Phoenix Copper Ltd
(ASX:PNX) has acquired a significant tenement in the Burra region in northern South Australia from Flinders Mines Ltd
(ASX:FMS) and Copper Range.
The tenement is directly adjacent to the company’s Spalding Project.
Phoenix will pay a total of $50,000 for the tenement, $25,000 each to Flinders and Copper Range.
The company will also issue 250,000 of its shares to each of Flinders Mines and Copper Range, grant a 1.5% net smelter return royalty to the two companies, and will allow Flinders Mines access to explore the tenement.
Managing Director Paul Dowd says the acquisition will give the company an expanded opportunity to continue its regional approach to exploration in this highly significant yet largely ignored mineral province.
Phoenix Copper posted a loss for fiscal 2009.
