TIDMPXC
RNS Number : 9024Z
Phoenix Copper Limited
28 January 2022
Phoenix Copper Limited / Ticker: PXC / Sector: Mining
28 January 2022
Phoenix Copper Limited
('Phoenix' or the 'Company')
Navarre Creek Geophysical Results
Phoenix Copper Ltd (AIM: PXC, OTCQX ADR: PXCLY), the AIM-quoted
USA-focused base and precious metals emerging producer and
exploration company, is pleased to provide the results from its
ground-based field magnetics survey and airborne hyperspectral
mineral survey at the Company's Navarre Creek project in Custer
County, Idaho, USA.
Highlights
-- 169-line kilometres ('km') of ground-based total field
magnetics and airborne hyperspectral imaging completed for the
entirety of the Navarre Creek claim block
-- Two distinct intrusive bodies identified, partially concealed
below glacial till showing strong magnetic signatures which
complement the existing jasperoid outcrops
-- A northeast trending, approximately 2.3-mile-long by
1-mile-wide corridor of hydrothermal alteration also identified,
consistent with the gold and silver bearing Carlin-style epithermal
deposits
-- Markers for Carlin-style gold deposits are the presence of
jasperoids, and the association of gold, antimony, silver and zinc.
These markers are found at Navarre Creek and may signify the
potential for this style of deposit
-- The results of these surveys, together with the results of
previous exploration, highlight the prospectivity of the claim
block. These positive results will drive further exploration and
drill targeting in 2022
Ryan McDermott, Chief Executive Officer, said, "I am excited to
finally report the results of two geophysical surveys conducted at
our Navarre Creek property this past summer, a ground-based field
magnetics survey and an airborne hyperspectral mineral survey. Both
surveys covered the entirety of the 3,577-acre claim block,
including the 1,054 acres of additional claims filed in July 2021,
and identified two magnetic bodies partially concealed below
glacial till and overburden, a roughly 2.3-mile-long by 1-mile-wide
zone of hydrothermal alteration similar to that associated with
Carlin-style epithermal deposits in the western US. The results
confirm the geological and geochemical testing results reported by
the Company from previous field studies, in particular the
iron-rich Lehman Fault and Bear Cave gossan.
"The geophysical results coincide well with the previous mapping
and sampling conducted by the Phoenix team, as well as with the
findings of the Idaho Geological Survey reported in " Geology and
Geochemistry of Jasperoid Near Mackay, Idaho" 1988, Bulletin 27.
This report states "Hydrothermal solutions that formed the
jasperoids may also have formed large low-grade precious metal
deposits within the jasperoid bodies or within altered country
rocks associated with the jasperoids." Jasperoids and the
association of gold, antimony, silver, copper and zinc, as found at
Navarre Creek, can be the signatures of precious metal deposits. We
believe the Navarre Creek area to be quite remarkable, with the
combination of iron-rich faults and gossans, jasperoid bodies, and
favourable surface geochemistry all supported by the results of the
latest geophysical surveys.
"We developed an exploration model at Navarre targeting the
geology, geochemistry, and geophysics typical of epithermal
precious metal deposits. Our findings thus far, including the
recent geophysical results, support our exploration model and will
provide the basis for further exploration, including a planned
drilling program in 2022. In addition to the evaluation of these
latest Navarre Creek results, we continue to focus our efforts on
the Empire Open-Pit copper oxide feasibility study, scheduled for
completion in Q2 of this year, and with the ongoing permitting of
the Empire copper-oxide open pit."
Navarre Creek Geology, Geochemistry, and Geophysics
During the 2021 field season, Phoenix contracted Magee
Geophysical Services to acquire approximately 169 line-km of total
field magnetic measurements at the Company's Navarre Creek project
and SpecTIR, LLC of Reno, Nevada to complete an airborne
hyperspectral survey of the same Navarre Creek area to identify
prospective exploration targets in an area, many of which are
largely concealed by glacial till.
The ground magnetics survey looked specifically for magnetite
and magnetic-bearing minerals, some of which have been identified
in limited outcroppings, while the hyperspectral imaging helps to
identify alteration minerals often associated with precious metal
deposition.
Hyperspectral imaging incorporates a small airplane with mounted
infrared lights and sensors to detect a wide range of wavelengths,
mineral absorption and reflectance within the target area. The
wavelength data collected in this survey are VNIR (Visible and
Near-Infrared), SWIR (Short-Wave Infrared), and LWIR (Long-Wave
Infrared). The human eye can detect wavelengths (colors) from 390
nanometers ('nm') to 700nm. The VNIR and SWIR sensors collected
wavelength data from 390nm to 2,450nm, while the LWIR sensors
ranged from 8,000nm to 12,000nm.
The Navarre Creek project is located within an intrusive dome
complex, where the magnetic components in overlying volcanic
lithologies is destroyed by silicic alteration associated with
steam-heated, acidic, and oxidized hydrothermal fluids. The survey
highlighted several such areas including the Lehman Creek fault,
one or more porphyry plugs, and several contacts/faults.
The survey identified volcanic associated alteration that is
both acidic and of fairly high temperature as evidenced by
pyrophyllite and dickite. As would be expected in the Challis
Volcanic Field, the white mica is Al-rich (paragenetic) and also
shows zoned crystallinity patterns, typical of intermediate-to-high
sulfidation systems and is likely proximal to a magmatic heat
source. The presence of iron oxide associated with some of these
zones adds prospectivity. The alteration pattern is useful in
developing an exploration model to optimise future drill
targets.
During the summer of 2020, Konnex Resources' exploration team
mapped and sampled the Company's Navarre Creek gold property, which
was then comprised of 2,420 acres of unpatented mining claims,
located approximately five kilometres north-northwest of the Empire
Mine. 90 rock chip and grab samples were collected in the
hydrothermally altered volcanic rocks that make up the Navarre
Creek claims and sent to ALS Laboratories in Reno, USA for
geochemical analysis.
Of the 90 samples, 53 were above the detection limit for gold
with a high of 0.569 grammes per tonne ('g/t'), and 25 above the
detection limit for silver. There was also a strong correlation
between elevated gold values and elevated antimony values, typical
of epithermal gold and silver systems in the western US. With the
exception of one sample, all samples with a gold value greater than
0.1 g/t occurred within the same alteration type, that being
predominantly a jasperoid-hosted quartz stockwork and micro-veining
system. This provides valuable information for future sampling and
drill targeting. The quartz stockworking and micro-veining appear
to occur predominantly in felsic volcanic tuff units in the Navarre
Creek area. One anomalous sample, 32519, registered a gold value of
0.387 g/t, in a magnetite skarn sample located on the southern end
of the Navarre Creek claim block where the skarn body is exposed as
subcrop through the surface volcanics tuffs. Additionally, the
presence of limestone in surface float near the skarn sample
location is evidence that the Paleozoic sedimentary rocks that
occur at the Empire Mine may be near the surface. The Empire
orebody is partly comprised of a magnetite skarn body hosted in
Paleozoic limestone. It was also noted that volcanic outcropping
across the Navarre Creek area is strongly weathered and highly
leached to depths of two to four metres.
The Navarre Creek claim block now covers 3,577 acres (14.48
km(2)), representing over six kilometres of prospective strike
length, including an area of secondary alteration thought to be
epithermal in nature, with over 2.5-kilometres of highly
brecciated, west-trending jasperoid intersecting argillically and
silicically altered Eocene Challis volcanics.
Qualified Person
The foregoing technical information in this news release has
been reviewed and verified by Zachary J. Black, SME-RM, General
Manager. Mr. Black is a resource geologist with more than 17 years
of domestic and international experience in the mining and
construction industries. Mr. Black has a degree in Geological
Engineering from the University of Nevada, Reno and is a registered
member of the Society for Mining, Metallurgy, and Exploration, Inc.
He is a Qualified Person under the AIM Rules. Mr. Black 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 ongoing Environmental,
Social, and Corporate Governance (ESG) platform, overseen by the
Company's ESG & Sustainability Committee.
Market Abuse Regulation (MAR) Disclosure
The Company deems the information contained within this
announcement to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014, which has been
incorporated into UK law by the European Union (Withdrawal) Act
2018. Upon the publication of this announcement via the Regulatory
Information Service, this inside information is now considered to
be in the public domain.
Contacts
For further information please visit https://phoenixcopperlimited.com or contact:
Phoenix Copper Limited Ryan McDermott Tel: +1 208 954
Dennis Thomas 7039
Richard Wilkins Tel: +44 7827
290 849
Tel: +44 7590
216 657
SP Angel Corporate David Hignell / Caroline Rowe Tel: +44 20 3470
Finance LLP (Nominated 0470
Adviser)
------------------------------------ -----------------
Tavira Securities Jonathan Evans / Oliver Stansfield Tel: +44 20 7100
Limited (Joint Broker) 5100
------------------------------------ -----------------
WH Ireland (Joint Harry Ansell / Adam Pollock Tel: +44 20 7220
Broker) / Katy Mitchell 1666
------------------------------------ -----------------
Panmure Gordon (UK) John Prior / Hugh Rich / Ailsa Tel: +44 20 7886
Limited (Joint Broker) Macmaster 2500
------------------------------------ -----------------
EAS Advisors (US Matt Bonner / Rogier de la Rambelje Tel: +1 (646)
Corporate Adviser) 495-2225
------------------------------------ -----------------
Blytheweigh Tim Blythe / Megan Ray Tel: +44 20 7138
(Financial PR) 3204
------------------------------------ -----------------
Notes
Phoenix Copper Limited is a USA focused, base and precious
metals emerging producer and exploration company, initially
targeting copper and zinc production from an open pit mine from
late 2022.
Phoenix's primary operations are focused near Mackay, Idaho in
the Alder Creek mining district, at the 80% owned Empire Mine
property, which historically produced copper at grades of up to 8%,
as well as gold, silver, zinc and tungsten, from an underground
mine.
Since 2017, Phoenix has carried out extensive drill programmes
which resulted in the publication of a NI 43-101 PEA in October
2020 for an open pit heap leach solvent extraction and
electrowinning ("SX-EW") mine, which was updated in October 2020.
The contained metal in all NI 43-101 compliant categories of
resources, measured, indicated, and inferred, stand at 129,641
tonnes of copper, 355,523 ounces of gold, 10,133,772 ounces of
silver and 58,440 tonnes of zinc. Phoenix updated its economic
model in February 2021 to include the processing of all contained
metals through a two phased approach.
In addition to Empire, the district includes the historic
Horseshoe, White Knob and Blue Bird Mines, past producers of
copper, gold, silver, zinc, lead and tungsten from underground
mines. A new discovery at Red Star, 330 metres northwest of the
Empire Mine proposed open pit, has revealed high grade silver /
lead sulphide ore and from three shallow exploration drill holes. A
maiden resource of 103,000 tonnes containing 173.4 g/tonne silver,
0.85 g/tonne gold and 3.85% lead (1.6 million ounces silver
equivalent) was reported in an NI 43-101 technical report published
in May 2019. Additionally, the district includes the Navarre Creek
Project, a volcanic hosted, precious metals target in a 14.48 sq km
area. The Company's total land package at Empire comprises 8,034
acres (32.51 sq kms).
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. The stated aim of the Company is to fund this phased
exploration through free cashflow generated by its initial mine. A
Plan of Operations in respect of the initial open pit mine was
filed with the relevant regulatory authorities in June 2021.
Phoenix also has two wholly owned cobalt properties on the Idaho
Cobalt Belt to the north of Empire. An Earn-In Agreement has been
signed with Electra Battery Materials Corporation (formerly First
Cobalt Corporation), Toronto, in respect of one of those
properties.
Phoenix is listed on London's AIM (PXC), and trades on New
York's OTCQX Market (PXCLF and PXCLY (ADRs)). More details on the
Company, its assets and its objectives can be found on PXC's
website at https://phoenixcopperlimited.com .
Glossary of Select Geological and Mining Terms
Breccia Breccia is a term generally used for an enigmatic
rock group that consists of a variety of individual
mineral grains or broken fragments of rocks,
often very angular and cemented together by a
fine grain matrix, and sometimes glassy matrix
which may or may not be similar to the composition
of rock fragments.
Carlin-type Carlin-type gold deposits are sediment-hosted
disseminated gold deposits. These deposits are
characterized by invisible (typically microscopic
and/or dissolved) gold in arsenic rich pyrite
and arsenopyrite. This dissolved kind of gold
is called "Invisible Gold", as it can only be
found through chemical analysis. The deposit
is named after the Carlin mine, the first large
deposit of this type discovered in the Carlin
Trend, Nevada.
---------------------------------------------------------
Copper Oxide The two main types of copper ore are copper oxide
& Copper Sulphide ores and copper sulphide ores. Both ore types
can be economically mined, but they are processed
in different ways. Copper sulphide ores are typically
the most profitable copper ore type to mine because
they have higher copper content and the copper
in them can more easily be separated from unwanted
minerals (the gange). Copper oxide ores have
the advantage in that they are more abundant
and tend to be nearer the surface.
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Dickite A mineral consisting of a basic silicate of aluminum
found relatively well crystallized in clays.
---------------------------------------------------------
Felsic volcanic Felsic volcanic rocks also include felsic tuff
tuff that was formed when tephra was consolidated.
Tuff is composed of volcanic ash, glass shards
and lithic fragments.
---------------------------------------------------------
Gossan An iron-containing secondary deposit, largely
consisting of oxides and typically yellowish
or reddish, occurring above a deposit of a metallic
ore.
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Glacial till Till or glacial till is unsorted glacial sediment.
---------------------------------------------------------
Hyperspectral Hyperspectral imaging, like other spectral imaging,
imaging collects and processes information from across
the electromagnetic spectrum. The goal of hyperspectral
imaging is to obtain the spectrum for each pixel
in the image of a scene, with the purpose of
finding objects, identifying materials, or detecting
processes.
---------------------------------------------------------
Jasperoids A rare, peculiar type of metasomatic alteration
that occurs in two main forms; sulfidic jasperoids
and hematitic jasperoids.
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Paragenetic Paragenesis, the sequence in which the minerals
are formed in an ore deposit. Variations in the
pressure and temperature and in the chemical
constituents of a hydrothermal solution will
result in the precipitation of various minerals
at different times within the same ore deposit.
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Porphyry Ore Porphyry ore deposits are the Earth's major resources
of copper, molybdenum, and rhenium (Sillitoe,
2010) and also provide significant amounts of
gold, silver, and other metals. Mineralization
styles include stockwork veins, hydrothermal
breccias, and wall-rock replacements.
---------------------------------------------------------
Pyrophyllite A soft usually white or greenish mineral that
is a hydrous aluminum silicate, resembles talc,
occurs in a foliated form or in compact masses,
and is used especially in ceramic wares.
---------------------------------------------------------
Skarn Deposits Skarn is coarse-grained metamorphic rocks that
forms by a metasomatism.
Also called tactites. Skarn tend to be rich in
calcium-magnesium-ironmanganese-aluminium silicate
minerals that also referred to calc-silicate
minerals. Skarn, in geology, metamorphic zone
developed in the contact area
around igneous rock intrusions when carbonate
sedimentary rocks are invaded by large amounts
of silicon, aluminium, iron, and magnesium. Many
skarns also include ore minerals; several productive
deposits of copper or other base metals have
been found in and adjacent to skarns.
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