Phoenix Copper (ASX:PNX) has revealed high grade copper and gold...

Phoenix Copper (ASX:PNX) has revealed high grade copper and gold assays from rock chip samples taken on a recent reconnaissance field visit to its Burnside and Chessman exploration projects in the Northern Territory.

Apart from the rock chips collected at Iron Blow and Mount Bonnie the remainder of the samples were taken from new prospects which have not been drill tested, highlighting the prospectivity of the tenure.

Surface rock chip sample from Iron Blow returned up to 13.4 g/t gold, while the Coppertop prospect sample at Burnside returned 3.8g/t gold and 12.4% copper.

The highest copper assays from surface rock chip samples of 32.8% were returned from the Mount Ellison prospect, also at Burnside.

In addition, rock chip samples collected in 2012 as part of a ground reconnaissance survey at El Dollarado within the Moline Project were highly mineralised in silver, lead and zinc.

These surface rock chip samples are adjacent to a 1,500 metre by 400 metre gold and base metal-in-soils anomaly and a strong VTEM anomaly.

The El Dollarado prospect is located just north of the Kakadu Highway and is entirely underlain by the Mount Bonnie Formation, host to significant mineralisation at Iron Blow.

Iron Blow contains inferred mineral resources of 212,000 gold ounces, 10.3 million silver ounces, 24,000 tonnes of lead, 104,000 tonnes of zinc and 6,000 tonnes of copper.

The El Dollarado target is ready for drill testing, planned to commence prior to the onset of the wet season and once the appropriate approvals have been obtained.

Phoenix aims to be back on the ground shortly to systematically work through various targets and prioritise them for drill testing.

In addition Phoenix will look to establish a new JORC 2012 compliant resource estimate at the Iron Blow massive sulphide deposit.

Importantly, Foreign Investment Review Board approval has now been approved for Phoenix' acquisition of these projects.

All other conditions precedent relating to assignment and assumption of various agreements must be satisfied or waived on or before the 15th November 2014.

Phoenix Copper also confirms that the historical agreement referred to on August 18th has been terminated and has no bearing on the company’s rights to the Sale Tenements.