Phoenix Copper’s (ASX:PNX) substantial shareholder Asia Image Limited has reported it now holds an 18.77% stake after participation in the recent share placement priced at $0.013.
Hong Kong-based Asia Image acquired 19,230,770 shares for $250,0000, taking its total holding to 80,302,204 Phoenix shares.
Earlier this week, Phoenix 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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