ExGen Resources Inc.'s shares surged by 50% on Aug. 13 after it announced a maiden National Instrument 43-101-compliant resource for the Empire copper project in Idaho.
ExGen holds a 20% interest in the property, with Phoenix Global Mining Ltd. owning the remaining 80% stake. The company also has a 2.5% net smelter royalty on Empire and is Phoenix Global's largest shareholder.
The project hosts measured resources of 3.3 million tonnes at 0.53% copper containing 17,472 tonnes of copper, and indicated resources of 7.1 million tonnes at 0.51% copper containing 36,327 tonnes of copper.
Inferred resources, meanwhile, total 9.0 million tonnes at 0.41% copper for 36,749 tonnes of copper.
ExGen CEO Jason Riley said the estimate exceeded the company's expectations, with over 53% of the resource categorized as measured and indicated.
"We look forward to the results from Phoenix's aggressive 12,200-meter drilling program this summer and work towards a feasibility study by [the second quarter of] 2019," he said.