LONDON, May 26, 2021 /PRNewswire/ -- Phoenix Copper Ltd
(AIM: PXC) (OTCQX: PXCLF), the AIM quoted USA focused base and precious metals emerging
producer and exploration company, is pleased to announce that
it's entered into an earn-in agreement (the "Agreement") with First
Cobalt Idaho, the wholly owned subsidiary of Toronto-based First Cobalt Corporation (TSX.V:
FCC, OTCQX: FTSSF), in respect of the Company's Redcastle cobalt
property on the Idaho Cobalt Belt.
The Agreement, divided into three phases across a five-year
period, will see First Cobalt spend a minimum of US$3,000,000 in exploration and related work at
Redcastle, as well as fund a NI 43-101 compliant Preliminary
Economic Assessment for the property. Following completion of
Phases 1 and 2, First Cobalt will earn a 75% ownership of Redcastle
and will enter into a JV agreement with Phoenix wherein both parties will share the
capital expenditure for the development of Redcastle in accordance
with their respective ownership interests.
To view the full details of the Agreement refer to the
announcement dated 24 May 2021:
https://phoenixcopperlimited.com/documents/News/Earn-in%20Agreement%20with%20First%20Cobalt%20Idaho%20on%20the%20Redcastle%20Cobalt%20Property.pdf
Ryan McDermott, Chief
Executive Officer, commented:
"We are delighted to be partnering with First Cobalt. Redcastle,
with its 600-acres of unpatented mining claims, shares a common
border with First Cobalt's Iron Creek property which hosts
indicated cobalt and copper resources of 2.37 million tonnes.
"First Cobalt is well-positioned to carry out exploration at
Redcastle with the expertise, staffing, and infrastructure, which
includes mining and processing capacity for the Redcastle ore,
already in place locally. Additionally, First Cobalt owns the only
cobalt refinery in North America
which will receive cobalt from the Idaho operations. The refinery will employ a
low carbon footprint hydrometallurgical process and will provide
battery grade refined cobalt sulfate suitable for the EV
market.
"This Agreement, and the progress currently being made at our
Empire Mine, is supported by a strong macroeconomic environment for
the materials required for the sustainable energy transition. The
U.S. Administration has proposed an infrastructure bill that
supports the domestic production of base metals required for global
electrification and clean energy initiatives.
"I look forward to working with First Cobalt in the development
of Idaho based cobalt and copper
resources."
For further information please visit
https://phoenixcopperlimited.com or contact:
Phoenix Copper
Limited
|
Ryan
McDermott
Dennis
Thomas
Richard
Wilkins
|
Tel: +1 208 954
7039
Tel: +44 7827 290
849
Tel: +44 7590 216
657
|
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SOURCE Phoenix Copper Limited