Phoenix Global mining acquires 80% stake in ExGen Resources' Gordon Lake

By Dale Benton
A US-focused base metal explorer and developer, specialising on fast tracking low cost open pit copper production, has entered into an exclusive option...

A US-focused base metal explorer and developer, specialising on fast tracking low cost open pit copper production, has entered into an exclusive option to acquire a high-grade gold property in Canada.

Phoenix Global Mining has announced that it will acquire 80% of the high-grade Gordon Lake gold property in the Northwest Territories, Canada from ExGen Resources.

Through the acquisition, Phoenix will increase its North American mineralised footprint which now includes three high-value and high demand commodities; copper, cobalt and gold.

Phoenix will carry out a preliminary detailed assessment of Gordon Lake. The objective over the medium term will be to design and cost a field work programme to generate measured and indicated resources over a 2-3-year period to justify a small high-grade underground mine.

 

Related stories:

Energy Fuels gets governmental green light for La Sal Complex expansion

Emirates Group Aluminium sees major profit surge and record production levels in 2017

Nyrstar signs offtake agreement with New Century Resources for Century zinc mine

 

Dennis Thomas, the Company's CEO, said, "We look forward to creating value at the Gordon Lake property in Canada, which we have considered to have significant exploration merit for some time. We have a strong team of geologists and consultants in the Company who can add value at Gordon Lake.  The region has been a prolific gold producer in the past and the Gordon Lake "footprint" is similar to other significant historic gold producing operations in the area.  Exploration on the property to date has concentrated on only 4 of 17 identified zones with gold mineralisation open at depth, making it a potential low-cost underground gold mine.  The acquisition of Gordon Lake reinforces our focus and investment into the safe jurisdictions of North America in a most cost-effective manner and also continues to consolidate the close relationship that we have with ExGen Resources Inc.”

Share

Featured Articles

Rio Tinto trials renewable diesel at U.S. operations

Rio Tinto is progressing plans to swap conventional diesel for renewable fuel in haul trucks at its U.S. operations

Kenorland and Targa agree deal for Canada lithium projects

Agreement will see Targa acquire 100% interest and up to 844 mining claims for the Opinaca Lithium Project, and rights to two MEL applications

Mincor raises AU$60 million for development and exploration

Firm to spread capital raising across development of Northern Operations, and for exploration and resource definition drilling at Cassini Operation

Startup Arkon Energy pours $28m into Bitcoin mining

Digital Mining

KSA’s SWCC signs agreements for brine mining projects

Supply Chain & Operations

Glencore to pay over £275mn over Africa mining oil bribes

Supply Chain & Operations