With the Company’s recent project acquisition in the Northern Territory, Phoenix Copper now has a significant base and precious metals tenement portfolio in South Australia and the NT.
With the acquisition of 15 mining leases, the Company will initially look to define JORC resources at the Mount Bonnie and Iron Blow deposits. Exploration work on both the acquired MLs, and the 21 exploration licences and 4 mining leases on which the Company is earning up to a 90% interest, will commence shortly with an initial focus on surface geophysical work to define drill targets.
The Company will look to drill-test its Induced Polarisation (IP) geophysical model with 6 target areas, both north and south of the historic Monster Mine.
Significant copper sulphide mineralisation was intercepted at the Eagle Prospect (one of the northern targets) in the 2012 maiden diamond drilling program.
An aircore and reverse circulation drill program was completed in 2013 over highly prospective iron ore copper gold (IOCG) targets, the results of which support the Company's view of the resource potential in the area. The Company is currently seeking a joint venture partner to assist with funding further exploration drilling.