Phoenix Copper's High-Grade Hits Reveal Resource Potential At Mount Bonnie

Jun. 18, 2015 7:24 PM ET
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Proactiveinvestors is a leading multi-media news organisation, investor portal and events management business with offices in New York, Sydney, Toronto, Frankfurt and London. Proactiveinvestors operates five financial websites in four languages providing breaking news, comment and analysis on hundreds of listed companies across the globe daily. We are one of the fastest growing financial media portals in the world. The group also operates hugely successful “investor forums” where three or four companies present to an audience of high net sophisticated investors, fund managers, hedge funds, private client brokers and analysts. Ian Mclelland founded Proactiveinvestors in 2006 as a way to channel his own views on companies small and mid-cap public companies. What started as a hobby quickly turned into a full time job as the website's readership exploded. One2One forums were added later in 2006, and within two years the company had expanded its operations into Canada and Australia. In 2009 the company expanded into Germany and finally into the US in 2010. Proactiveinvestors is now one of the fastest growing global financial media organizations in the world receiving more than one million visitors per month, with investor forums held across the globe on a regular basis.

Phoenix Copper's (ASX:PNX) high grade intersections keep on coming from the current drilling program at the Mount Bonnie deposit.

Results from the latest three holes confirm that mineralisation continues to the north-west and is still open in this direction and at depth, and demonstrates near-surface continuity of mineralisation.

Highlights from reverse circulation drilling include:

- 15 metres at 6.99% zinc, 0.78g/t gold, 157g/t silver, 0.50% copper, and 1.14% lead from 54 metres; and
- 6 metres (EOH) at 7.34% zinc, 2.01g/t gold, 216g/t silver, 0.52% copper, and 1.43% lead from 54 metres.

Earlier in the month results included 8 metres at 12.3% zinc, 2.41g/t gold, 321g/t silver, 0.5% copper and 2.5% lead from 89 metres, or about 12.96g/t gold equivalent.

The Mount Bonnie deposit is located on granted Mining Leases within the Hayes Creek Project in the Pine Creek region of the Northern Territory and is 100% owned by Phoenix Copper.

James Fox, managing director, commented

"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.

"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."


Today's high grade reverse circulation drilling results and mineral resource upside should continue the share price and market re-rating in Phoenix Copper, with shares up around 50% in the past month.

With further news flow we remain confident given data from the final six holes, expected before the end of June.

Adding intrigue, of the assays yet to be received, two drill holes intercepted massive sulphides and four were drilled into the oxide alteration zone.

All the results will form a key component of an initial resource estimate at Mount Bonnie to be developed shortly.

Proactive Investors comment:

On Proactive's current estimates, Phoenix Copper could have a gold, silver, zinc resource base in Gold Eq. of around 850,000 ounces of gold grading around 5 to 6 grams per tonne of gold.

Based on this it could potentially be a producer Gold Eq. of around 80,000 to 90,000 ounces per annum with a mile life of 7 to 8 years.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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