TIDMPXC
RNS Number : 3281S
Phoenix Copper Limited
16 March 2021
Phoenix Copper Limited / Ticker: PXC / Sector: Mining
16 March 2021
Phoenix Copper Limited
("Phoenix" or the "Company")
Appointment of General Manager for Ramp-Up at Empire Mine
Phoenix Copper Ltd (AIM: PXC, OTCQX: PXCLF), the AIM quoted
North American focused base and precious metals emerging producer
and exploration company, is pleased to announce that Zachary J.
Black has joined the Company as General Manager responsible for the
Idaho operations.
Ryan McDermott, Chief Executive Officer, commented: "2021 will
be a significant year for the Company as we move forward with the
Plan of Operations for the Empire Oxide-Copper Open Pit Mine,
additional exploration and drilling at the Red Star silver-lead
deposit, drilling into the historically mined underground orebody,
and an initial drilling programme at our Navarre Creek gold claim
block. The addition of Zach to our team coincides with the Empire
Mine project transitioning from advanced exploration to
development. Zach will be "on-the-ground" and responsible for
managing the day-to-day rigours of permitting, engineering, process
design, and pre-construction activities at Empire, as well as
providing oversight to the exploration teams at Red Star, Navarre
Creek, and the deep sulphide project.
"In his previous role as Chief Operating Officer of Endomines
and General Manager of Endomines Idaho, Zach was responsible for
managing the US Operations with a focus on developing the Friday
Mine near Elk City, Idaho, and underground development and the
construction of a flotation processing facility, requiring him to
manage and oversee the teams responsible for permitting, resource
development, and mine and facility construction. Zach's significant
regional and Idaho-based experience, and the relationships he has
built with local consultants, contractors, and government
regulators as a result, make him an ideal addition to the Phoenix
team.
"As we reported on 5 March 2021, the Company raised a total of
GBP16.45 million through a placing and subscription of shares, plus
a potential additional GBP1.95 million through an open offer
currently being offered to existing shareholders, both conditional
upon the approval of shareholders at the upcoming General Meeting.
These funds will be used for the ongoing development and
optimisation of the Empire Open Pit Mine including engineering,
metallurgical testing, preparation of the Plan of Operations and
related permitting, as well as extensive exploration at Red Star,
Navarre Creek, and the deep sulphide zone at Empire. This
represents a significant, multiphase work-programme requiring a
diverse and experienced staff on the ground. Zach will be integral
in helping to continue to grow the Phoenix operational team, which
is ongoing and will include additional mining/metallurgical
engineering staff, environmental specialists, and geological
staff.
"I am pleased to welcome Zach to the team. I also look forward
to providing shareholders with updates and successes as 2021
progresses."
Zachary J. Black has 18 years' experience in the mining industry
including industrial minerals and base and precious metals
throughout the world. Zach was a principal founder and Director of
Hard Rock Consulting ("HRC") of Lakewood, Colorado. While at HRC,
he worked on mining projects in the USA, Mexico, and Eastern
Europe, including the original resource work for Phoenix at the
Empire Mine. Zach is a current Director of Patriot Gold Corp., Las
Vegas, Nevada, and most recently the Chief Operating Officer of
Endomines in charge of Endomines' Friday Mine, an operating
underground gold mine located near Elk City, Idaho. He holds a
Bachelor of Science degree in Geological Engineering from The
University of Nevada, Reno, is a Registered Member of the Society
for Mining, Metallurgy, and Exploration, and is a Qualified Person
as defined by National Instrument 43-101.
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 (Nominated David Hignell / Caroline Rowe Tel: +44 20 3470
Adviser) 0470
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Brandon Hill Capital Jonathan Evans / Oliver Stansfield Tel: +44 20 3463
(Joint Broker) 5000
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WH Ireland (Joint Harry Ansell / Adam Pollock Tel: +44 207
Broker) / Katy Mitchell 2201666
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Panmure Gordon John Prior / Hugh Rich / Ailsa Tel: +44 20 7886
(UK) Limited (Joint Macmaster 2500
Broker)
----------------------------------- -----------------
EAS Advisors (US Matt Bonner / Rogier de la Tel: +1 (646)
Corporate Adviser) Rambelje 495-2225
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Blytheweigh Tim Blythe / Megan Ray Tel: +44 20 7138
(Financial PR) 3204
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Notes
Phoenix Copper Limited is a North American focused, base and
precious metal emerging producer and exploration company, 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 2020 and October 2020 for all metals.
Present contained metal in all NI 43-101 compliant categories of
resources, measured, indicated and inferred, stand at 355,523
ounces of gold, 129,641 tonnes of copper, 10,133,772 ounces of
silver and 58,440 tonnes of zinc. Following the latest NI 43-101
compliant resource, Phoenix updated its economic model in February
2021 to include the processing of all contained metals through a
two phased approach.
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
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