TIDMPXC
RNS Number : 0167X
Phoenix Copper Limited
25 August 2020
Phoenix Copper Limited / Ticker: PXC / Sector: Mining
25 August 2020
Phoenix Copper Limited
('Phoenix' or the 'Company')
Red Star Core Drilling Returns High-Grade Silver &
Empire Mine Open Pit Gold Zone Drilling Continues to Show Robust
Gold, Silver and Copper
Phoenix Copper Ltd (AIM: PXC, OTCQX: PXCLF), the AIM quoted,
North American-focused base and precious metals exploration and
development company, is pleased to announce the first analytical
results from the Company's 2020 Red Star core drilling programme
and further results from the reverse circulation ('RC') drilling
programme at the Empire Mine open pit project in Idaho, USA (the
'Empire Mine').
Red Star Drilling Highlights
Hole RSD20-01 10.7 metres ('m') of 6.74 oz/tonne silver
equiv from 33.8m depth
including 1.5m of 12.08 oz/tonne silver equiv from
39.9m depth
Hole RSD20-03 7.6m of 7.65 oz/tonne silver equiv from
19.8m depth
including 1.5m of 19.45 oz/tonne silver equiv from
19.8m depth
Hole RSD20-04 1.5m of 10.87 oz/tonne silver equiv from
13.4m depth
Empire Mine Gold Zone Drilling Highlights
Hole KX20-09 6.1m of 2.05 grammes/tonne ('g/t') gold
from 16.8m depth
including 1.5m of 4.11 g/t gold from 18.3m depth
Hole KX20-15 1.5m of 9.78 g/t gold from 35.1m depth
Hole KX20-18 1.5m of 16.33 ozs silver and 6.13%
copper from 12.2m depth
(silver equiv = silver equivalent where the value of by-products
metals are expressed as silver equivalent ounces per tonne)
Ryan McDermott, Chief Executive Officer, said, "I am pleased to
present the first assay results from the Company's 2020 Red Star
diamond drilling programme and additional assay results from the
ongoing programme at the Empire Open Pit Gold Zone.
"The results from the first six Red Star core holes confirm the
orientation and continuation of the high-grade silver and lead
system, both down-dip and to the south of the discovery outcrop,
which was first discovered in our 2018 exploratory RC drilling
programme. Especially noteworthy are the results from core holes
RSD20-01 and RSD20-03, with 1.5 metre intercepts of 204 g/t (6.56
oz/tonne) silver and 2.31% lead, and 360 g/t (11.57 oz/tonne)
silver and 7.79% lead, respectively, though numerous other silver
intercepts in excess of 115 g/t (3.70 oz/tonne) were received.
"Our team is currently evaluating these latest analytical
results, along with the significant geological and mineralogical
information gained from the core and is targeting the next round of
drill holes which are scheduled for this autumn. The Red Star area
is geologically complex with a general lack of surface outcroppings
and we have determined that the most successful exploration is best
achieved through short drilling programmes, followed by evaluation
of new data prior to additional targeted drilling.
"The results from the continuing Empire Mine Gold Zone programme
are also particularly encouraging. RC drill hole KX20-09 returned
6.1 metres of 2.05 g/t gold and KX20-15 returned a gold value of
9.78 g/t over 1.5 metres. Of particular interest, in addition to
gold, are the elevated silver and copper values shown throughout
all of the drilling. Drill hole KX20-18 returned 1.5 metres of 508
g/t silver with 2.41 g/t gold and 6.13% copper, and holes KX20-19
and KX20-20 both showed values above 140 g/t silver, with copper
intercepts above 4%.
"These results are not unusual given the polymetallic nature of
the Empire Mine and are vitally important in understanding the
connection between the near surface, high-grade polymetallic oxide
zones and the connection with the deeper, high-grade polymetallic
sulphide vein system. These latest results complement our
previously reported high-grade RC drilling and channel sampling
programmes. Once our team has evaluated these latest results,
additional drilling locations will be targeted with the aim of
continuing the drilling programme into late Q3. The Empire Mine
resource will be re-modelled in Q4 2020 and will include the gold,
silver and copper assays from the 2020 drilling programme.
"The Phoenix team has remained healthy and productive over the
past several months due in large part to the adherence to our
strict COVID-19 procedures and protocols that we established in
April. However, some business sectors are experiencing a new and
slower "speed of business" as they adjust to the changing
conditions caused by the pandemic. I want to thank everyone for
their patience, and I look forward to keeping shareholders informed
as soon as additional drilling and sampling results become
available."
Red Star Drilling Update
Phoenix has completed 10 drill holes for a total of 455 metres
of HQ-diameter diamond drilling at Red Star thus far in 2020. All
drill samples have been delivered to the ALS Global laboratory in
Nevada. The drill hole results received to date are from core holes
RSD20-01 through to RSD20-06. RSD20-07 through to RSD20-10 are
pending. Additional core drilling is planned at Red Star beginning
in Q3 2020 following the evaluation of the first 10 core holes.
Table 1 - Red Star Drilling Results
Drill Hole Intersection Metres g/tonne oz/tonne % Ag oz/tonne
Number From To Interval Au Ag Ag Pb Cu Zn Equivalent
------ ----- --------- ----- ------ --------- ----- ----- ----- ------------
RSD20-01 33.8 44.5 10.7 0.06 117.0 3.76 1.17 0.51 0.80 6.74
including 33.8 35.4 1.5 0.07 172.0 5.53 2.27 0.32 0.75 8.83
including 38.4 39.9 1.5 0.16 160.0 5.14 1.47 0.73 0.91 9.22
including 39.9 41.5 1.5 0.08 204.0 6.56 2.31 1.09 1.05 12.08
including 41.5 43.0 1.5 0.01 115.0 3.70 0.89 0.38 0.84 6.08
------ ----- --------- ----- ------ --------- ------------
RSD20-03 19.8 27.4 7.6 0.07 122.7 3.94 2.43 0.30 1.10 7.65
including 19.8 21.3 1.5 0.13 360.0 11.57 7.79 0.46 0.79 19.45
------ ----- --------- ----- ------ --------- ----- ----- ------------
RSD20-04 13.4 14.9 1.5 0.09 154.0 4.95 1.72 0.83 2.63 10.87
------ ----- --------- ----- ------ --------- ----- ----- ------------
RSD20-06 57.6 59.1 1.5 0.07 118.0 3.79 2.05 0.10 0.29 5.97
------ ----- --------- ----- ------ --------- ----- ----- ------------
Empire Mine Drilling Update
Phoenix has completed a total of 1,658 metres of drilling at
Empire in 2020. To date this consists of 1,550 metres of RC
drilling and 108 metres of diamond drilling. All drill samples have
been delivered to the ALS Global laboratory in Nevada. The drill
hole results received to date are from RC drill holes KX20-01
through to KX20-21. The results for RC drill holes KX20-22 through
to KX20-30, and diamond drill holes KXD20-01 and KXD20-02, are
pending. Additional RC and core drilling is planned at Empire
beginning in Q3 2020 following the evaluation of the first 32 drill
holes.
Table 2 - Empire Drilling Results
Drill Intersection Metres g/tonne %
Hole
Number From To Interval Au Ag Cu
=========== ====== ===== ========= ===== ======= =====
KX20-08 0.0 4.6 4.6 0.02 16.83 1.01
including 1.5 3.0 1.5 0.02 24.10 1.60
------ ----- --------- ----- ------- -----
KX20-09 16.8 22.9 6.1 2.05 2.20 0.07
including 18.3 19.8 1.5 4.11 2.80 0.10
------ ----- --------- ----- ------- -----
KX20-12 13.7 16.8 3.0 0.03 20.30 1.39
and 33.5 35.1 1.5 1.99 7.30 0.16
------ ----- --------- ----- ------- -----
KX20-13 0.0 13.7 13.7 0.42 10.19 0.55
and 41.1 44.2 3.0 3.10 2.05 0.03
------ ----- --------- ----- ------- -----
KX20-14 3.0 18.3 15.2 0.51 13.18 1.01
including 13.7 18.3 4.6 1.16 21.43 1.10
------ ----- --------- ----- ------- -----
KX20-15 35.1 36.6 1.5 9.78 1.40 0.01
------ ----- --------- ----- -------
KX20-16 12.2 15.2 3.0 0.08 10.05 1.57
and 27.4 32.0 4.6 2.57 7.43 0.20
including 30.5 32.0 1.5 3.60 7.40 0.16
------ ----- --------- ----- -------
KX20-17 0.0 36.6 36.6 0.18 13.60 0.80
including 18.3 27.4 9.1 0.11 22.32 1.28
and 35.1 36.6 1.5 1.71 14.20 0.67
------ ----- --------- ----- ------- -----
KX20-18 0.0 36.6 36.6 0.39 86.62 1.07
including 12.2 13.7 1.5 2.41 508.00 6.13
including 13.7 15.2 1.5 0.67 218.00 0.02
including 25.9 35.1 9.1 0.51 117.43 1.60
including 33.5 35.1 1.5 1.63 74.20 1.22
------ ----- --------- ----- ------- -----
KX20-19 9.1 12.2 3.0 0.02 10.15 0.69
including 9.1 10.7 1.5 0.23 142.00 1.59
and 22.9 45.7 22.9 1.36 4.68 0.31
including 29.0 30.5 1.5 0.32 95.00 4.01
and 45.7 47.2 1.5 1.80 4.40 0.41
------ ----- --------- ----- ------- -----
KX20-20 16.8 19.8 3.0 0.58 146.80 4.15
and 35.1 36.6 1.5 1.24 34.80 0.49
and 38.1 39.6 1.5 0.25 214.00 2.34
------ ----- --------- ----- ------- -----
Other Results Pending Analysis
There are currently nine Empire RC holes and two Empire core
holes, as well as four Red Star core holes, 30 Empire channel
samples, and 25 Navarre Creek rock chip samples awaiting assay
results. Results from these samples will be reported as they are
received.
Red Star - Silver and Lead Resource and Drilling Programme
Red Star is located approximately 330 metres north-northwest of
the Empire open pit resource area within the Empire patented claim
boundary. This boundary is contiguous with the Horseshoe Block to
the north and west. A map showing the area can be found on the
Company website at www.phoenixcopperlimited.com in the "News"
section. The Red Star Zone was discovered during field mapping and
reconnaissance of the northern patented claim boundary and adjacent
Horseshoe Block. Channel samples were collected from the Red Star
outcrop itself and results reported by the Company in October 2018.
Three RC drill holes targeting the area at depth were completed and
assay results were published in December 2018. In May 2019, Hard
Rock Consulting estimated a maiden inferred resource at Red Star of
103,000 tonnes grading 173.4 g/t silver, 0.85 g/t gold, and 3.85%
lead, with minor copper and zinc.
Empire Mine - Gold and Silver Resource and Drilling
Programme
In May 2020, an updated NI 43-101 compliant resource was
completed by Hard Rock Consulting and reported for the polymetallic
Empire Mine open-pit oxide deposit. The updated resource contained
measured, indicated, and inferred metal content of 130,000 tonnes
of copper, 342,000 ounces of gold, 9.5 million ounces of silver and
50,550 tonnes of zinc. The May resource showed an increase in all
metals, but particularly gold and silver, which increased 56% and
13%, respectively, from the previous May 2019 resource. Resource
report details can be found on the Company's website at
www.phoenixcopperlimited.com/news and
www.phoenixcopperlimited.com/research.
As a result of the May 2020 resource update, and the favourable
ammonium thiosulfate gold and silver recovery tests reported in
June 2020, the Company initiated a RC drilling programme targeting
potential extensions to the gold and silver mineralisation
identified in the report, as well as targeting areas of inferred
mineralisation in an attempt to upgrade to measured and indicated.
The current RC drilling is focused on the area adjacent to a 2018
channel sample that assayed 36 g/t gold.
Qualified Person
The information in this announcement has been reviewed by Roger
Turner A.C.S.M., M.Sc., M.I.M.M.M., C.Eng., Chief Technical Officer
and Director of the Company. Mr Turner is a graduate mining
engineer from the Camborne School of Mines with an MSc in Economic
Geology from Leicester University with more than 40 years'
experience in mine development, construction and operation and is a
qualified person under the AIM Rules. Mr Turner consents to the
inclusion of the information in the form and context in which they
appear.
Environmental, Social, and Corporate Governance
Phoenix is committed to meeting and exceeding the environmental
standards required by law as a core value of the Company. The
baseline environmental data collected to date will be used for
furthering the permitting process, but as importantly, will be used
as the building blocks for the Company's future Environmental,
Social, and Corporate Governance (ESG) platform.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
Contacts
For further information please visit
www.phoenixcopperlimited.com or contact:
Phoenix Copper Ryan McDermott Tel: +1 208 954
Limited Dennis Thomas 7039
Richard Wilkins Tel: +44 7827
290 849
Tel: +44 7590
216 657
SP Angel David Hignell / Caroline Rowe Tel: +44 20 3470
(Nominated Adviser) 0470
----------------------------------- -----------------
Brandon Hill Capital Jonathan Evans / Oliver Stansfield Tel: +44 20 3463
(Joint Broker) 5000
----------------------------------- -----------------
WH Ireland (Joint Harry Ansell / Adam Pollock Tel: +44 207
Broker) / Katy Mitchell 2201666
----------------------------------- -----------------
Blytheweigh Tim Blythe / Camilla Horsfall Tel: +44 20 7138
(Financial PR) / Megan Ray 3204
----------------------------------- -----------------
Notes
Phoenix Copper Limited is a North American focused, base and
precious metal explorer and developer, which has carried out a
drilling programme and generated a copper, gold, silver and zinc
resource on which it is carrying out a feasibility study to bring
the historically producing Empire Mine in Idaho, USA, back into
production. It is also evaluating the silver and gold resources
around three other past producing mines within the 23 km (2) Empire
claims block as well as cobalt in two claims blocks north of Empire
in Idaho.
Phoenix's primary operations are focused near Mackay, Idaho in
the Alder Creek mining district. This district includes the
historical Empire, Horseshoe, White Knob and Blue Bird Mines, past
producers of copper, gold, silver, zinc, lead and tungsten from
underground mines in the first half of the twentieth century.
Additionally, the district includes Navarre Creek a Carlin-trend
gold discovery which hosts a 6.1 km gold strike length within a 9.8
km(2) area.
Phoenix acquired an 80% interest in the historical Empire Mine
property in 2017 and, based on a total of 320 drill holes, an oxide
resource was completed in late 2017. A NI 43-101 compliant PEA
(preliminary economic assessment) for an open pit heap leach
solvent extraction and electrowinning ("SX-EW") mine was completed
in April 2018. In 2018 a further 8,600 metres in 93 holes was
completed to upgrade the oxide resources, provide samples for
ongoing metallurgical test work, geotechnical and hydrological
studies and condemnation drilling for the heap leach pad site,
waste dump and plant site. An updated NI 43-101 compliant resource
was completed in early May 2019, which was generated for a heap
leach copper SX/EW operation where only copper was recovered. A
further updated NI 43-101 compliant resource was generated in May
2020 for all metals, which resulted in an increase of measured and
indicated resources of +56% gold, +11% copper, +13% silver and +26%
zinc. Present contained metal in all NI 43-101 compliant categories
of resources, measured, indicated and inferred, stand at 342,249
ounces of gold, 129,923 tonnes of copper, 9,502,494 ounces of
silver and 50,550 tonnes of zinc.
Since acquiring the Empire project, Phoenix has increased the
claim area from 818 acres to 5,717 acres, mainly to the northwest
and west, and in so doing has increased the potential for
additional oxide and sulphide copper resources, as well as the
potential for stand-alone gold and silver resources, along a strike
length of approximately 5.4 km towards the other brownfield mines
of the Horseshoe, White Knob and Blue Bird Mines now within the
property boundary. In particular, a new discovery at Red Star, 330
metres north west of the Empire Mine proposed open pit, has
revealed sulphide ore and from three shallow exploration drill
holes a NI 43-101 compliant maiden resource of 1.6 million silver
equivalent ounces was reported.
At Empire, it is estimated that less than 1% of the potential
ore system has been explored to date and, accordingly, there is
significant opportunity to increase the resource through phased
exploration.
More details on the Company, its assets and its objectives can
be found on PXC's website at www. phoenixcopperlimited.com .
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
DRLSEUFALESSEDA
(END) Dow Jones Newswires
August 25, 2020 02:00 ET (06:00 GMT)
Phoenix Global Mining (LSE:PGM)
Historical Stock Chart
From Jun 2024 to Jul 2024
Phoenix Global Mining (LSE:PGM)
Historical Stock Chart
From Jul 2023 to Jul 2024