By Joe Hoppe
Shares in Phoenix Copper Ltd. rose Wednesday after the corporate mentioned a drilling marketing campaign at its Empire open-pit copper mine in Idaho, U.S., returned encouraging outcomes.
Shares at 0731 GMT have been up 1.5 pence, or 6.7%, at 24.0 pence, having risen as a lot as 25.79 pence earlier within the session.
The AIM-listed mining firm mentioned outcomes from a drilling marketing campaign accomplished in late 2022 within the Crimson Star space additional demonstrated intensive polymetallic mineralization, together with gold, silver, copper, lead, zinc and molybdenum.
Drilling outcomes seen at Crimson Star are indicative of higher-grade, slender vein mineralization, which may greatest lend itself to underground mining strategies, the corporate mentioned. Conversely, longer and decrease grade drilling intercepts within the Empire open pit space can be higher suited to bulk tonnage, open-pit mining, it mentioned.
“Whereas we have been solely in a position to full 268 meters of drilling as a result of restricted availability of the drill rig, the information and outcomes that we collected have added considerably to our understanding of the mineralization and the boundaries of the magnetic anomalies and can support in future drilling, modeling and in the end updating of the useful resource,” Chief Government Ryan McDermott mentioned.
Write to Joe Hoppe at joseph.hoppe@wsj.com