TIDMPXC
RNS Number : 0863S
Phoenix Copper Limited
12 July 2022
Phoenix Copper Limited / Ticker: PXC / Sector: Mining
12 July 2022
Phoenix Copper Limited
("Phoenix" or the "Company")
2022 Drilling Programme Underway at Empire
Phoenix Copper Ltd (AIM: PXC, OTCQX: PXCLF), the AIM quoted USA
focused base and precious metals emerging producer and exploration
company, is pleased to announce that the Company's 2022 drilling
programme is underway at the Empire Mine Project in Idaho, USA.
The 2022 drilling programme is expected to further Phoenix's
understanding of Ammonium Thiosulfate ("ATS") as a non-toxic,
environmentally friendly reagent for the recovery of copper, gold,
silver, and zinc from the Empire open pit resource. The Company
will also examine the possibility of bringing forward the
production of precious metals. In addition to the collection of
PQ-diameter core samples (85 millimetres) for metallurgical
testing, geotechnical data for enhanced pit slope stability studies
and resource assaying for enhanced continuity of copper, gold,
silver, and zinc grades will be gathered from the same core.
Following the PQ-core drilling in the Empire open pit, the drill
rig will move to the Red Star silver-lead resource and the Empire
deep sulphide target to conduct further exploratory drilling
through to late autumn.
In addition to the drilling programme, the Company is completing
ongoing open pit engineering trade-off studies for further economic
and environmental optimisation as part of the feasibility study
process.
Ryan McDermott, CEO of Phoenix Copper Limited, said : "Our 2022
drilling season kicked off as scheduled in early June with the
arrival of a core drilling rig capable of drilling PQ-diameter
core. The drilling program will initially focus on collecting core
samples for metallurgical and geotechnical studies from the Empire
open pit, which remains our flagship project. 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. Once the Empire open pit drilling is completed, the rig
will begin further exploratory drilling in the Red Star and Empire
Sulphides areas. We are actively searching for further drilling
capacity for this season and will contract additional drill rigs
when and if they become available.
"The Empire Open Pit Feasibility study remains in progress
whilst our engineers complete further trade-off and optimization
studies. The global volatility in pricing for everything from
structural steel to chemical reagents has also slowed progress on
the study. However, we are receiving some indications that markets
are slowly calming and supply backlogs are shortening.
"The Phoenix team is continuing to focus on what we know and
what we can control. We know that the Empire open pit copper mine
is ideally suited to provide copper for the world's transition to
clean energy and, as a result, will be in high demand in the coming
years. Our team is working diligently to collect the necessary
data, permits, and funds so that we can advance the project in a
way which will be most economic, while minimizing our environmental
footprint. I look forward to providing updates on the 2022 drilling
program and progress on the feasibility study and engineering."
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.
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 / Katy Mitchell Tel: +44 20
Broker) 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/
END
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