TIDMPXC
RNS Number : 2125I
Phoenix Copper Limited
11 August 2021
Phoenix Copper Limited / Ticker: PXC / Sector: Mining
11 August 2021
Phoenix Copper Limited
("Phoenix" or the "Company")
Navarre Creek land position increased from 2,420 to 3,577 acres
(9.80 to 14.48 square kilometres)
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 an increase in its land holding at
its Navarre Creek gold exploration project, in Idaho, with 56 new
claims having been staked on the northeast end of the existing
claim block.
Highlights:
-- The Company has increased its land position by an additional
1,157 acres (4.68 square kilometres ("km(2)")) at its Navarre Creek
Carlin-type gold exploration project
-- 56 new unpatented claims have been staked and filed
contiguous to the existing Navarre Creek claim block
-- The total land package in the Empire Mine area has been expanded to 8,034 acres (32.51 km(2))
-- Electromagnetic ("EM") surveys at Navarre Creek, Red Star and
Horseshoe have been completed and are awaiting the final
geophysicist report scheduled for late August
-- 2,300 metres of reverse-circulation drilling planned at Navarre Creek for later this year
Ryan McDermott, Chief Executive Officer, commented: "As a result
of our own internal analysis of the preliminary data from the EM
survey, we are pleased to announce the addition of 56 unpatented
mining claims to the Navarre Creek claim block. These claims are
contiguous and bring the total land holding at Navarre Creek to
3,577 acres. The additional acreage was added on the northeast end
of the Navarre block and covers additional prospective ground. The
additional claims will be important for executing future drilling
and subsurface exploration, and follow on from the promising
surface sampling campaign in 2020, which demonstrated anomalously
high gold grades in the initial geochemical samples, indicative of
higher-grade values in less weathered rocks below the surface
oxidised zone. These grades were similar to the historic grades
encountered in some of the early exploration phases of the now
multi-million ounce Carlin-style, volcanic-hosted gold deposits in
northern Nevada.
"We look forward to reporting the final EM interpretation, as
well as reporting results from the ongoing drilling programs at
Empire."
Navarre Creek
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
in volcanic hosted, Carlin-type epithermal gold systems. With the
exception of one sample, all samples with a gold value greater than
0.1 g/t occur 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 occurs 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. Additional sampling is planned to be conducted
in the area around sample 32519, as well as a ground magnetics
survey, which has been completed and the final geophysicist report
expected. 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 gold 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. The altered volcanic
rocks are similar in nature to the volcanic hosted, Carlin-type
epithermal gold systems found in neighbouring Nevada, host to
numerous multi-million ounce gold deposits.
2021 Drilling Programmes
The 2021 drilling plan includes 4,500 metres of diamond core
into the historically mined high grade Empire underground sulphide
copper deposit, 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.
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
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, 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 (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 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 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 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 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 14.48 km(2) 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 First Cobalt Corporation, Toronto, in respect of one of
those properties.
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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