TIDMPXC
RNS Number : 1257T
Phoenix Copper Limited
16 March 2023
Phoenix Copper Limited / Ticker: PXC / Sector: Mining
16 March 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 three 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 seventh, eighth and ninth
holes of the programme are listed in Table 1, including the
following highlights:
Hole KXD22-07B
o 24.38 m of 1.99% copper, 107.4 grammes/tonne ('g/t') silver,
247 ppm molybdenum, and 421 ppm tungsten starting at 12.80 m.
o Including 10.97 m averaging 3.94% copper, 214.5 g/t silver,
and 421 ppm tungsten from 21.49 m.
o And including 0.91 m of 10% copper from 25.76 m.
o And including 1.07 m of 12.80% copper from 26.67 m.
Hole KXD22-08
o 8.84 m of 0.73% copper, 43.1 g/t silver, 100 ppm molybdenum,
and 204 ppm tungsten starting at 17.68 m.
o Including 2.29 m averaging 2.33% copper and 142.3 g/t silver
from 17.68 m.
Hole KXD22-09
o 8.96 m of 0.62% copper and 0.78% zinc starting at 174.04
m.
o Including 1.37 m of 1.63% copper, 82.5 g/t silver, 0.51% lead,
3.43% zinc and 505 ppm molybdenum from 174.04 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 report the assay results from the final three metallurgical core
holes KXD22-07B, KXD22-08, and KXD22-09. All of the core samples
designated for metallurgical testing have now been shipped to the
metallurgical laboratory to complete the test program.
"The 2022 metallurgical drilling program 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 the
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 KXD22-07, holes KXD22-07B,
KXD22-08, and KXD22-09 continue to show robust metal values. Hole
KXD22-07B includes 80 feet (24.38 m) grading 1.99% copper and 107.4
g/t silver, including an impressive 36 feet (10.97 m) averaging
3.94% copper and 214.5 g/t silver (in which contains 3.6 feet (1.1
m) of 12.8% copper, and 9.8 feet (3.5 m) averaging 2.06 g/t gold
and 2.28% zinc). Holes KXD22-08 and KXD22-09 also returned robust
values, including 29 feet (8.84 m) of 0.73% copper and 43.1 g/t
silver, and 4.6 feet (1.37 m) of 1.63% copper and 82.5 g/t silver,
respectively.
"Most importantly, the intercepts in the drilling program thus
far are consistent with the team's expectations and meet the m
aterial type-grade-interval length necessary for the metallurgical
test work currently being undertaken.
"We look forward to reporting the results of the metallurgical
testing as they become available. We also look forward to reporting
the assay results for the Redstar/North Pit reverse-circulation
drilling completed in 2022. We expect those results to become
available in the near future."
Table 1 - Empire Drilling Results March 10, 2023
Drill Intersection Metres g/tonnes % % % ppm ppm
Hole
Number From To Interval* Au Ag Cu Pb Zn Mo W
------- ------- ---------- ------ ------ ------ ------ ----- ---- -----
KXD22-07B 12.80 37.19 24.38 0.015 107.4 1.99 0.008 0.05 247 421
------- ------- ---------- ------ ------ ------ ------ ----- ---- -----
including 21.49 22.86 1.37 0.010 97 2.36 0.004 0.01 32 540
------- ------- ---------- ------ ------ ------ ------ ----- ---- -----
23.01 23.93 0.91 0.010 104 2.24 0.005 0.04 259 210
------- ------- ---------- ------ ------ ------ ------ ----- ---- -----
23.93 24.99 1.07 0.040 302 5.77 0.012 0.02 211 2840
------- ------- ---------- ------ ------ ------ ------ ----- ---- -----
24.99 25.76 0.76 0.010 136 2.79 0.006 0.01 118 530
------- ------- ---------- ------ ------ ------ ------ ----- ---- -----
25.76 26.67 0.91 0.100 476 10.00 0.031 0.01 211 1650
------- ------- ---------- ------ ------ ------ ------ ----- ---- -----
26.67 27.74 1.07 0.005 691 12.8 0.025 0.03 445 700
------- ------- ---------- ------ ------ ------ ------ ----- ---- -----
27.74 29.11 1.37 0.030 173 2.08 0.014 0.06 427 110
------- ------- ---------- ------ ------ ------ ------ ----- ---- -----
29.11 31.09 1.98 0.020 96.2 0.72 0.013 0.05 459 210
------- ------- ---------- ------ ------ ------ ------ ----- ---- -----
31.09 32.61 1.52 0.010 65.1 1.71 0.007 0.04 698 140
------- ------- ---------- ------ ------ ------ ------ ----- ---- -----
KXD22-07B 41.45 58.22 16.76 0.019 17.2 0.81 0.210 0.17 324 149
------- ------- ---------- ------ ------ ------ ------ ----- ---- -----
including 41.45 43.28 1.83 0.005 6.5 1.07 0.004 0.09 195 150
------- ------- ---------- ------ ------ ------ ------ ----- ---- -----
43.28 44.81 1.52 0.010 17.6 1.36 0.501 0.33 963 170
------- ------- ---------- ------ ------ ------ ------ ----- ---- -----
44.81 46.63 1.83 0.005 1.2 0.10 0.002 0.01 139 80
------- ------- ---------- ------ ------ ------ ------ ----- ---- -----
46.63 48.16 1.52 0.005 10.6 0.68 0.002 0.20 99 110
------- ------- ---------- ------ ------ ------ ------ ----- ---- -----
48.16 49.38 1.22 0.010 7.1 0.83 0.002 0.10 542 280
------- ------- ---------- ------ ------ ------ ------ ----- ---- -----
49.38 50.60 1.22 0.010 8.5 0.45 0.006 0.09 167 170
------- ------- ---------- ------ ------ ------ ------ ----- ---- -----
50.60 51.66 1.07 0.050 27.4 3.02 0.010 0.09 211 180
------- ------- ---------- ------ ------ ------ ------ ----- ---- -----
51.66 53.19 1.52 0.030 7 1.03 0.004 0.16 730 290
------- ------- ---------- ------ ------ ------ ------ ----- ---- -----
including 55.17 56.69 1.52 0.040 70.1 0.52 0.939 0.43 233 110
------- ------- ---------- ------ ------ ------ ------ ----- ---- -----
56.69 58.22 1.52 0.050 26.6 0.34 0.765 0.26 225 70
------- ------- ---------- ------ ------ ------ ------ ----- ---- -----
KXD22-07B 81.38 100.28 18.90 0.421 5.5 0.09 0.006 1.71 55 13
------- ------- ---------- ------ ------ ------ ------ ----- ---- -----
including 87.36 88.09 0.73 0.060 3.3 0.09 0.005 2.37 48 20
------- ------- ---------- ------ ------ ------ ------ ----- ---- -----
88.09 89.61 1.52 0.030 9.5 0.17 0.003 4.54 95 20
------- ------- ---------- ------ ------ ------ ------ ----- ---- -----
89.61 91.44 1.83 0.320 3.8 0.02 0.004 3.58 27 20
------- ------- ---------- ------ ------ ------ ------ ----- ---- -----
91.44 92.96 1.52 2.890 3.8 0.02 0.004 2.48 18 10
------- ------- ---------- ------ ------ ------ ------ ----- ---- -----
92.96 94.49 1.52 1.230 4.5 0.02 0.005 2.08 31 5
------- ------- ---------- ------ ------ ------ ------ ----- ---- -----
KXD22-08 17.68 26.52 8.84 0.032 43.1 0.73 0.004 0.03 100 204
------- ------- ---------- ------ ------ ------ ------ ----- ---- -----
including 17.68 18.75 1.07 0.130 205 3.52 0.010 0.04 230 130
------- ------- ---------- ------ ------ ------ ------ ----- ---- -----
18.75 19.96 1.22 0.060 87.5 1.28 0.009 0.03 80 50
------- ------- ---------- ------ ------ ------ ------ ----- ---- -----
KXD22-09 174.04 183.00 8.96 0.195 22.0 0.62 0.084 0.78 86 25
------- ------- ---------- ------ ------ ------ ------ ----- ---- -----
including 174.04 175.41 1.37 0.100 82.5 1.63 0.509 3.43 505 70
------- ------- ---------- ------ ------ ------ ------ ----- ---- -----
175.41 177.24 1.83 0.040 15.9 0.33 0.004 0.06 8 10
------- ------- ---------- ------ ------ ------ ------ ----- ---- -----
177.24 178.77 1.52 0.100 20.5 0.86 0.025 0.79 35 60
------- ------- ---------- ------ ------ ------ ------ ----- ---- -----
178.77 179.98 1.22 0.140 3.1 0.15 0.002 0.35 2 5
------- ------- ---------- ------ ------ ------ ------ ----- ---- -----
* Length along hole (not necessarily equivalent to true
width).
**KXD22-07 was terminated in a historical mine working at 18.3m:
KXD-22-7B was drilled at a different dip.
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.
Two of the standards inserted in the KXD22-08 sample exceeded
the 3 standard deviations limit, one of which followed a high-grade
copper intercept. Consistent with that protocol, the Company has
instructed the laboratory to re-run 10 sample intervals immediately
preceding the standards and 10 sample intervals immediately
following the standards. The Company will report any significant
variances that may exist following the completion of the assay
re-runs.
Qualified Person
The foregoing technical information in this news release has
been reviewed and verified by Zachary J. Black, SME-RM. 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.
Diamond core drilling was conducted by AK Drilling of Butte,
Montana, and was supervised by the Konnex exploration team. All
assays reported are uncut unless otherwise stated. Samples reported
herein were assayed by ALS USA, Inc. of Reno, Nevada which is
independent of Phoenix. All HQ core assays reported were obtained
using a four-acid digestion and ICP-AES finish with overruns
completed on values exceeding 10,000 ppm for Cu, Zn, and Pb and 100
g/t for Ag. The only exception being that Au assays reported were
obtained using a fire assay with AA-finish or using gravimetric
finish for values over 100.0 g/t Au.
Intercepts cited do not necessarily represent true widths,
unless otherwise noted, however, drilling is generally intersecting
interpreted mineralized zones at angles between +/-30deg. True
width determinations are not estimated due to the irregular shape
of the skarn mineralization.
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 programmes
which have defined a NI 43-101 completed PEA (preliminary economic
assessment) for an open pit heap leach solvent extraction and
electrowinning ("SX-EW") mine, which was updated in October 2020.
From the 2020 PEA, the measured and indicated resource is:
22,909,059 tonnes at an average grade of 0.38% copper, 0.324 g/t
gold, 10.3 g/t silver, and 0.19% zinc. The contained metal for the
measured and indicated resource is 87,543 tonnes of copper, 238,406
ounces of gold, 7,595,198 ounces of silver and 43,871 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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