TIDMPXC
RNS Number : 1915L
Phoenix Copper Limited
04 September 2023
Phoenix Copper Limited / Ticker: PXC / Sector: Mining
4 September 2023
Phoenix Copper Limited
('Phoenix' or the 'Company')
Results of Metallurgical Testing at Empire Mine, Idaho
& Drilling Update at Navarre Creek
Phoenix Copper Ltd (AIM: PXC, OTCQX: PXCLY), the AIM-quoted
USA-focused base and precious metals emerging producer and
exploration company is pleased to announce the results of its
metallurgical testing of Empire Mine ('Empire') open pit oxide
material. The test work, completed by Resource Development
Inc/Forte Dynamics of Wheat Ridge, Colorado ('Forte'), has further
demonstrated the robust copper, gold, and silver recoveries
possible at Empire using non-cyanide leaching technologies.
Forte has completed test work consisting of crushing, grinding,
flotation, and both sulphuric acid and ammonium thiosulfate ('ATS')
leaching on drill core composites collected from the 2022 Empire
Mine metallurgical core drilling programme. While testing the use
of ATS as a prospective sole reagent on material representative of
the Empire Mine deposit, Forte also tested and developed flow
sheets for flotation alone, as well as the hybrid processes of
flotation followed by sulphuric acid leaching and flotation
followed by ATS leaching to recover gold, silver, and copper.
The results of the test work to date have identified two
potential processes which merit further optimisation, namely
flotation plus ATS and flotation plus sulphuric acid leach. Both of
the proposed leach circuits would be confined in agitated tanks.
The metal recoveries and calculated gross metal value for each
flowsheet are shown in Table 1.
Forte will now optimise both these processes and apply operating
and capital costs to the optimisations.
Ryan McDermott, Chief Executive Officer, said: "The results of
the metallurgical test work completed thus far on the Empire open
pit oxide deposit have further solidified the Company's confidence
in the project.
"When Phoenix became involved with Empire in 2017, the Empire
Mine was considered a copper project only. As a result of further
drilling and test work conducted since that time, the Empire Mine
has evolved into a robust polymetallic deposit consisting of
copper, gold, and silver. These recent metallurgical results show
that a number of processes exist, allowing for the recovery of all
three metals.
"The flotation process is an industry standard for the metal
extraction of sulphide copper deposits. By taking the time to test
this process on Empire's oxide material, we believe we have set
ourselves up for success both in the short and medium term. We are
continuing down this path with the expectation that a
flotation-based process will further improve the economics and
Environmental, Social and Governance credentials of the Empire open
pit, while potentially streamlining the later development of the
Company's deeper underground sulphide mineralization.
"Additional optimization and costing of the flotation plus
leaching scenarios will define the best process design for the
Empire open pit. Continued test work and mine plan development will
also determine whether it will be possible for the Company to
minimize the Project's footprint by constructing the agitated leach
tanks on private property adjacent to the pit, which may offer
significant environmental and economic benefits. The results of the
continuing optimization work are anticipated in Q4 2023.
"I am also pleased to announce that the drilling campaign on our
Navarre Creek property is well underway. Thus far, we have drilled
a total of 9,825 feet. We anticipate initial drill hole assays to
begin arriving from ALS Laboratories beginning in early Q4. I look
forward to sharing these assay results when they become
available."
Deepak Molhatra, Metallurgical Engineer, Forte Dynamics, said:
"The data we have collected from the metallurgical test work
completed on the Empire Mine project thus far is very encouraging.
All test work completed to this point has been performed in what is
referred to as 'open cycle'. In the coming months, we will continue
working to optimize the results using 'locked cycle' testing.
Locked cycle testing will more closely simulate an active mine
environment in which there is a continuous and stable process flow.
It is not uncommon to see recovery improvements resulting from
locked cycle testing."
Process flowsheet Cu Recovery Au Recovery Ag Recovery Gross Revenue
option (USD/metric
Ton)
Flotation Only 37.3% 48.8% 44.6% 35.54
------------ ------------ ------------ --------------
Flotation plus
ATS Leach of Flot
Tails 66.5% 92.7% 73.0% 64.42
------------ ------------ ------------ --------------
Flotation plus
Acid Leach of
Flot Tails 87.8% 48.8% 44.6% 57.80
------------ ------------ ------------ --------------
Table 1: Metal recovery flowsheet options
Note: Revenue based on $1,875/oz gold, $4/lb copper, and
$18.75/oz silver
Qualified Person
The foregoing technical information in this news release has
been reviewed and verified by Dennis Thomas, ACSM, FIMMM, FGS,
CEng, Eurlng, co-founder of Phoenix Copper Limited and Member of
the Company's Advisory Board. Mr. Thomas has held both executive
and non-executive roles in a number of international private and
public natural resources companies and is a chartered mining
engineer from the Camborne School of Mines. He is a Qualified
Person under the AIM Rules and consents to the inclusion of the
information in the form and the context in which it appears.
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. The Company has
recently published its inaugural Sustainability Report, which can
be viewed on the Company's website.
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 Corporate David Hignell / Kasia Brzozowska Tel: +44 20
Finance LLP 3470 0470
(Nominated Adviser)
--------------------------------- ---------------
Tavira Financial Jonathan Evans / Oliver Tel: +44 20
Limited (Joint Stansfield 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 Tel: +1 (646)
(US Corporate la Rambelje 495-2225
Adviser)
--------------------------------- ---------------
BlytheRay Tim Blythe / Megan Ray Tel: +44 20
(Financial 7138 3204
PR)
--------------------------------- ---------------
Notes
Phoenix Copper Limited is a USA focused, base and precious
metals emerging producer and exploration company, initially
targeting copper, gold and silver 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
grammes per tonne ("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.
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/t
silver, 0.85 g/t 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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END
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