TIDMPXC
RNS Number : 0387L
Phoenix Copper Limited
28 April 2020
Phoenix Copper Limited / Ticker: PXC / Sector: Mining
28 April 2020
Phoenix Copper Limited
("Phoenix" or the "Company")
Phoenix commences second phase of drilling at Red Star
silver/lead deposit
Phoenix Copper Ltd (AIM: PXC, OTCQX: PXCLF), the AIM quoted
North American focused base and precious metals exploration and
development company, is pleased to announce that it has commenced a
second phase of drilling at its Red Star silver / lead deposit,
building on the initial drilling results from December 2018.
Highlights
-- Recent fundraise fully funds a 20 hole (1,500 metre) drilling programme at Red Star
-- Objective is to build resource inventory of silver, lead,
gold and other minerals at Red Star by step out drilling along
strike and at depth
-- Assays from drilling results expected from June 2020 onwards
-- Updated NI 43-101 compliant resource for Red Star expected in
Q3 2020 with a development decision shortly thereafter
Ryan McDermott, Chief Executive Officer, commented:
"Having cut the required drill roads and prepared the drill pads
ready for this season's drill programme, I am pleased to announce
that we collared the first drill hole of the 2020 Red Star drilling
programme on 27 April 2020. The 1,500-metre, 20-hole drilling
programme will be a combination of reverse-circulation and diamond
drilling with the intent of following the Red Star vein along
strike and at depth. These drill holes, together with the channel
samples collected and assayed in late 2019, will add to the maiden
resource reported last year. Our objective is to generate an
updated resource as quickly as possible and move forward with the
development of the Red Star project."
Red Star
Red Star is located approximately 330 metres north-northwest of
the Empire open pit resource area within the Empire patented claim
boundary. This boundary is contiguous with the Horseshoe Block to
the north and west. A map showing the area can be found on the
Company website at www.phoenixcopperlimited.com in the "News"
section. The Red Star Zone was discovered during field mapping and
reconnaissance of the northern patented claim boundary and adjacent
Horseshoe Block. Channel samples were collected from the Red Star
outcrop itself and results reported by the Company in October 2018.
Three reverse circulation drill holes targeting the area at depth
were completed and assay results were published in December 2018.
In May 2019, Hard Rock Consulting estimated a maiden inferred
resource at Red Star of 103,000 tonnes grading 173.4 g/t silver,
0.85 g/t gold, and 3.85% lead, with minor copper and zinc.
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
www.phoenixcopperlimited.com or contact:
Phoenix Copper Ryan McDermott Tel: +1 208 954
Limited Dennis Thomas 7039
Richard Wilkins Tel: +44 7827
290 849
Tel: +44 7590
216 657
SP Angel David Hignell / Caroline Rowe Tel: +44 20 3470
(Nominated Adviser) 0470
----------------------------------- -----------------
Brandon Hill Capital Jonathan Evans / Oliver Stansfield Tel: +44 20 3463
(Joint Broker) 5000
----------------------------------- -----------------
WH Ireland (Joint Harry Ansell / Adam Pollock Tel: +44 207
Broker) / Katy Mitchell 2201666
----------------------------------- -----------------
Blytheweigh Tim Blythe / Camilla Horsfall Tel: +44 20 7138
(Financial PR) / Megan Ray 3204
----------------------------------- -----------------
Notes
Phoenix Copper Limited is a North American focused, base and
precious metal explorer and developer, 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 2019.
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
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END
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