TIDMPXC
RNS Number : 6704M
Phoenix Copper Limited
23 September 2021
Phoenix Copper Limited / Ticker: PXC / Sector: Mining
23 September 2021
Phoenix Copper Limited
('Phoenix' or the 'Company')
Update on the Empire Copper-Oxide Open Pit and 2021 Drilling
Programme
Phoenix Copper Ltd (AIM: PXC, OTCQX: PXCLF), the AIM quoted USA
focused base and precious metals emerging producer and exploration
company, is pleased to provide an update on the Company's recent
activities in Idaho, as it makes further progress towards bringing
its assets into operation.
Highlights
-- Empire Open Pit mine remains on target to start production
-- Construction and acquisition of mine supporting infrastructure has commenced
-- Core drilling on deeper underground copper sulphides continues
-- Geophysical Ground Magnetic Surveys ("EM Survey") on Red
Star, Horseshoe and Navarre Creek have been completed, final report
imminent, following which drilling programmes will commence
Empire Copper-Oxide Open Pit Deposit
Further to the submission of the Plan of Operations in June 2021
the permitting process for the Empire Copper-Oxide Open Pit is
ongoing as planned, with the hydrological drilling programme nearly
completed. The related feasibility study is also ongoing in
accordance with the anticipated timetable, with final engineering
and process designs on schedule.
The Company has contracted K-Squared Construction of Mackay,
Idaho to construct the Idaho Mine Operations Office in Mackay, 4.5
miles east of the Empire Mine. The building will provide permanent
facilities in Mackay and is a key step in the progress of the
Company.
Despite many delays in the industry as a whole, Phoenix is
pleased to confirm that as of the present time, it still
anticipates bringing the Empire Open Pit mine into production on
schedule.
Ryan McDermott, Chief Executive Officer, said, "The construction
of a permanent office in Mackay is a significant milestone and
demonstrates that our flagship Empire project has advanced to a
level requiring long-term and wholly owned supporting
infrastructure. The Company has also begun to purchase staff
housing and warehouse facilities in and near Mackay as part of
executing our plans for long-term metals production from our
properties."
2021 Drilling and Geophysical Programmes
Empire Sulphides
Core drilling continues into the deep sulphide historically
mined ore body, with six drill holes totalling 1,099 metres
completed to date. Four of these holes targeted the zone
intercepted in KXD21-02, which included 0.5 metres of 8.38% copper,
120 grammes per tonne silver, and 1.31 grammes per tonne gold.
Assay results are awaited for these four holes. Drilling continues
on a further 3,650 metres.
Red Star/Horseshoe
The EM Survey on the high-grade Red Star/Horseshoe silver lead
system has been completed and the report interpreting the results
is expected very soon. The report will be used to define a
3,000-metre drilling programme expected to commence shortly.
Navarre Creek
The EM Survey on the Navarre Creek gold property has also been
completed and the report interpreting the results is also expected
very soon. The report will be used to define a 2,300-metre drilling
programme, expected to commence as soon as the drill site
permitting is approved.
Ryan McDermott, Chief Executive Officer, said, "I am pleased to
announce that we have completed six core holes in the deep sulphide
exploration program and 12 monitoring wells in the area of the
proposed heap leach pad for hydrological characterisation, as well
as completed the magnetic surveys at Red Star, Horseshoe, and
Navarre Creek, despite the delays resulting from Covid related
supply chain and staff shortages. Although our exploration program
drilling schedule is running later than originally anticipated due
to these delays, we count ourselves fortunate for continuing to
make progress. While these delays are frustrating, they are
industry and country wide, and we remain confident that we will be
able to conclude our planned drilling programs for this year."
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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