TIDMPXC
RNS Number : 8947F
Phoenix Copper Limited
10 November 2022
Phoenix Copper Limited / Ticker: PXC / Sector: Mining
10 November 2022
Phoenix Copper Limited
('Phoenix' or the 'Company')
Initial Results of Metallurgical Core Drilling at the Empire
Open Pit Copper Project, Idaho
Phoenix Copper Ltd (AIM: PXC, OTCQX ADR: PXCLY), the AIM-quoted
USA focused base and precious metals emerging producer and
exploration company is pleased to report the assay results from the
first three core holes at its Empire Open Pit Copper Project,
Custer County, Idaho, USA. 1,500 metres of core is being drilled
with the core samples and technical information from these holes
being used for further metallurgical testing, geotechnical studies,
and geological modeling.
Significant drill results from the first three holes are listed
in Table 1, including the following highlights:
Hole KXD21-01
-- 21.3 metres ('m') of 1.99% copper, 38.9 grammes / tonne
('g/t') silver, and 358.7 ppm molybdenum starting at a depth of
17.7 m
o Including 13.4 m of 2.96% copper, 54.3 g/t silver, and 436.5
ppm molybdenum from 20.4 m
o And including 9.1 m of 4.00% copper, 57.5 g/t silver, and
535.4 ppm molybdenum from 24.7 m
-- 11.3 m of 1.09% copper and 22.1 g/t silver starting at a depth of 53.3 m
o Including 1.8 m of 1.23% copper and 16.5 g/t silver from 53.3
m
o And including 1.8 m of 2.31% copper and 41.4 g/t silver from
56.7 m
o And including 1.2 m of 3.52% copper and 75.0 g/t silver from
61.9 m
Hole KXD21-02
-- 9.1 m of 0.27% copper, 19.6 g/t silver, 246.6 ppm molybdenum,
and 255.0 ppm tungsten starting at a depth of 9.8 m
o Including 3.0 m of 0.20% copper, 43.3 g/t silver and 350 ppm
tungsten from 9.8 m
Hole KXD21-03
-- 7.3 m of 2.17% copper, 0.195 g/t gold, 20.2 g/t silver, and 0.94% zinc starting at the collar
o Including 3.4 m of 4.08% copper, 0.345 g/t gold, 24.2 g/t
silver, and 1.86% zinc from 4.0 m
-- 1.5 m of 3.16% copper, 0.350 g/t gold, and 16.2 g/t silver starting at a depth of 10.1 m
-- 12.2 m of 1.05% copper, 0.339 g/t gold, and 14.5 g/t silver starting at a depth of 15.2m
o Including 6.7 m of 1.26% copper and 0.519 g/t gold from
19.2m
-- 18.9 m of 0.79% copper, 0.316 g/t gold, and 14.3 g/t silver starting at a depth of 29.0 m
o Including 13.7 m of 0.98% copper, 0.349 g/t gold, and 17.1 g/t
silver from 32.6m
The 2022 metallurgical exploration programme was designed to
collect material from each of the metallurgical domains to evaluate
their variability within the Empire Open Pit while improving the
understanding of the geologic and structural controls on
mineralisation. The results confirmed the continuity of
mineralisation within the Empire Open Pit, and which appears along
structures striking northeast and dipping steeply to the southeast.
The Phoenix team is assessing these results for inclusion in
updated geologic models and is targeting additional drilling.
Ryan McDermott, Chief Executive Officer, said, "We are pleased
to announce the assays from the first three core holes of the 2022
Empire metallurgical drilling program, which represent 635.5 feet
(193 metres) of a planned 5,000 feet (1,524 metres) program.
Drilling commenced in early June and assay certificates for the
first three drill holes were received in early November. The
Phoenix team targeted specific zones within the resource in order
to collect samples that are representative of the geology and grade
characteristics of the deposit as a whole. The samples will be used
in the additional testing of ammonium thiosulfate as a recovery
agent for copper, gold, and silver. The results of these studies
may enable us to bring forward production of gold and silver,
currently scheduled as a second phase of the Open Pit project.
"The copper, gold, and silver values in the drilling, as well as
the length of the mineralized intercepts, are robust and may add
further material to the open pit resources. KDX22-01 showed 21.3
metres of 1.99% copper, which include 9.1 metres of 4.00% copper
and 57.5 g/t silver, as well as 11.3 metres of 1.09% copper,
including 1.2 metres of 3.52% and 75 g/t silver. KXD22-03 contained
7.3 metres of 2.17% copper, which included 3.4 metres of 4.08%
copper and 0.345 g/t gold, as well as 12.2 metres containing 1.05%
copper and 0.339 g/t gold. Drill holes KDX22-01 to KDX22-03 were
completed to 223.5 feet (68 metres), 200 feet (61 metres), and 212
feet (64.6 metres) in depth, respectively, placing them within the
proposed open pit.
" The metallurgical drilling program is progressing as planned
with approximately 3,479 feet (1,060 metres) completed since June.
However, assay results are taking longer than originally
anticipated due to laboratory backlog.
"In addition to the core drilling, we are pleased to announce
that a reverse-circulation drill rig is scheduled to arrive onsite
this week and will begin drilling in the North Pit/Red Star area on
targets developed from ground magnetic surveys conducted in 2021.
This rig is suitable for winter drilling and we anticipate that
despite its delayed arrival, we will complete the planned drilling
program at North Pit/Red Star over the coming weeks.
"We look forward to reporting additional assays from this year's
drilling programs as they become available and appreciate
everyone's patience while the assay laboratory makes headway on the
sample backlog."
Table 1 - Empire Drilling Results November 7, 2022
Drill Hole Intersection Metres g/tonnes % % % ppm ppm
Number From To Interval Au Ag Cu Pb Zn Mo W
------ ----- --------- ------ ----- ----- ----- ----- ------ ------
KXD22-01 17.7 39.0 21.3 0.010 38.9 1.99 0.00 0.08 358.7 226.1
------ ----- --------- ------ ----- ----- ----- ----- ------ ------
Including 20.4 33.8 13.4 0.012 54.3 2.96 0.01 0.09 436.5 219.7
------ ----- --------- ------ ----- ----- ----- ----- ------ ------
And 24.7 33.8 9.1 0.008 57.5 4.00 0.01 0.10 535.4 185.5
------ ----- --------- ------ ----- ----- ----- ----- ------ ------
And 41.9 42.4 0.5 0.005 32.5 0.41 0.02 0.19 225.0 70.0
------ ----- --------- ------ ----- ----- ----- ----- ------ ------
And 43.6 46.6 3.0 0.005 19.1 0.47 0.00 0.14 140.0 245.0
------ ----- --------- ------ ----- ----- ----- ----- ------ ------
And 53.3 64.6 11.3 0.024 22.1 1.09 0.01 0.17 144.0 95.1
------ ----- --------- ------ ----- ----- ----- ----- ------ ------
Including 53.3 55.2 1.8 0.009 16.5 1.23 0.01 0.12 55.8 272.0
------ ----- --------- ------ ----- ----- ----- ----- ------ ------
Including 56.7 58.5 1.8 0.018 41.4 2.31 0.01 0.28 185.3 90.0
------ ----- --------- ------ ----- ----- ----- ----- ------ ------
And 61.9 63.1 1.2 0.130 75.0 3.52 0.01 0.26 368.0 60.0
------ ----- --------- ------ ----- ----- ----- ----- ------ ------
KXD22-02 9.8 18.9 9.1 0.018 19.6 0.27 0.02 0.15 246.6 255.0
------ ----- --------- ------ ----- ----- ----- ----- ------ ------
Including 9.8 12.8 3.0 0.010 43.3 0.20 0.01 0.04 252.0 350.0
------ ----- --------- ------ ----- ----- ----- ----- ------ ------
And 55.8 57.8 2.0 0.130 11.5 0.30 0.01 0.02 3.0 10.0
------ ----- --------- ------ ----- ----- ----- ----- ------ ------
KXD22-03 0.0 7.3 7.3 0.195 20.2 2.17 0.01 0.94 217.7 90.4
------ ----- --------- ------ ----- ----- ----- ----- ------ ------
Including 4.0 7.3 3.4 0.345 24.2 4.08 0.00 1.86 272.8 88.2
------ ----- --------- ------ ----- ----- ----- ----- ------ ------
And 10.1 11.6 1.5 0.350 16.2 3.16 0.00 0.29 137.0 110.0
------ ----- --------- ------ ----- ----- ----- ----- ------ ------
And 15.2 27.4 12.2 0.339 14.5 1.05 0.01 0.26 161.1 71.0
------ ----- --------- ------ ----- ----- ----- ----- ------ ------
Including 19.2 25.9 6.7 0.519 10.0 1.26 0.00 0.17 79.0 60.2
------ ----- --------- ------ ----- ----- ----- ----- ------ ------
And 29.0 47.9 18.9 0.316 14.3 0.79 0.02 0.11 186.9 67.6
------ ----- --------- ------ ----- ----- ----- ----- ------ ------
Including 32.6 46.3 13.7 0.349 17.1 0.98 0.03 0.12 195.1 78.4
------ ----- --------- ------ ----- ----- ----- ----- ------ ------
And 55.5 63.2 7.8 0.248 12.1 0.49 0.02 0.23 222.6 39.0
------ ----- --------- ------ ----- ----- ----- ----- ------ ------
* Length along hole (not equivalent to true width).
Assay Quality Control
All PQ and HQ drill core is logged by Konnex personnel at
Phoenix's drill core facility located in Mackay, Idaho, USA. The
drill core is then sawed in half. One half is sent to a commercial
laboratory for assaying, and the other half is kept for future
reference. A strict QA/QC programme is in place by integrating
duplicates, blanks and certified reference standards into the core
sample sequence.
Qualified Person
The foregoing technical information 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 Company deems the information contained within this
announcement 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 the 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
Brittany Lock 7039
Richard Wilkins Tel: +1 208 794
8033
Tel: +44 7590
216 657
SP Angel (Nominated David Hignell / Caroline Rowe Tel: +44 20 3470
Adviser) 0470
------------------------------------ -----------------
Tavira Financial Jonathan Evans / Oliver Stansfield Tel: +44 20 7100
Limited (Joint Broker) 5100
------------------------------------ -----------------
WH Ireland (Joint Harry Ansell / Katy Mitchell Tel: +44 20 7220
Broker) 1666
------------------------------------ -----------------
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
------------------------------------ -----------------
BlytheRay 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.
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 programs
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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