TIDMPXC
Phoenix Copper Limited
11 May 2022
Phoenix Copper Limited / Ticker: PXC / Sector: Mining
11 May 2022
Phoenix Copper Limited
('Phoenix' or the 'Company')
Phoenix Discusses Projects with Idaho Congressional
Delegation
Phoenix Copper Limited (AIM: PXC, OTCQX ADR: PXCLY), the
AIM-quoted USA-focused base and precious metals emerging producer
and exploration company, is pleased to provide an update on its
management activities. Last week, Phoenix CEO Ryan McDermott, ESG
Programme Lead Lenie Wilkie, and Public Relations Manager Brittany
Lock, met with two of Idaho's Congressional delegation and staffers
in Washington D.C. where they expressed the Company's current focus
to support the United States' domestic supply of critical and
strategic minerals. Phoenix is an 80% owner of the historically
producing Empire copper mine near Mackay, Idaho, and wholly owns
two cobalt exploration properties near Salmon, Idaho.
U.S. Senator Jim Risch and U.S. Senator Mike Crapo of Idaho are
long-standing advocates for developing a secure supply chain of the
minerals necessary for national security and the technologies that
will power the future. Senator Risch currently represents Idaho's
interests in the United States' Senate Committee on Energy &
Natural Resources and serves on the subcommittee on Public Lands,
Forests, and Mining. These committee and subcommittee assignments
give him a voice in legislation that shapes mineral production in
the United States. Meanwhile, Senator Crapo currently participates
in the Renewable Energy and Energy Efficiency Caucus where he works
to disseminate information about, and increase support for,
renewable energy and energy efficiency technologies.
Ryan McDermott, CEO of Phoenix Copper Limited, said : "I'm
thrilled Phoenix is operating in a state that has two U.S. Senators
who are very supportive of Idaho mining projects-particularly those
involving the critical and strategic minerals found at the Empire
Mine and in the Cobalt Belt. Analysts agree that new, domestic
sources of copper, cobalt, and other strategic and critical
minerals are necessary to keep up with the growing demands for
national security and renewable energy technologies. It's important
to give decision makers with the jurisdiction to influence the
rules and regulations we follow, the opportunity to hear about
Phoenix's projects and our goal to responsibly provide the
materials needed to power electric vehicles, construct energy
efficient buildings, and more."
Contacts
For further information please visit https://phoenixcopperlimited.com or contact:
Phoenix Copper Ryan McDermott Tel: +1 208
Limited Brittany Lock 954 7039
Richard Wilkins Tel: +1 208
794 8033
Tel: +44 7590
216 657
SP Angel Corporate David Hignell / Caroline Tel: +44 20
Finance LLP Rowe 3470 0470
(Nominated Adviser)
---------------------------- ---------------
Tavira Securities Jonathan Evans / Oliver Tel: +44 20
Limited (Joint Stansfield 7100 5100
Broker)
---------------------------- ---------------
WH Ireland (Joint Harry Ansell / Adam Pollock Tel: +44 20
Broker) / Katy Mitchell 7220 1666
---------------------------- ---------------
Panmure Gordon John Prior / Hugh Rich / Tel: +44 20
(UK) Limited Ailsa Macmaster 7886 2500
(Joint Broker)
---------------------------- ---------------
EAS Advisors Matt Bonner / Rogier de Tel: +1 (646)
(US Corporate la Rambelje 495-2225
Adviser)
---------------------------- ---------------
BlytheRay Tim Blythe / Megan Ray Tel: +44 20
(Financial 7138 3204
PR)
---------------------------- ---------------
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.
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 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 Navarre Creek, a
volcanic hosted precious metals target in a 14.48 sq km 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.
Phoenix is listed on London's AIM (PXC), and trades on New
York's OTCQX Market (PXCLF and PXCLY (ADRs)). 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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