TIDMPXC
RNS Number : 4549M
Phoenix Copper Limited
12 January 2023
Phoenix Copper Limited / Ticker: PXC / Sector: Mining
12 January 2023
Phoenix Copper Limited
('Phoenix' or the 'Company')
Further 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'). As announced on
4 January 2023, 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 sixth and seventh holes of
the programme are listed in Table 1, including the following
highlights:
Hole KXD22-06
-- 56.70 metres ('m') of 0.54% copper, 19.90 grammes / tonne
('g/t') silver, and 0.73% zinc starting at the surface
o including 17.10 m of 1.11% copper and 22.90 g/t silver from
the surface
o and including 5.90 m of 1.38% copper and 23.40 g/t silver from
6.60 m
o and including 3.20 m of 0.49 g/t gold from 15.50 m
o and including 12.50 m of 0.62% copper, 24.60 g/t silver, and
1.28% zinc from 20.70 m
o and including 1.70 m of 0.75 g/t gold from 20.70 m
o and including 15.00 m of 0.47% copper, 27.80 g/t silver, and
1.52% zinc from 24.20 m
Hole KXD22-07
-- 1.50 m of 0.93% copper, 33.90 g/t silver, and 490 ppm tungsten starting at a depth of 9.80 m
-- 2.80 m of 2.15% copper and 125.30 g/t silver from 15.50 m
o including 1.20 m of 4.49% copper and 269.10 g/t silver from
17.10 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 targeting additional drilling.
Ryan McDermott, Chief Executive Officer, said, "We are pleased
to announce the assay results from metallurgical core hole
KXD22-06, and from the top 71 feet (21.64 m) of hole KXD22-07.
KXD22-07 was terminated early, at a depth of 71 feet, after
encountering historical underground workings. Hole 7 was redrilled
as KXD22-07B to a depth of 432.5 feet (132 m). Assays for KXD22-07B
are pending.
"Hole KXD22-06 represents 817 feet (249 m) of the nine-hole
drilling program. Drilling commenced in early June and assay
certificates for holes six and seven were received in early
January. In developing the 2022 Metallurgical Drilling Program, 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 KXD22-05, hole KXD22-06 and the
upper portion of KXD22-07 continues to show robust metal values
including 56.70 m grading 0.54% copper, 19.90 g/t silver, and 0.73%
zinc from the surface in KXD22-06, and 2.80 m of 2.15% copper and
125.30 g/t silver in KXD22-07. Most importantly, the intercepts in
the drilling program thus far are consistent with the team's
expectations and 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, as previously communicated, assay results are taking
longer than originally anticipated due to laboratory backlog.
"We look forward to reporting additional assays from the program
as they become available and appreciate everyone's patience while
the assay laboratory continues to make headway on the sample
backlog."
Table 1 - Empire Drilling Results January 10, 2023
Drill Hole Intersection Metres g/tonnes % % % ppm ppm
Number From To Interval* Au Ag Cu Pb Zn Mo W
----- ----- ---------- ------ ------ ----- ----- ----- ------ ------
KXD22-06 0 56.7 56.7 0.194 19.9 0.54 0.03 0.73 49.1 103.2
----- ----- ---------- ------ ------ ----- ----- ----- ------ ------
including 0 33.2 33.2 0.184 21.4 0.83 0.01 0.65 52.6 113.4
----- ----- ---------- ------ ------ ----- ----- ----- ------ ------
including 0 17.1 17.1 0.087 22.9 1.11 0.01 0.26 60.5 97.4
----- ----- ---------- ------ ------ ----- ----- ----- ------ ------
including 6.6 12.5 5.9 0.048 23.4 1.38 0.01 0.30 106.9 153.6
----- ----- ---------- ------ ------ ----- ----- ----- ------ ------
including 15.5 18.7 3.2 0.495 11.9 0.55 0.00 0.43 55.1 91.9
----- ----- ---------- ------ ------ ----- ----- ----- ------ ------
including 20.7 33.2 12.5 0.296 24.6 0.62 0.01 1.28 46.0 144.8
----- ----- ---------- ------ ------ ----- ----- ----- ------ ------
including 20.7 22.4 1.7 0.750 3.8 0.19 0.00 0.40 37.0 40.0
----- ----- ---------- ------ ------ ----- ----- ----- ------ ------
including 24.2 39.2 15.0 0.157 27.8 0.47 0.02 1.52 41.7 130.2
----- ----- ---------- ------ ------ ----- ----- ----- ------ ------
including 24.2 31.5 7.3 0.245 25.8 0.78 0.01 1.38 45.8 196.7
----- ----- ---------- ------ ------ ----- ----- ----- ------ ------
including 39.2 43.9 4.7 0.423 32.5 0.32 0.22 0.80 58.1 135.5
----- ----- ---------- ------ ------ ----- ----- ----- ------ ------
including 47.1 48.8 1.7 0.380 6.2 0.06 0.01 0.53 74.0 150.0
----- ----- ---------- ------ ------ ----- ----- ----- ------ ------
including 50.3 56.7 6.4 0.263 6.6 0.17 0.01 0.44 11.7 24.8
----- ----- ---------- ------ ------ ----- ----- ----- ------ ------
And 59.7 70.4 10.7 0.100 7.7 0.17 0.02 0.59 33.7 22.1
----- ----- ---------- ------ ------ ----- ----- ----- ------ ------
And 68.9 75 6.1 0.240 13.2 0.29 0.01 0.35 10.8 50.0
----- ----- ---------- ------ ------ ----- ----- ----- ------ ------
including 71.9 75 3.1 0.285 12.2 0.26 0.00 0.13 7.0 70.0
----- ----- ---------- ------ ------ ----- ----- ----- ------ ------
And 93.6 96.6 3.0 0.105 10.3 0.36 0.01 0.15 30.0 60.0
----- ----- ---------- ------ ------ ----- ----- ----- ------ ------
KXD22-07** 9.8 11.3 1.5 0.030 33.9 0.93 0.01 0.02 42.0 490.0
----- ----- ---------- ------ ------ ----- ----- ----- ------ ------
And 15.5 18.3 2.8 0.018 125.3 2.15 0.01 0.01 87.0 165.6
----- ----- ---------- ------ ------ ----- ----- ----- ------ ------
including 17.1 18.3 1.2 0.040 269.1 4.49 0.01 0.01 52.0 260.0
----- ----- ---------- ------ ------ ----- ----- ----- ------ ------
* Length along hole (not necessarily equivalent to true
width).
** KXD22-07 was terminated in a historical mine working at 18.3
m. KXD22-07B was collared and redrilled the original hole. Assay
results are pending.
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, 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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