Phoenix Global Mining Ends Canada Interest As It Buys More Idaho Land

LONDON (Alliance News) - Phoenix Global Mining Ltd said on Wednesday it has increased by ...

Alliance News 27 February, 2019 | 11:55AM
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LONDON (Alliance News) - Phoenix Global Mining Ltd said on Wednesday it has increased by threefold its acreage at the Empire mine in Idaho.

Phoenix Global has bought 3,880 more acres, taking the total to 5,717 acres. The new land has been bought to the north and west of the Horseshoe Claim block.

The Windy Devil block, it said, covers identifiable extensions of Horseshoe and includes over 30 historical shafts, prospects, and adits.

Navarre Creek contains a volcanic-hosted epithermal "hot springs" type alteration zone and a two and a half kilometre brecciated jasperoid, a type of alteration.

This, Phoenix Global said, is geologically similar to the Carlin Trend gold belt in Nevada, meaning there is "excellent" potential for near-surface metals.

In Canada's North West Territories region, the miner also said Wednesday it has allowed its option for an 80% stake in the Gordon Lake property to lapse.

"The company's immediate priority remains the Empire copper deposit. However, now we control the Horseshoe, Windy Devil, and Navarre blocks, we have secured a substantial district footprint that will allow future operations and expansion easier to navigate," said Chief Executive Dennis Thomas.

"Given the focus on the Empire mine property and the wider district, including the two cobalt properties on the Idaho cobalt belt, we felt it was prudent to allow our option on the Gordon Lake gold property in Canada to lapse and focus purely on Idaho."

Shares were 4.7% lower on Wednesday at a price of 18.10 pence each.

By George Collard; georgecollard@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
Phoenix Global Mining Ltd Registered Shs 15.00 -
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