TIDMPXC
RNS Number : 3540V
Phoenix Copper Limited
14 April 2021
Phoenix Copper Limited / Ticker: PXC / Sector: Mining
14 April 2021
Phoenix Copper Limited
("Phoenix" or the "Company")
Land holdings increased by 1,160-acres at Empire Mine, Idaho
Phoenix Copper Ltd (AIM: PXC, OTCQX: PXCLF), the AIM quoted
North American focused base and precious metals emerging producer
and exploration company, is pleased to announce the addition of 58
unpatented lode claims and 56 unpatented mill site claims to the
Empire Mine claim group to expand the operational footprint of the
proposed ore haulage route and processing area. The Company's land
holdings can be viewed on the Phoenix website at
www.phoenixcopperlimited.com .
Ryan McDermott, Chief Executive Officer, commented:
"We recently added 1,160-acres of unpatented claims to the
Empire claim group. The additional acreage is comprised of 58 lode
claims and 56 mill site claims located east of the Empire Mine on
lands between the proposed open-pit and the processing area. These
additional claims will allow us to make adjustments in the size and
position of the haulage routes and ancillary processing areas, and
as our engineers work through the design planning phase and adjust
for topography, slope, and other design parameters.
"The addition of the new claims has increased the Company's
total holdings from 5,717-acres to 6,877-acres."
Empire Mine Polymetallic Open Pit Oxide Deposit - Mackay,
Idaho
In October 2020, an updated NI 43-101 compliant resource was
completed by Hardrock Consulting (HRC) and reported for the
polymetallic Empire Mine open pit oxide deposit. The updated
resource showed a 51% increase in the Measured and Indicated
category from the previous year's resource. Including the Inferred
resources, the Empire open-pit oxide deposit now contains 129,641
tonnes of copper, 58,440 tonnes of zinc, 10,133,772 ounces of
silver and 355,523 ounces of gold.
Phoenix is making progress with the feasibility and permitting
of the polymetallic resource, most recently completing three years
of environmental studies directly applicable to the permitting and
mine planning. Discussions are underway with potential debt
financiers to construct the project, with a production target for
late 2022.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
Contacts
For further information please visit
www.phoenixcopperlimited.com or contact:
Phoenix Copper Ryan McDermott Tel: +1 208
Limited Dennis Thomas 954 7039
Richard Wilkins Tel: +44 7827
290 849
Tel: +44 7590
216 657
SP Angel (Nominated David Hignell / Caroline Tel: +44 20
Adviser) Rowe 3470 0470
----------------------------------- ---------------
Brandon Hill Jonathan Evans / Oliver Stansfield Tel: +44 20
Capital (Joint 3463 5000
Broker)
----------------------------------- ---------------
WH Ireland (Joint Harry Ansell / Adam Pollock Tel: +44 207
Broker) / Katy Mitchell 2201666
----------------------------------- ---------------
Panmure Gordon John Prior / Hugh Rich / Tel: +44 20
(UK) Limited Ailsa Macmaster 7886 2500
(Joint Broker)
----------------------------------- ---------------
EAS Advisors Matt Bonner / Rogier de la Tel: +1 (646)
(US Corporate Rambelje 495-2225
Adviser)
----------------------------------- ---------------
Blytheweigh Tim Blythe / Megan Ray Tel: +44 20
(Financial PR) 7138 3204
----------------------------------- ---------------
Notes
Phoenix Copper Limited is a North American focused, base and
precious metal emerging producer and exploration company, which has
carried out a drilling programme and generated a copper, gold,
silver and zinc resource on which it is carrying out a feasibility
study to bring the historically producing Empire Mine in Idaho,
USA, back into production. It is also evaluating the silver and
gold resources around three other past producing mines within the
27.8 km (2) Empire claims block as well as cobalt in two claims
blocks north of Empire in Idaho.
Phoenix's primary operations are focused near Mackay, Idaho in
the Alder Creek mining district. This district includes the
historical Empire, Horseshoe, White Knob and Blue Bird Mines, past
producers of copper, gold, silver, zinc, lead and tungsten from
underground mines in the first half of the twentieth century.
Additionally, the district includes Navarre Creek a Carlin-trend
gold discovery which hosts a 6.1 km gold strike length within a 9.8
km(2) area.
Phoenix acquired an 80% interest in the historical Empire Mine
property in 2017 and, based on a total of 320 drill holes, an oxide
resource was completed in late 2017. A NI 43-101 compliant PEA
(preliminary economic assessment) for an open pit heap leach
solvent extraction and electrowinning ("SX-EW") mine was completed
in April 2018. In 2018 a further 8,600 metres in 93 holes was
completed to upgrade the oxide resources, provide samples for
ongoing metallurgical test work, geotechnical and hydrological
studies and condemnation drilling for the heap leach pad site,
waste dump and plant site. An updated NI 43-101 compliant resource
was completed in early May 2020 and October 2020 for all metals.
Present contained metal in all NI 43-101 compliant categories of
resources, measured, indicated and inferred, stand at 355,523
ounces of gold, 129,641 tonnes of copper, 10,133,772 ounces of
silver and 58,440 tonnes of zinc. Following the latest NI 43-101
compliant resource, Phoenix updated its economic model in February
2021 to include the processing of all contained metals through a
two phased approach.
Since acquiring the Empire project, Phoenix has increased the
claim area from 818 acres to 5,717 acres, mainly to the northwest
and west, and in so doing has increased the potential for
additional oxide and sulphide copper resources, as well as the
potential for stand-alone gold and silver resources, along a strike
length of approximately 5.4 km towards the other brownfield mines
of the Horseshoe, White Knob and Blue Bird Mines now within the
property boundary. In particular, a new discovery at Red Star, 330
metres north west of the Empire Mine proposed open pit, has
revealed sulphide ore and from three shallow exploration drill
holes a NI 43-101 compliant maiden resource of 1.6 million silver
equivalent ounces was reported.
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.
More details on the Company, its assets and its objectives can
be found on PXC's website at www. phoenixcopperlimited.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCBUGDSSUBDGBX
(END) Dow Jones Newswires
April 14, 2021 02:00 ET (06:00 GMT)
Phoenix Global Mining (LSE:PGM)
Historical Stock Chart
From Mar 2024 to Apr 2024
Phoenix Global Mining (LSE:PGM)
Historical Stock Chart
From Apr 2023 to Apr 2024