TIDMPXC
RNS Number : 1415F
Phoenix Copper Limited
14 July 2021
Phoenix Copper Limited / Ticker: PXC / Sector: Mining
14 July 2021
Phoenix Copper Limited
("Phoenix" or the "Company")
Empire Mine Deep Sulphide drilling programme
First hole encounters intense sulphide mineralisation over a
12.6 metres intercept at a depth of 173 metres from the hole
collar
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 sulphide-rich mineralisation
has been intercepted below the Empire copper oxide open pit deposit
in the Deep Sulphide core drilling programme. The Empire Mine was
historically mined until the early 1940s at head grades of up to 8%
copper.
Highlights
-- First drill hole completed of the 4,500-metre 2021 Deep
Sulphide drilling programme, which is expected to comprise
approximately 20 holes
-- Hole KXD21-02 intercepted 12.6 metres of sulphide-rich
mineralisation below the Empire copper oxide open pit deposit
o Concentrations of up to 25% sulphide minerals from a depth of
173 metres over 7.9 metres
o Increased concentrations of up to 75% sulphide minerals from a
depth of 181 metres over 4.7 metres
o Mineralisation comprises copper bearing sulphide ores,
including chalcopyrite, chalcocite and bornite, as well as other
metallic sulphides, including galena, argentiferous galena,
sphalerite and molybdenite visually identified
o Further drilling required to define true thickness
-- Drilling intercept located below and east of historic 1100-level underground workings
-- Samples currently being logged and prepared for shipping to assay laboratories
Ryan McDermott, Chief Executive Officer, commented: "We are
excited to announce that we have intercepted 12.6 metres of intense
sulphide mineralisation in HQ-core hole KXD21-02, part of the
planned 4,500-metre, 2021 Deep Sulphide drilling programme for the
Empire Mine in Idaho. Our geologists have visually identified a mix
of sulphides that include, but are not limited to, chalcopyrite,
chalcocite, galena, argentiferous galena, bornite, sphalerite, and
molybdenite occurring in hole number KXD21-02 at concentrations up
to 25% sulphide minerals from a depth of 173 metres over 7.9
metres. The mineralisation then becomes more intense at 181 metres
over a 4.7 metre interval and increases to approximately 75% total
sulphides.
"This 12.6 metre intercept sits just below and to the east of
the historical 1100-level underground workings. The true thickness
of the intercept has not been defined by the single drillhole but
will become more defined with additional drilling.
"Samples of the core are currently being logged and prepared for
shipping to ALS Laboratories in Nevada, USA. It is worth mentioning
that core hole KXD21-01, the first hole of the 2021 Deep Sulphide
programme, encountered an underground working at approximately 68
metres and will be completed in due course when the required
equipment arrives.
"These are exceptional results from the first drill hole,
suggesting potentially elevated grades of copper, as well as the
presence of gold, silver, zinc, lead and perhaps molybdenum
by-products. It reinforces our geological model that the deeper
Empire underground deposit represents a major ore system, which we
are only just beginning to evaluate and understand.
"We look forward to receiving the assays from KXD21-02, as well
as the assays from all of the 2021 drilling, and sharing those
results with shareholders as they become available. Photos of the
core can be viewed on the Company's website at
https://phoenixcopperlimited.com ."
2021 Drilling Programmes
The 2021 drilling plan includes 4,500 metres of diamond core in
the Deep Sulphide target, 2,300 metres of reverse-circulation
drilling at the Navarre Creek gold zone, 3,000 metres of diamond
core at the high grade silver-lead Red Star and Horseshoe/White
Knob targets, and 3,000 metres of dual-rotary drilling for
hydrological characterisation as part of the development of the
Empire Mine open pit deposit.
The deep sulphide underground Empire Mine was historically mined
until the early 1940s at head grades of up to 8% copper. The Mine
closed when the workforce was conscripted into military service.
The Empire Mine oxide open pit deposit is the weathered surface
expression of the underground orebody, and contains a Measured and
Indicated resource of 87,543 tonnes of copper, 43,871 tonnes of
zinc, 238,406 ounces of gold, and 7.6 million ounces of silver,
with an in-situ value of some $1.4 billion at current metal prices.
A Plan of Operations for the open pit Mine was submitted to the
regulatory authorities in June 2021 for review and final
permitting. Initial production of copper and zinc from the open pit
Mine is targeted for late 2022.
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.
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.
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has
been incorporated into UK law by the European Union (Withdrawal)
Act 2018. Upon the publication of this announcement via Regulatory
Information Service ('RIS'), this inside 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 (Nominated David Hignell / Caroline Rowe Tel: +44 20 3470
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 2201666
Broker) / Katy Mitchell
------------------------------------ ---------------------
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 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 our extensive drill programmes
which have defined a NI 43-101 compliant PEA (preliminary economic
assessment) 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 355,523
ounces of gold, 129,641 tonnes of copper, 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 north west of the
Empire Mine proposed open pit, has revealed high grade silver /
lead 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. Additionally, the district includes
Navarre Creek, a volcanic hosted, Carlin-type gold discovery which
hosts a 6.1 km gold strike length within a 9.8 km(2) area.
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 Idaho authorities in June 2021.
More details on the Company, its assets and its objectives can
be found on PXC's website at https://phoenixcopperlimited.com.
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