TIDMPXC
RNS Number : 7407D
Phoenix Copper Limited
01 July 2021
Phoenix Copper Limited / Ticker: PXC / Sector: Mining
1 July 2021
Phoenix Copper Limited
("Phoenix" or the "Company")
Filing of the Plan of Operations for the Empire Mine Open
Pit
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 that its
Idaho-registered operating subsidiary, Konnex Resources Inc.
("Konnex"), filed a Plan of Operations (the "Plan") with the Bureau
of Land Management ("BLM") on 30 June 2021, for review and approval
for the construction and operation of the Empire Mine Open Pit in
Custer County, Idaho, USA ("Empire" or the "Empire Mine").
Highlights
-- Plan of Operations is a key step in moving the Empire Mine towards production
-- No significant environmental issues have been identified on
the Empire Property and the Company anticipates a straightforward
permitting process
-- The Company is carrying out an extensive programme of work
this summer at the Empire Mine, with electro-magnetic surveys and
drilling taking place across all properties
Plan of Operations
In 2017 Konnex began conducting baseline studies at the
Company's flagship Empire Mine property for eventual inclusion in a
Plan of Operations for submittal to the Federal Land Management
Agencies in charge of mine permitting and licensing.
Since that time, Konnex and its consulting firms have completed
studies on Climate and Air Quality, Surface and Groundwater
Hydrology, Soil Characterisation, Land Use Planning, Cultural
Resources, Mill Processing, Transportation, Socioeconomics, Water
Use and Treatment, Workforce, Sanitary and Solid Waste Management,
Plant and Wildlife, Aquatic Biology, Aesthetics, Recreational
Impacts, Fire and Safety, Long Term Reclamation and Mitigation,
Geochemical Characterisation, Emergency Response and Contingency
Planning, and Community and Infrastructure Planning.
The Plan of Operations provides the Federal, State, and County
regulatory authorities with a detailed outline of proposed mining
and processing activities and addresses any potential impact from
those activities on the environment, the economy, and the local
community.
The regulatory agencies will commence their review of the Plan,
assess any alternatives or mitigative steps, and ultimately provide
a Record of Decision formally approving the Plan to permit the
Empire Mine Open Pit for further development and production.
Ryan McDermott, Chief Executive Officer, commented: "We are
pleased to file the Plan of Operations with BLM as an integral step
in moving the Empire Mine forward towards production. The filing of
this Plan marks a significant milestone in the history of the
Company and Empire and utilises the results of environmental and
engineering planning studies that we began in 2017. During the
course of the studies, no significant environmental issues were
recognised on the Empire Property and, as such, we anticipate a
straightforward permitting process.
"The Empire Mine will require a substantial workforce and
provide numerous, well-paid employment opportunities for the
citizens of Custer County, as well as generating business
opportunities in the construction, material supply, retail, and
transportation sectors throughout Idaho. Empire will also generate
new tax revenue for the State and County through mine license tax,
employment tax, and property tax. As a primary copper deposit,
production from the Empire Mine should be timely as the new
administration in Washington D.C. is actively encouraging the clean
energy revolution which will include the development of metals
essential for electrification projects. Our Empire copper resources
fit neatly into that category.
"The filing of the Plan of Operations is the culmination of many
years of work by the Phoenix team, and represents a very
significant step forward for the Company towards metal production
from Empire."
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 future Environmental,
Social, and Corporate Governance ("ESG") platform.
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
https://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
23 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 Empire, 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
northwest 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 https:// 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
MSCBRGDLBGXDGBG
(END) Dow Jones Newswires
July 01, 2021 02:00 ET (06:00 GMT)
Phoenix Global Mining (LSE:PGM)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Phoenix Global Mining (LSE:PGM)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024
