TIDMPXC
RNS Number : 1432G
Phoenix Copper Limited
17 July 2023
Phoenix Copper Limited / Ticker: PXC / Sector: Mining
17 July 2023
Phoenix Copper Limited
("Phoenix" or the "Company")
Navarre Creek Drilling Programme
First Drill Programme at the Navarre Creek Project is now
Underway
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 2023 drilling
programme is now underway at the Navarre Creek exploration project
in Custer County, Idaho.
The 2023 drilling programme marks a new phase of work on the
gold exploration project located approximately five kilometres
('km') west of the Company's Empire Mine copper oxide deposit.
The 2023 Navarre Creek drilling programme is scheduled to
comprise up to 60 reverse-circulation ('RC') drill holes from 30
drill pads ("Drill Programme") located at targets throughout the
Navarre Creek claim block.
The programme is expected to build on the Company's current
understanding of the area from previous exploration activities
including geologic mapping, surface geochemistry, airborne
hyperspectral mineral imaging, and geomagnetic ground surveys.
Ryan McDermott, Chief Executive Officer, said: "Based on our
team's exploration work up to this point, the results of the
fieldwork conducted at Navarre Creek are extremely prospective. The
area exhibits geological traits consistent with hydrothermal
precious metal deposition common in volcanic terrains in the
Western United States. These geological characteristics, along with
the area's hydrothermally altered brecciated sedimentary units,
make Navarre Creek a primary target for precious metal exploration.
As always, I look forward to reporting assay results as soon as
they are available.
Background on Navarre Creek
During the 2021 field season, Phoenix contracted Magee
Geophysical Services to acquire approximately 169 line-km of total
field magnetic measurements at the Company's Navarre Creek project
and SpecTIR, LLC of Reno, Nevada to complete an airborne
hyperspectral survey of the same Navarre Creek area to identify
prospective exploration targets in an area, many of which are
largely concealed by glacial till.
The ground magnetics survey looked specifically for magnetite
and magnetic-bearing minerals, some of which have been identified
in limited outcroppings, while the hyperspectral imaging helps to
identify alteration minerals often associated with precious metal
deposition.
Hyperspectral imaging incorporates a small airplane with mounted
infrared lights and sensors to detect a wide range of wavelengths,
mineral absorption and reflectance within the target area. The
wavelength data collected in this survey are VNIR (Visible and
Near-Infrared), SWIR (Short-Wave Infrared), and LWIR (Long-Wave
Infrared). The human eye can detect wavelengths (colours) from 390
nanometers ('nm') to 700nm. The VNIR and SWIR sensors collected
wavelength data from 390nm to 2,450nm, while the LWIR sensors
ranged from 8,000nm to 12,000nm.
The Navarre Creek project is located within an intrusive dome
complex, where the magnetic components in overlying volcanic
lithologies are destroyed by silicic alteration associated with
steam-heated, acidic, and oxidised hydrothermal fluids. The survey
highlighted several such areas including the Lehman Creek fault,
one or more porphyry plugs, and several contacts/faults.
The survey identified volcanic associated alteration that is
both acidic and of fairly high temperature as evidenced by
pyrophyllite and dickite. As would be expected in the Challis
Volcanic Field, the white mica is Al-rich (paragenetic) and also
shows zoned crystallinity patterns, typical of intermediate-to-high
sulfidation systems and is likely proximal to a magmatic heat
source. The presence of iron oxide associated with some of these
zones adds prospectivity. The alteration pattern is useful in
developing an exploration model to optimise future drill
targets.
During the summer of 2020, Konnex Resources' exploration team
previously mapped and sampled the Company's Navarre Creek gold
property, which was then comprised of 2,420 acres of unpatented
mining claims, located approximately 5km north-northwest of the
Empire Mine. 90 rock chip and grab samples were collected in the
hydrothermally altered volcanic rocks that make up the Navarre
Creek claims and sent to ALS Laboratories in Reno, USA for
geochemical analysis.
Of the 90 samples, 53 were above the detection limit for gold
with a high of 0.569 grammes per tonne ('g/t'), and 25 above the
detection limit for silver. There was also a strong correlation
between elevated gold values and elevated antimony values, typical
of epithermal gold and silver systems in the western US. With the
exception of one sample, all samples with a gold value greater than
0.1 g/t occurred within the same alteration type, that being
predominantly a jasperoid-hosted quartz stockwork and micro-veining
system. This provides valuable information for future sampling and
drill targeting. The quartz stockworking and micro-veining appear
to occur predominantly in felsic volcanic tuff units in the Navarre
Creek area. One anomalous sample, 32519, registered a gold value of
0.387 g/t, in a magnetite skarn sample located on the southern end
of the Navarre Creek claim block where the skarn body is exposed as
subcrop through the surface volcanics tuffs. Additionally, the
presence of limestone in surface float near the skarn sample
location is evidence that the Paleozoic sedimentary rocks that
occur at the Empire Mine may be near the surface. The Empire
orebody is partly comprised of a magnetite skarn body hosted in
Paleozoic limestone. It was also noted that volcanic outcropping
across the Navarre Creek area is strongly weathered and highly
leached to depths of two to four metres.
The Navarre Creek claim block now covers 3,577 acres (14.48
km(2)), representing over 6km of prospective strike length,
including an area of secondary alteration thought to be epithermal
in nature, with over 2.5km of highly brecciated, west-trending
jasperoid intersecting argillically and silicically altered Eocene
Challis volcanics.
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 Ryan McDermott Tel: +1 208
Limited Brittany Lock 954 7039
Richard Wilkins Tel: +1 208
794 8033
Tel: +44 7590
216 657
SP Angel (Nominated David Hignell / Kasia Brzozowska Tel: +44 20
Adviser) 3470 0470
----------------------------------- ---------------
Tavira Financial Jonathan Evans / Oliver Stansfield Tel: +44 20
Limited (Joint 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 la Tel: +1 (646)
(US Corporate Rambelje 495-2225
Adviser)
----------------------------------- ---------------
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 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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