Phoenix Copper scores further high grade assays at Mount Bonnie

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THE DRILL SERGEANT: Phoenix Copper (ASX: PNX) reported assay results from three reverse circulation (RC) holes drilled at the company’s 100 per cent-owned Mount Bonnie deposit, located within the Hayes Creek project in the Pine Creek region of the Northern Territory.

The company said the latest results demonstrate grade and continuity within the deposit along with the potential of continuing mineralisation to the north-west.

Phoenix Copper completed a 12 hole RC drill program at Mount Bonnie in late May, in part of which drill holes MBRC16, MBRC17 and MBRC018 were designed to test the continuation of known mineralisation.

Hole MBRC016 encountered multi-element sulphide mineralisation in of considerable thickness of 15 metres containing 6.99 per cent zinc, 0.78 grams per tonne gold, 157g/t silver, 0.5 per cent copper, and 1.14 per cent lead from 54m (an equivalent gold value of 6.65g/t).

Hole MBRC017 further to the north intersected a 6m zone of similar mineralisation containing 7.34 per cent zinc, 2.01g/t gold, 216g/t silver, 0.52 per cent copper, and 1.43 per cent lead from 54m (an equivalent gold value of 8.83g/t).

MBRC018 was abandoned short of planned depth and anticipated mineralisation due to excessive water flows.

“The results from the first six holes drilled at Mount Bonnie demonstrate excellent near-surface continuity of mineralisation and contain high grades of zinc, gold and silver,” Phoenix Copper managing director James Fox said in the company’s announcement to the Australian Securities Exchange.

“It is encouraging to see the growth potential of the deposit beyond the areas drilled by way of an untested lower EM conductor which we will aim to test in the next round of drilling.

“An initial resource at Mount Bonnie will be estimated shortly.

“When combined with the mineral resources already defined at Iron Blow we feel that sufficient contained metal exists at the Hayes Creek project to justify commencement of a scoping study which will aim to demonstrate the economic potential of this project.”

Email: info@phoenixcopper.com.au

Website: www.phoenixcopper.com.au