Holding(s) in Company

RNS Number : 3627L

Phoenix Global Mining Ltd

18 April 2018

 

Phoenix Global Mining Ltd / Ticker: AIM: PGM / Sector: Mining

18 April 2018

Phoenix Global Mining Ltd ('Phoenix' or the 'Company')

Holding(s) in Company

Phoenix Global Mining Ltd (AIM:PGM.L), the AIM quoted, US-focused copper and cobalt exploration and development company, has today been made aware that Cheviot Capital (Nominees) Ltd is now interested in 20,834,605 ordinary shares of the Company, representing 8.97 per cent. of the Company's total issued share capital.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

**ENDS**

For further information please visit www.pgmining.com or contact:

Phoenix Global Mining Ltd	Dennis Thomas / Richard Wilkins	c/o St Brides Partners [phone]
SP Angel (Nominated Advisor)	Lindsay Mair / Caroline Rowe	Tel: [phone]
Brandon Hill Capital (Broker)	Jonathan Evans / Oliver Stansfield	Tel: [phone]
St Brides Partners (Financial PR)	Charlotte Page / Susie Geliher	Tel: [phone]

Notes

Phoenix Global Mining Ltd (AIM: PGM) is a North American-focused, base and precious metal explorer and developer, which is fast-tracking the historically-producing Empire Mine in Idaho, USA, back into production and exploring for cobalt in Idaho and gold in Canada.

Having established an initial copper oxide JORC and NI 43-101 resource of 19.4 mt grading 0.47% copper ('Cu') for 90,547t contained Cu, plus zinc, gold and silver, Phoenix has defined a two-phase development strategy.  Phase One is focused on commencing low cost, open pit production from the current oxide resource, targeting 7,000t copper cathode per annum.  Stage Two will look to extend the life of mine by targeting the deeper (below c.120m), higher grade copper sulphides, where intercepts of up to 11.4% Cu have been recovered.  Preliminary Economic Analysis work on the priority open pit oxide resource is already underway.  It is estimated that only 5% of the potential ore system has been explored to date and accordingly there is significant opportunity to increase the resource through phased exploration; the current resource relates to the oxide resource only, which remains open along strike and does not include the deeper, higher grade sulphides. 

The Company also holds two prospective cobalt properties in Idaho, US, which are located north of the Empire Mine.  These are situated close to the town of Cobalt and are close to projects being advanced by Canadian junior miners, including eCobalt Solutions and US Cobalt.  Exploration will continue during 2018 to identify drilling targets.

The Company has also acquired an exclusive option to explore and develop the Gordon Lake Project, in the Northwest Territories, Canada, a high-grade shear hosted gold project comprising of 17 known mineralised zones of which only four have been tested with 59 diamond drill holes.  The Company will proceed to examine the optimal way forward to develop the project as a low-cost underground gold producer.

With a management team that has successfully constructed, commissioned and operated mines and low risk, mining-friendly jurisdictions with excellent infrastructure, Phoenix is looking to fulfil its ambitions to become a mid-tier base and precious metals producing company, offering exposure to three high value and high demand metals with compelling demand/supply fundamentals.

 

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