providing shareholders with timely updates as the work programme progresses.”
The Empire Mine
The Empire Mine, located in Custer County Idaho, USA, is a mine with a long history. Mineralisation was first discovered at the mine in 1884, when small scale mining quickly commenced and continued through to the 1940s. From 1901 to 1942, it produced 694,000 tonnes.
Fast forward just over 100 years, Phoenix acquired operational control in 2016 and is seeking to commence initial open-pit production by 2020, targeting 7,000t per annum of copper cathode.
The Project has an exploration target of between 3.4 to 6.7 million tonnes (derived from historic data), grading 0.34% to 0.50% copper for 11,560 to 33,500 tonnes additional contained copper
The oxide resource remains open along strike giving significant opportunity to expand the current copper oxide resource
The higher-grade sulphide zone, which underlies the oxide zone, is open in all directions and remains virtually unexplored. The current resource does not include this sulphide zone where intercepts of up to 11.4% Cu have been returned
There is significant potential for the economic extraction of additional metals, including gold, silver, zinc and tungsten