TIDMPXC
Phoenix Copper Limited
20 April 2022
Phoenix Copper Limited / Ticker: PXC / Sector: Mining
20 April 2022
Phoenix Copper Limited
('Phoenix' or the 'Company')
Phoenix Copper Applauds Use of Defense Production Act
Phoenix Copper Limited (AIM: PXC, OTCQX ADR: PXCLY), the
AIM-quoted USA-focused base and precious metals emerging producer
and exploration company, is pleased to see the President of the
United States prioritizing and encouraging the domestic production
of critical minerals, including copper and cobalt, for electric
vehicles, defence systems and other technologies. Phoenix Copper
Limited is the 80% owner of the historically producing Empire
copper mine, as well as 100% owner of two exploration properties on
the Idaho Cobalt Belt. The Company is eager to continue working
toward development at these projects which will help contribute to
the United States' energy independence goals.
President Biden recently invoked the Defense Production Act,
stating that the directive will help secure American supply chains
for the critical materials that support national defence, electric
vehicles and storage of renewable energy. According to The White
House, the directive will support U.S. production and processing of
minerals and materials used for large capacity batteries, in
particular those used in electric vehicles and in the
infrastructure required to power and charge those vehicles. These
metals include lithium, nickel, cobalt, and copper.
Ryan McDermott, CEO of Phoenix Copper Limited, said : "When the
President of the United States authorized the Defense Production
Act, it sent a signal that the Biden Administration has recognized
that a secure, clean energy future is only possible if the country
utilizes the abundance of minerals it has to offer. That step
forward is encouraging to companies, like Phoenix, that are working
to responsibly provide the materials that make our modern lives
possible. Through our projects in Idaho, Phoenix has the chance to
help the United States achieve its goal of reducing reliance on
China and other countries, while safeguarding the nation's lands,
waters, and wildlife."
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 Rowe Tel: +44 20
Finance LLP (Nominated 3470 0470
Adviser)
Tavira Securities Jonathan Evans / Oliver Stansfield Tel: +44 20
Limited (Joint 7100 5100
Broker)
WH Ireland (Joint Harry Ansell / Adam Pollock Tel: +44 20
Broker) / Katy Mitchell 7220 1666
Panmure Gordon John Prior / Hugh Rich / Ailsa Tel: +44 20
(UK) Limited (Joint Macmaster 7886 2500
Broker)
EAS Advisors (US Matt Bonner / Rogier de la Tel: +1 (646)
Corporate Adviser) Rambelje 495-2225
BlytheRay Tim Blythe / Megan Ray Tel: +44 20
(Financial PR) 7138 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 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 Metals (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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