Friday, 20 September 2019 11:43 GMT

Phoenix Copper raising funds after massive sulphides at Hayes Creek

(MENAFN - ProactiveInvestors)

Phoenix Copper (ASX:PNX) is focussed on the Hayes Creek Project in the Northern Territory’s Pine Creek region with the aim of completing a scoping study by early 2016 to demonstrate its economic potential.

The project is highly prospect highlighted by recent drilling at Mt Bonnie which intersected near-surface high-grade massive sulphides.

Phoenix is now heading to market with a capital raising and the ASX has granted the company a trading halt to prepare.

The halt will remain in place until the opening of trade on Wednesday 26th August 2015 or earlier if an announcement is made to the market.

Phoenix's short term goals

- Test extensions to massive sulphide zone at Mt Bonnie - initial JORC resource estimate by end Q3 2015.

- Aim to discover new ore-grade gold or base metal mineralisation at Hayes Creek – test Joplin prospect during Q3 2015.

- Complete metallurgical optimisation test work by Sept 2015 - demonstrate high value saleable zinc gold and silver products.

- Complete Scoping Study early 2016 - demonstrate project viability.

- Position project to take advantage of forecast zinc price rise and strong gold price.

- Continue regional exploration targeting gold & base metals mineralisation at Burnside Moline & Chessman projects.


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Phoenix Copper raising funds after massive sulphides at Hayes Creek

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