Phoenix Copper identifies new targets on Eagle prospect
THE DRILL SERGEANT: Phoenix Copper (ASX: PNX) has identified a number of new targets through ongoing exploration activities, including drilling and geophysical work on the Eagle prospect at the company’s Burra project located north of Adelaide in South Australia.
Phoenix Copper southern South Australia project location plan. Source: Company announcement
The company has identified new targets from recent independent and modern reprocessing of historical Induced Polarisation (IP) data, which it said provides geophysical support to its current diamond drilling program at the Eagle prospect.
The reprocessing has identified two extended parallel IP corridors, which has increased Phoenix Copper’s confidence in the potential extension of the mineralised zone it has identified to date.
The drilling is currently focused on the Eagle Prospect, located 800m to the north-west of the historic Monster Mine on the outskirts of the town of Burra where Phoenix Copper has been drilling since February with 17 holes.
The company indicated its best results to date are all aligned along the ‘Burra Line of Lode’ extending to the north-west from the Monster Mine, and include:
– 13.3 metres at 1.22 per cent copper from 69.2 metres, including 6 metres at 1.60 per cent copper from 69.3 metres;
– 22.5m at 0.81 per cent copper from 94.9m, including 4.6m at 2.19 per cent copper from 102.6m; and
– 26.3m at 2.86 per cent copper from 50.7m, including 15.7m at 4.65 per cent copper from 61.1m, and 2.4m at 11.28 per cent copper from 65m.
“The excellent copper assay results reported to date combined with the reprocessed IP data highlight the potential of the area to host a significant copper deposit,” Phoenix Copper CEO James Fox said in the company’s announcement to the Australian Securities Exchange.
“New targets have been identified that warrant further testing, and a drill program is ongoing.”
Phoenix Copper has had a 1960s an Induced Polarisation (IP) survey conducted by the Department of Mines South Australia (DMSA) in the vicinity of the Monster Mine reprocessed by an independent consultant applying modern day modelling software.
The company said the detailed new IP images are consistent with its recent drilling and highlight several new prospective target areas and that the high-grade copper drill intercepts at the Eagle prospect are all located close to the surface in the northern portion of a north-west trending IP high approximately 600m in length.
A number of new similar sized untested targets have also been identified from the IP data, all of which phoenix Copper considers worthy of follow up drill testing.
“The recent drilling results are very exciting as we are intersecting significant widths of copper mineralisation at relatively shallow depths at Eagle”, Fox said.
“We are very pleased to see a new suite of drill targets come out of the reprocessed geophysical results and we look forward to testing these in due course.”