Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Phoenix Copper’s (LON: PXC) share price is rising on Wednesday after the company announced the addition of 58 unpatented lode claims and 56 unpatented mill site claims to the Empire Mine in Idaho.
The additions expand the operational footprint of the proposed ore haulage route and processing area.
Phoenix Copper’s share price has climbed 4% to 38.5p so far in the London session.
“We recently added 1,160-acres of unpatented claims to the Empire claim group,” said Ryan McDermott, CEO of Phoenix Copper.
“The additional acreage is comprised of 58 lode claims and 56 mill site claims located east of the Empire Mine on lands between the proposed open-pit and the processing area,” Continued McDermott.
“These additional claims will allow us to make adjustments in the size and position of the haulage routes and ancillary processing areas, and as our engineers work through the design planning phase and adjust for topography, slope, and other design parameters.
“The addition of the new claims has increased the Company's total holdings from 5,717-acres to 6,877-acres.”
Phoenix Copper shares are traded on the London stock exchange's AIM market (the alternative investment market), which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are Phoenix Copper shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies
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