TIDMPXC
RNS Number : 5694L
Phoenix Copper Limited
04 January 2023
Phoenix Copper Limited / Ticker: PXC / Sector: Mining
4 January 2023
Phoenix Copper Limited
('Phoenix' or the 'Company')
Additional Results of Metallurgical Core Drilling at the Empire
Open Pit Copper Project, Idaho
Phoenix Copper Ltd (AIM: PXC, OTCQX: PXCLY), the AIM-quoted USA
focused base and precious metals emerging producer and exploration
company is pleased to report the assay results from a further two
metallurgical core holes at its Empire Open Pit Copper Project, in
Custer County, Idaho, USA (the 'Empire Open Pit'). 1,077 metres
('m') of a planned 1,500 m metallurgical core drilling programme
were completed during 2022 and will provide samples and technical
information for further metallurgical testing, geotechnical
studies, and geological modeling.
Significant drill results from the fourth and fifth holes of the
programme are listed in Table 1, including the following
highlights:
Hole KXD22-04
-- 11.00 m of 1.59% copper, 45.60 grammes / tonne ('g/t')
silver, and 0.37% zinc starting at the surface
o Including 5.20 m of 2.00% copper and 56.30 g/t silver from the
surface
o And including 1.20 m of 5.19% copper, 149.00 g/t silver, and
1.61% zinc from 9.80 m
-- And 0.60 m of 2.55% copper and 58.80 g/t silver from 12.80 m
-- And 2.70 m of 0.597 g/t gold and 13.60 g/t silver from 80.30 m
Hole KXD22-05
-- 17.70 m of 0.59% copper, 20.10 g/t silver, and 0.39% zinc starting at a depth of 22.60 m
o Including 1.20 m of 7.43 g/t gold and 10.50 g/t silver from
29.30 m
o And including 3.40 m of 1.98% copper, 0.32 g/t gold, 60.30 g/t
silver, and 0.90% zinc from 35.40 m
The 2022 metallurgical exploration programme was designed to
collect material from each of the metallurgical domains, to
evaluate the metallurgical variability within the Empire Open Pit,
while improving the understanding of the geologic and structural
controls on mineralisation. The results continue to confirm the
continuity of mineralisation, which appears along structures
striking northeast and dipping steeply to the southeast. The
Phoenix team is assessing these results for inclusion in updated
geological models and to target additional drilling programmes.
Ryan McDermott, Chief Executive Officer, said, "We are pleased
to announce the assays from the fourth and fifth metallurgical core
holes drilled in 2022. Holes KXD22-04 and KXD22-05 represent 551.5
feet (168.1 metres) of the nine-hole drilling program. Drilling
commenced in early June and assay certificates for holes four and
five were received in late December. The Phoenix team targeted
specific zones within the Empire 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, which may enable us to bring
forward production of gold and silver, currently scheduled as a
second phase of the Empire Open Pit project.
"Consistent with the copper, gold, and silver values previously
reported for holes KXD22-01 through KXD22-03, holes KXD22-04 and
KXD22-05 show equally robust values including 11 metres grading
1.59% copper and 45.60 g/t silver in KXD22-04 and 17.70 metres of
0.59% copper and 20.10 g/t silver, including 1.20 metres of 7.43
g/t gold. Most importantly, the intercepts in the first five holes
of the program meet the ore type-grade-interval length necessary
for the metallurgical test work currently being undertaken.
" The metallurgical testing program is progressing as planned;
however, assay results are taking longer than originally
anticipated due to laboratory backlog.
"We look forward to reporting additional assays from this year's
drilling as they become available and appreciate everyone's
patience while the assay laboratory clears the sample backlog."
Table 1 - Empire Drilling Results December 23, 2022
Drill Hole Intersection Metres g/tonnes % % % ppm ppm
Number From To Interval Au Ag Cu Pb Zn Mo W
------ ------ --------- ------ ------ ----- ----- ----- ------ ------
KXD22-04 0 11.0 11.0 0.072 45.6 1.59 0.03 0.37 31.4 168.9
------ ------ --------- ------ ------ ----- ----- ----- ------ ------
including 0 5.2 5.2 0.114 56.3 2.00 0.01 0.08 10.6 157.7
------ ------ --------- ------ ------ ----- ----- ----- ------ ------
including 9.8 11 1.2 0.090 149.0 5.19 0.17 1.61 126.0 110.0
------ ------ --------- ------ ------ ----- ----- ----- ------ ------
and 12.8 13.4 0.6 0.050 58.8 2.55 0.01 0.08 27.0 60.0
------ ------ --------- ------ ------ ----- ----- ----- ------ ------
and 31.2 34.7 3.5 0.094 13.6 0.84 0.01 0.11 58.7 40.9
------ ------ --------- ------ ------ ----- ----- ----- ------ ------
and 46.6 52.7 6.1 0.028 0.6 0.00 0.00 0.01 435.6 11.5
------ ------ --------- ------ ------ ----- ----- ----- ------ ------
and 80.3 83.1 2.7 0.597 13.6 0.17 0.04 0.32 230.4 120.6
------ ------ --------- ------ ------ ----- ----- ----- ------ ------
and 90.8 92.4 1.5 0.110 15.5 0.08 0.01 0.04 337.0 90.0
------ ------ --------- ------ ------ ----- ----- ----- ------ ------
and 107.4 109.9 2.4 0.020 38.4 0.03 0.01 0.02 63.0 420.0
------ ------ --------- ------ ------ ----- ----- ----- ------ ------
KXD22-05 22.6 40.2 17.7 0.645 20.1 0.59 0.05 0.39 54.9 47.1
------ ------ --------- ------ ------ ----- ----- ----- ------ ------
including 23.9 25.3 1.4 0.140 40.1 0.64 0.01 0.38 157.0 110.0
------ ------ --------- ------ ------ ----- ----- ----- ------ ------
including 29.3 30.5 1.2 7.430 10.5 0.14 0.00 0.24 9.0 10.0
------ ------ --------- ------ ------ ----- ----- ----- ------ ------
including 35.4 38.7 3.4 0.320 60.3 1.98 0.24 0.90 160.0 100.0
------ ------ --------- ------ ------ ----- ----- ----- ------ ------
and 49.4 57.0 7.6 0.110 4.4 0.16 0.05 0.38 26.0 32.4
------ ------ --------- ------ ------ ----- ----- ----- ------ ------
including 49.4 50.4 1.1 0.140 19.4 0.67 0.31 1.53 31.0 110.0
------ ------ --------- ------ ------ ----- ----- ----- ------ ------
* 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 cut 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 / Kasia Brzozowska 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 out 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 inferred 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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END
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