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