TIDMPXC
RNS Number : 3001K
Phoenix Copper Limited
01 September 2021
Phoenix Copper Limited / Ticker: PXC / Sector: Mining
1 September 2021
Phoenix Copper Limited
('Phoenix' or the 'Company')
Empire Mine Deep Sulphide Drilling Intercepts 8.38% Copper
Sulphide Mineralisation
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 the first analytical results from
the Company's 2021 Deep Sulphide core drilling programme, under the
oxide open pit, at the Empire Mine in Idaho, USA ('Empire').
Programme Highlights
-- Assay results from the first Hole KXD21-02 intercepts
high-grade mineralisation across a suite of metals
o Significant intercept of 8.38% copper in the underground
sulphides
o Copper, gold, silver and zinc mineralisation intercepted in
the oxide zone of the proposed open pit
-- Hole KXD21-02
Open Pit Oxides
o At 86.9 metres ('m') depth 0.8 m of 1.10 grammes per tonne
('g/t') gold, 80.70 g/t silver, 1.44% copper
o At 98.1 m depth 0.5 m of 258 g/t silver, 1710 ppm (0.17%)
tungsten
o At 142.6 m depth 5.0 m of 19.3 g/t silver, 0.77% copper, incl.
1.7 m of 1.1% copper, 1.08% zinc
Underground Sulphides (below 170 m)
o At 185.9 m depth 2.0 m of 0.38 g/t gold, 34.38 g/t silver,
2.28% copper
o At 187.5 m depth 0.5 m of 1.31 g/t gold, 120.0 g/t silver,
8.38% copper
-- Updated open pit resource to include oxide assays in due course
-- Anomalous molybdenum and tungsten mineralisation also intercepted
-- Sulphide assay results provide verification of the 6% to 8%
smelter grades reported from pre-WWII production
-- Samples from holes KXD21-03 through KXD21-05 have been
shipped for assay to ALS Laboratories in Nevada, USA
-- A total of 967 m of the 2021 4,500-metre-deep sulphide programme have been completed to date
Ryan McDermott, Chief Executive Officer, said, "We have received
the analytical results from core hole KXD21-02 (Table 1 below), the
first core hole of the Deep Sulphide drilling program that reached
its targeted depth. I am pleased to announce that the drill hole
not only intercepted high-grade copper, silver, gold, lead and zinc
in the sulphide zone, but also intersected good copper, gold,
silver and zinc mineralization in the oxide zone from within the
proposed copper oxide pit boundary, as it passed through the oxide
zone into the sulphides. These oxide assays will be included in the
resource update later this year. In addition, the drill hole
intercepted anomalous molybdenum and tungsten mineralization. Table
1 includes the interval 173.4 metres to 185.9 metres, which was
previously reported by the Company as transitioning from 25% to 75%
total sulphides identified in the preliminary core logging, shows
the increase in metal grades across that zone. The assays show that
non-copper bearing sulphides, including pyrite, make up some
portion of the total. The Phoenix team is particularly encouraged
by these results, given that this is the first hole of this
exploration program.
"KXD21-02 was collared in the near surface oxide deposit and
drilled through roughly 170 m of oxide before reaching sulphide
mineralization. Assays within the shallower oxide zone include 5.0
m of 19.3 g/t silver and 0.77% copper, including 1.7 m of 1.1%
copper, 1.08% zinc, 2.0 m of 0.78 g/t gold, 64.09 g/t silver, and
0.98% copper that included 0.8 m of 1.10 g/t gold, 80.70 g/t
silver, 1.44% copper, and 0.5 m of 258 g/t silver and 1710 ppm
tungsten. The mineralized values in the oxide zone occur just
inside the proposed oxide pit boundary and will be included in an
updated oxide resource calculation in Q4 2021. Assays within the
sulphide zone include 2.0 m of 0.38 g/t gold, 34.38 g/t silver,
2.28% copper, which includes 0.5 m assaying 1.31 g/t gold, 120.0
g/t silver, and 8.38% copper. Other notable intercepts include 0.2
m of 60.7 g/t silver with 3.61% zinc, and 0.2 metres of 68.40 g/t
silver with 2.61% lead and 4.50% zinc. KXD21-02 was completed at a
depth of 241 m in unmineralized rock. The true thickness of the
intercept has not been defined by the single drillhole but will
become more defined with additional drilling.
"The mix of metals in the recent assays from KXD21-02 highlights
the polymetallic nature of the Empire ore zones. The high-grade
nature of the sulphide veins encountered in this drill hole are
particularly important as they are verification of the 6% to 8%
smelter grades reported from pre-WWII production. KXD21-02 is the
first drill hole* of this year's planned 4,500 metre Deep Sulphide
exploration program. Follow-on drilling will use the geological and
assay date from this hole for targeting extensions to this known
intercept, as well as targeting other similar zones.
"In addition to the elevated copper, gold, silver, lead and zinc
values in the KXD21-02 assays, tungsten is present in anomalous
concentrations as high as 1710 ppm (0.17%) and molybdenum as high
as 1365 ppm (0.14%). These values are consistent with the values
anticipated by Nigel Maund in his 2019 Empire Mine report " A
REPORT ON A FIELD VISIT MADE TO THE EMPIRE Cu - Au - Ag - (Zn)
PROJECT, IDAHO, USA", wherein evidence is presented for an
underlying molybdenum/tungsten porphyry at Empire.
"Drill holes KXD21-03 through KXD21-05 have also been completed
to date. Core samples from these drill holes have been shipped for
assay to ALS Laboratories in Nevada, USA. We look forward to
reporting those results when they become available. Photos of the
core can be viewed on the Company's website at
www.phoenixcopperlimited.com . "
*(Hole KXD21-01 was abandoned at a depth of 68 metres due to
interference with underground workings).
Table 1 - Empire Drilling Results 1 September 2021
Drill Intersection Metres g/tonne % % % Mo W
Hole
Number From To Interval Au Ag Cu Pb Zn ppm ppm
------ ------ --------- ------ ------ ----- ----- ----- ----- -----
KXD21-02 85.6 87.7 2 0.78 64.09 0.98 0.05 0.21 171 93
including 86.9 87.7 0.8 1.1 80.7 1.44 0.11 0.33 214 190
------ ------ --------- ------ ------ ----- ----- ----- -----
KXD21-02 98.1 98.6 0.5 0.01 258 0.29 0.01 0.11 27 1710
------ ------ --------- ------ ------ ----- ----- ----- -----
KXD21-02 111.5 111.9 0.4 0.21 72.4 0.51 1.14 0.38 119 1600
------ ------ --------- ------ ------ ----- ----- ----- -----
KXD21-02 142.6 147.6 5 0.3 19.3 0.77 0.21 0.53 40 127
------ ------ --------- ------ ------ ----- ----- ----- -----
including 145.2 146.9 1.7 0.72 33.8 1.1 0.6 1.08 58 290
------ ------ --------- ------ ------ ----- ----- ----- -----
KXD21-02 173.4 175.0 1.5 <0.01 0.6 0.03 0.00 0.00 14 <10
175.0 176.5 1.5 <0.01 0.8 0.03 0.01 0.02 28 <10
176.5 178.0 1.5 <0.01 0.5 0.02 0.01 0.02 33 10
178.0 179.4 1.4 0.13 8.7 0.64 0.02 0.06 83 30
179.4 180.1 0.8 0.03 1.6 0.05 0.01 0.03 109 20
180.1 181.7 1.5 0.01 2.4 0.16 0.03 0.05 105 50
181.7 183.5 1.8 0.14 5.2 1.11 0.00 0.01 10 150
183.5 184.4 0.9 0.56 15.6 0.85 0.03 0.10 22 190
184.4 185.9 1.5 0.5 4.1 0.17 0.03 0.06 233 190
------ ------ --------- ------ ------ ----- ----- ----- ----- -----
KXD21-02 185.9 187.9 2 0.38 34.38 2.28 0.01 0.14 66 35
including 187.5 187.9 0.5 1.31 120 8.38 0.01 0.48 10 20
----- ----- ----- -----
KXD21-02 203.0 204.5 1.5 0.05 3 0.11 0.01 0.02 1365 10
------ ------ ------ ----- ----- ----- ----- -----
2021 Drilling Programmes
The 2021 drilling plan includes 4,500 metres of diamond core in
the Deep Sulphide (967 metres completed to date), 3,000 metres of
dual-rotary drilling for hydrological characterisation (2,600
metres completed to date), 2,300 metres of reverse-circulation
drilling at Navarre Creek, and 3,000 metres of diamond core at Red
Star and the Horseshoe-Whiteknob target.
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.
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 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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