News: Phoenix Copper substantial shareholder increases stake to 6.87%

Phoenix Copper (ASX:PNX) substantial shareholder Sochrastem SAS has increased its stake in the company to 6.87% from 5.04% through participation in its recent share placement priced at $0.013.

Sochrastem acquired 11,538,462 shares for $150,0000. It was also issued 436,047 shares in May through the issue of convertible notes.

It now has 29,376,992 shares in PNX.

Earlier this week, the company 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 Copper is also aiming to grow resources at the Hayes Creek project to underpin a Scoping Study.

The study is expected to be completed by early 2016.