Project Overview
Following Phoenix Copper's recent successful Capital Raising, the Company will look to build early momentum for 2012 with two highly anticipated drilling programs. During the last quarter exploration on the Company's extensive tenement packages was scaled back due to a lack of funds. There was, however, some notable exploration work completed and the following are highlights from the Company's exploration work to December 31, 2011.
- Yorke Peninsula: a "VTEM" air-borne geophysical survey has been completed and its results are currently being analysed in order to narrow down drilling targets for the program scheduled to begin around March 2012.
- Burra North: planning has commenced for drilling a target outside of the "reserve" area of the Monster Mine at Burra. The target is approximately 800 metres north of the northern pit rim and is identified by an IP (Induced Polarisation) anomaly.
- Mongolata: FPXRF analysis has identified an arsenic anomaly overlying an iron rich quartz plus sulphide veined siltstone unit near the southern extension of the Mongolata line. It is located around the hinge of the Cox Sandstone.
Historic Project Overview
Since ASX listing, the initial tenement holding of 5 ELs (Exploration Licenses), and 2 ELAs (Exploration License Applications), covering 1,573 km2 has increased to nineteen ELs and 3 MLs covering in excess of 4,477 km2 in the historically significant and highly prospective Burra, Kapunda, Leigh Creek and Yorke Peninsula regions of South Australia.
Phoenix Copper now has 6 Major Project areas; Burra, Mongolata, Eudunda, Spalding, Leigh Creek and the Yorke Peninsula.
The Burra project has been the location for much of the Company's recent exploration activity as staff continues to work steadily towards achieving a resource statement at Princess Royal. An extensive program of diamond drilling designed to test the strike and depth continuity of mineralisation at Princess Royal has been completed. Planned RC drilling will be undertaken over the next few months.
At Spalding, the Company has arranged land access and commenced geochemical soil sampling on its new Wheal Sarah Prospect. Since listing, 2 tenements have been added to the Spalding Project. They are Mt Tinline and, more recently, Washpool. The Wheal Sarah prospect is located on this newly acquired Washpool tenement.
At Mongolata, work continues on the Company's Black Hills Prospect. A consultant geologist was engaged to undertake an investigation of the geology and associated gold mineralisation at the Black Hill Prospect. This area has already been the subject of a significant RAB drilling campaign and there are a significant number of shallow gold workings developed along a sandstone unit contained within a sequence of siltstones and shales.
At the Yorke Peninsula, recent interpretations of aeromagnetic and radiometric data have identified a total of 9 high priority and 3 low priority targets for further exploration.
At Eudunda, the Company has made extensive plans for geochemical soil sampling on its three newly acquired tenements.
At Leigh Creek, extensive drilling will need to be undertaken to confirm or extend existing resources and planning for this is already at an advanced stage.
