Phoenix Copper (ASX:PNX) has received a substantial shareholder notice from Marilei International Limited, which has an initial 6.26% interest in the company.
Marilei acquired 11,538,462 shares through participation in the recent share placement priced at $0.013.
In May, it acquired 2,585,283 shares in lieu of $45,000 of loan interest and 436,047 shares in lieu of $7,500 of interest on convertible notes.
Marilei now holds 26,770,302 shares in the company.
Last week, Phoenix Copper started a 1,900 metre diamond and reverse circulation drilling program at the Joplin and Mt Bonnie prospects of its Hayes Creek Project in the Northern Territory.
Drilling at Joplin will target a near-surface coincident conductive and magnetic body similar in intensity and appearance to the response from the Iron Blow and Mt Bonnie deposits less than 3 kilometres away.
Iron Blow and Mt Bonnie are VMS deposits, which are known to be discovered in clusters. If this type of deposit is identified at Joplin, then this has the potential to add significant scale to the Hayes Creek Project.
Phoenix is also aiming to grow the mineral resource base at the Hayes Creek project to underpin a Scoping Study.
The study is expected to be completed by early 2016.
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