TIDMPXC
RNS Number : 5162T
Phoenix Copper Limited
25 November 2021
Phoenix Copper Limited / Ticker: PXC / Sector: Mining
25 November 2021
Phoenix Copper Limited
('Phoenix' or the 'Company')
Empire Mine Deep Sulphide Drilling Continues to Intercept
High-Grade Polymetallics
Phoenix Copper Ltd (AIM: PXC, OTCQX: PXCLF, OTCQX ADR: PXCLY),
the AIM quoted USA focused base and precious metals emerging
producer and exploration company, is pleased to announce further
analytical results from the Company's 2021 Deep Sulphide core
drilling programme, below the known open pit oxide resource, at the
Empire Mine in Idaho, USA ('Empire').
Programme Highlights
-- Assay results from Holes KXD21-04, KXD21-05, and KXD21-06
intercept high-grade mineralisation across a suite of metals
o Significant intercepts of 2.9 g/tonne ("g/t") gold, 187 g/t
silver, 1.45% copper, 4.93% zinc, and 8,030 ppm (0.80%) tungsten
intercepted in the drill holes summarised below:
-- Hole KXD21-04
o At 64.5 metres ('m') depth 1.0 m of 134 g/t silver, 2.94%
lead, 4.59% zinc
o At 97.2 m depth 1.5 m of 0.80% tungsten
o At 115.8 m depth 1.5 m of 0.44 g/t gold, 68.7 g/t silver,
1.45% copper, 1.37% zinc
-- Hole KXD21-05
o At 60.5 m depth 0.7 m of 0.42 g/t gold and 187 g/t silver
-- Hole KXD21-06
o At 152.2 m depth 2.1 m of 4.93% zinc
o At 166.4 m depth 1.5 m of 2.9 g/t gold
o At 191.4 m depth 0.6 m of 0.88 g/t gold and 1.17% copper
-- Anomalous molybdenum and tungsten mineralisation also intercepted
-- A total of 979 m of the current 4,500 m deep sulphide
programme have been completed to date (excluding 68 m long
KXD21-01, which was abandoned due to interference with historical
underground workings)
Ryan McDermott, Chief Executive Officer, said, "We are very
pleased to announce that drilling from a further four core holes
intercepted high-grade gold, silver, copper, lead and zinc, as well
as tungsten as high as 0.80% (8,030 ppm). These four core holes,
KXD21-03 through KXD21-06, targeted the sulphide zone below
Empire's open pit oxide resource. The Phoenix team is encouraged by
these results which provide further evidence of a metal-rich system
below the open pit oxide resource. If we exclude the meterage from
the first hole, which was lost in an old working, we are 979-metres
into a 4,500-metre exploration program. These intercepts are
supporting our geological team's exploration model. We continue to
compile the data, to refine our interpretations, and to improve our
drill hole target selection process.
"We are pleased with the elevated gold and silver values, as
well as the high lead and zinc numbers from the latest drilling. We
are also pleased to note that the US Geological Survey has recently
added zinc to its list of minerals critical to US national security
and the economy, a list that already includes tungsten and cobalt.
The next round of drilling in the deep sulphide system is scheduled
for this winter. While we wait for a core drilling rig outfitted
with all the necessary winter capabilities, which we anticipate
arriving during December, our geologists are using the results from
hole KXD21-02 (reported in September 2021), along with this recent
data, to best select the next drilling sites. Photos of the latest
core holes core can be viewed on the Company website at
https://phoenixcopperlimited.com .
"In addition to the elevated gold, silver, copper, lead, and
zinc values, tungsten is present in anomalous concentrations as
high as 8,030 ppm (0.80%) and molybdenum as high as 1,275 ppm
(0.13%). These values support the conclusions of 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. The Maund report can be viewed on the Company's website at
https://phoenixcopperlimited.com/documents/maund-report-april-2019.pdf.
"The Company continues to await the ground magnetic survey
results for the Horseshoe-White Knob extension area to the north of
the Red Star silver-lead deposit, as well as the Navarre Creek gold
project. We look forward to reporting those results as soon as they
become available . "
Table 1 - Empire Drilling Results 24 November 2021
Drill Hole Intersection Metres g/tonne % % % Mo W
Number From To Interval Au Ag Cu Pb Zn ppm ppm
------ ------ --------- ----- ----- ----- ----- ----- ----- -----
KXD21-04 64.5 65.5 1.0 0.04 134 0.05 2.94 4.59 572 110
KXD21-04 67.2 67.8 0.5 0.02 52.5 0.06 1.92 1.17 31 70
KXD21-04 97.2 98.8 1.5 0.1 26.3 0.37 0.32 0.33 727 8030
KXD21-04 115.8 117.3 1.5 0.44 68.7 1.45 0.53 1.37 166 570
KXD21-04 133.2 136.2 3.0 0.08 78.6 0.08 0.72 1.91 57 330
------ ------ --------- ----- ----- ----- ----- ----- ----- -----
KXD21-05 60.5 61.1 0.7 0.42 187 0.01 0.17 0.87 24 <10
KXD21-05 71.5 74.4 2.9 0.02 31.4 0.01 2.36 0.59 49 <10
KXD21-05 103.3 105.5 2.2 0.82 41.4 0.83 0.58 0.53 183 120
------ ------ --------- ----- ----- ----- ----- ----- ----- -----
KXD21-06 123.9 125.4 1.5 0.05 9.2 0.26 0.02 0.07 16 2360
KXD21-06 140.9 142.3 1.4 0.16 19.6 1.01 0.01 0.24 180 90
KXD21-06 152.2 154.3 2.1 0.03 8.2 0.31 0.12 4.93 18 90
KXD21-06 166.4 167.9 1.5 2.9 2.4 0.05 0.01 0.03 21 100
KXD21-06 191.4 192.0 0.6 0.88 9.6 1.17 0.01 0.05 1275 10
------ ------ --------- ----- ----- ----- ----- ----- ----- -----
Table 2 - 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 1.5 <0.01 0.6 0.03 0 0 14 <10
175 176.5 1.5 <0.01 0.8 0.03 0.01 0.02 28 <10
176.5 178 1.5 <0.01 0.5 0.02 0.01 0.02 33 10
178 179.4 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 0.01 10 150
183.5 184.4 0.9 0.56 15.6 0.85 0.03 0.1 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
----- ----- ----- -----
KXD21-02 203 204.5 1.5 0.05 3 0.11 0.01 0.02 1365 10
------ ------ ------ ----- ----- ----- ----- -----
Notes:
Hole KXD21-01 was abandoned at a depth of 68 m due to
interference with historical underground workings.
Hole KXD21-03 did not contain assay values considered
significant for this reporting.
Due to the limited amount of drilling in the area, the
orientation and true thickness of mineralization are not yet
understood.
2021 Drilling Programmes
The 2021 drilling plan includes 4,500 m of diamond core in the
Deep Sulphide (979 m completed to date), 3,000 m of dual-rotary
drilling for hydrological characterisation (2,600 m completed to
date), 2,300 m of reverse-circulation drilling at Navarre Creek,
and 3,000 m of diamond core at Red Star and the Horseshoe-Whiteknob
target.
Qualified Person
The foregoing technical information contained in this news
release has been reviewed and verified by Zachary J. Black, SME-RM,
General Manager. Mr. Black is a resource geologist with more than
17 years of domestic and international experience in the mining and
construction industries. Mr. Black has a degree in Geological
Engineering from the University of Nevada, Reno and is a registered
member of the Society for Mining, Metallurgy, and Exploration, Inc.
He is a Qualified Person under the AIM Rules. Mr. Black 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 ongoing Environmental,
Social, and Corporate Governance ("ESG") platform, overseen by the
Company's ESG & Sustainability Committee.
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 Corporate David Hignell / Caroline Rowe Tel: +44 20 3470
Finance LLP (Nominated 0470
Adviser)
------------------------------------ ---------------------
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 out extensive drill programmes
which resulted in the publication of a NI 43-101 PEA in October
2020 for an open pit heap leach solvent extraction and
electrowinning ("SX-EW") mine, which was updated in October 2020.
The contained metals 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 northwest of the
Empire Mine proposed open pit, has revealed high grade silver /
lead sulphide ore and from three shallow exploration drill holes. A
maiden resource of 103,000 tonnes containing 173.4 g/tonne silver,
0.85 g/tonne gold and 3.85% lead (1.6 million ounces silver
equivalent ) was reported in an NI 43-101 technical report
published in May 2019. Additionally, the district includes the
Navarre Creek Project, a volcanic hosted, precious metals target in
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 Electra Battery Materials (formerly 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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