- CanXGold Mining Corp. (CXG) announced that drilling has begun at its Phoenix Property at the Greenwood Precious Metals Project in B.C.
- It covers a total area of 9,817 hectares and is made up of extensively mineralized ground with 29 past producing mines
- The first drill hole is targeting the middle of a one-kilometre diameter anomaly
- Drilling is progressing and the hole is now just entering the target area
- CanXGold Mining Corp. (CXG) is up 9.09 per cent and is trading at $0.06 per share as of 2:07 p.m. ET
CanXGold Mining Corp. (CXG) announced that drilling has begun at its Phoenix Property at the Greenwood Precious Metals project in B.C.
The company stated its property covers a total area of 9,817 hectares and is made up of extensively mineralized ground with 29 past-producing mines, the largest of which is the former Phoenix copper-gold mine.
The first drill hole is targeting the middle of a one-kilometre diameter conductivity anomaly identified in a recent survey located near the historic Phoenix mine. The target zone lies below 160 metres in depth. Drilling is progressing, and the hole is now just entering the target area.
Mining began in the area in 1900 and reached a peak delivery in 1913 of more than a million tonnes of ore. Eventually, mining by open pit re-started at Phoenix in 1959 with a rate of 2,750 tonnes per day from 1972 until closure in 1976.
Total production from Phoenix was documented as 26,956,525 tonnes of ore containing 971,756 ounces of gold, 6.17 million ounces of silver, and 230,050 tonnes of copper.
The Phoenix deposit was mined from surface to about 140 meters in depth. The deposit is part of a skarn-type deposit formed by the replacement of carbonate host rocks.
CanXGold Mining Corp. (CXG) is up 9.09 per cent and is trading at $0.06 per share as of 2:07 p.m. ET.