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Phoenix Copper Ltd (PXCLF)

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PXCLF



PHOENIX COPPER LTD.
 

Phoenix Copper Limited (AIM: PXC | OTCQX: PGMLF) is an Idaho, USA, focused base and precious metals explorer working towards early low-cost heap leach copper production and staged exploration on a potential world class porphyry property covering 23.14 square kilometres

Company Overview

80% owner of past-producing copper, zinc, gold, silver Empire Mine in Idaho, USA

Underground mine between 1901 to 1942 - shipping ore at grades of 6% to 8% copper and 6.6 grammes/tonne gold

Low-cost open pit heap leach SX-EW project at Bankable Feasibility Study stage to produce 8,000 tonnes per annum copper cathode and zinc. 413 holes drilled. Production to commence in 2021

15.2 million tonnes containing 73,900 tonnes copper, 29,800 tonnes zinc, 139,000 ounces gold, and 6 million ounces silver

In-situ value of contained metal in Measured & Indicated resources: $850 million

23.14 square kilometre property with world class porphyry copper/gold potential and the Carlin style Navarre Creek gold zone west of Empire

New discovery at Red Star: high grade lead/silver (2018 drill hole reporting up to 20% lead and 39 ounces per tonne silver)

Significant exploration upside: 1% to 2% of potential ore system explored to date (Nigel Maund, consulting geologist, April 2019)

100% owner of Redcastle and Bighorn exploration properties on Idaho Cobalt Belt

Management with track record of taking TSX and AIM listed companies from IPO to Mine production

Idaho ranked as the lowest mining investment risk perception worldwide (Mining Journal Risk Report 2018)


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 km2 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 km² 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 Page 3 of 3 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

Company History

Phoenix secured an option to acquire an 80% interest in Konnex Resources Inc in 2015. Konnex owns a brownfield, past producing, copper, gold, silver, and zinc underground mine, the Empire Mine, near Mackay in Idaho, Konnex’s only asset. Phoenix completed its AIM IPO in mid-2017, exercised the option and acquired the 80% interest in Konnex.

Between 1901 and 1942 Empire produced direct smelting ore at grades of between 6% and 8% copper and up to 6.6 grammes per tonne gold. Since the mid-1960 drilling on the 3.31 square kilometre property, consisting of patented and unpatented claims, had identified a near surface open pit mineable oxide deposit sitting above the old underground mine workings.  Other than this, no modern exploration had been carried out on the property or on the surrounding mineralised area. In 2017 additional drilling was completed on the oxides with the view to generating resources and reserves on which to develop a low capital and operating cost open pit heap leach copper operation to self-finance the exploration of the surrounding area. In November 2017, an NI 43-101 compliant open pit copper oxide was completed. Then in April 2018 additional contiguous claims were staked to encompass three other old mine workings and the property was expanded to 7.18 square kilometres. Following mining, metallurgical, infrastructure and environmental studies a Preliminary Economic Assessment ("PEA") on an open pit heap leach solvent extraction and electro-winning ("SX-EW") copper project was also completed in April 2018.  In June 2018 five drill rigs embarked on a drilling programme to increase the oxide resources. An additional 8,600 metres of drilling was completed by year end bringing the total drilled in an 18-month period to 11,650 metres in 126 holes.  Additional metallurgical heap leach column tests were carried out as well as geotechnical, hydrological and environmental studies. In February 2019 the property was expanded further to encompass two areas. The area around the Empire Mine was increased to 13.34 square kilometres and includes more than 30 historical prospects, shafts and adits with an overall length of contiguous mineralisation of some 5.4 kilometres. Also staked is the Navarre Creek property, some 6.5 kilometres west of Empire, over a 9.8 square kilometre area geologically similar to the Carlin Trend gold belt in Nevada suggesting excellent potential for precious metal discoveries.

In May 2019 an updated resource model, resulted in a "Measured and Indicated" resource of 15.17 million tonnes at 0.49% copper containing 73,872 tonnes of copper, 29,813 tonnes of zinc, 139,000 ounces of gold, and 6,038,000 ounces of silver at a 0.184% copper cut-off grade.

The total 23.14 square kilometre property could, according to Phoenix’s consulting geologist, host a world class porphyry copper/gold deposit. At the same time early production can be achieved from the “Measured and Indicated” oxide resources already identified.

Looking ahead

The Company is now working to complete a Bankable Feasibility Study ("BFS") on the open pit oxide project. At a 0.325% copper cut-off grade there are over 10 million tonnes in the "Measured and Indicated" category resource with an average grade of 0.61% copper and 0.22% zinc, plus five million tonnes of low-grade stockpile for subsequent processing. The current strategy is for the development of a low capital cost, fast-track open pit mine, producing 8,000 tonnes of copper and zinc annually. The potential to recover the gold and silver as a second stage standalone project after the extraction of copper and zinc from the heap leach pads will also be evaluated.

A new zone of surface mineralisation in the Empire block, now named Red Star, was discovered during the 2018 drilling programme, located 330 metres north-northwest of the Empire oxide pit.

Three drill holes into the zone returned assays of high-grade lead and silver sulphides including intercepts of 20% lead and 39.4 ounces of silver per tonne. Red Star represents an exciting near-surface sulphide exploration prospect.

The results from two 2017 deep diamond drill holes confirmed the presence of higher-grade sulphide mineralisation in the skarn structures at depth below the Empire Mine historical workings.

Both core holes intersected mineralised skarn over much of their length and the analytical data from both drill holes intersected numerous significant intervals of copper, gold, silver, zinc, lead, and tungsten throughout their depths.

The tungsten values were particularly interesting as they positively reinforced the Company's consulting geologist's predictions of the Empire system hosting significant values of tungsten at depth. Following a site visit In April 2019, Nigel Maund, the Company’s consultant geologist, completed an update of his 2015 geological report of the Empire Mine. Amongst his conclusions, he confirmed that the Empire Mine comprises a world class polymetallic ore system containing tungsten and molybdenum, as well as copper, gold, silver, zinc and lead. He also concluded that the mine is sited along a major north south structure, with some five kilometres of geologic strike (of which the footprint of the heap leach open pit copper project is one-kilometre). Furthermore, he reported that exploration has to date focused on the near surface oxides in the proposed open pit and concluded that only 1% to 2% of the ore system has been tested to date.


PGM Directors and officers


NEWS
https://phoenixcopperlimited.com/news



Contact:

Phoenix Copper Limited Ryan McDermott
Dennis Thomas
Richard Wilkins
Tel: +1 208 954 7039
Tel: +44 7827 290 849
Tel: +44 7590 216 657
SP Angel
(Nominated Adviser)
David Hignell / Caroline Rowe Tel: +44 20 3470 0470
Brandon Hill Capital (Joint
Broker)
Jonathan Evans / Oliver Stansfield Tel: +44 20 3463 5000
WH Ireland (Joint Broker) Harry Ansell / Adam Pollock / Katy Mitchell Tel: +44 207 2201666
Page 3 of 4
Blytheweigh
(Financial PR)
Tim Blythe / Camilla Horsfall / Megan Ray Tel: +44 20 7138 3204

8 Shepherd Market

Suite 113

London, ENG W1J 7JY

United Kingdom





PXCLF SECURITY DETAILS

Share Structure

Market Cap Market Cap
12,452,072
04/30/2020
Authorized Shares
Unlimited
04/23/2020
Outstanding Shares
52,684,881
04/29/2020
Restricted
Not Available
 
Unrestricted
Not Available
 
Held at DTC
0
04/23/2020
Float
Not Available
 
Par Value
No Par Value
 
PXCLF
Current Price
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#1   Phoenix commences second phase of drilling at Red cash4 05/01/20 07:49:29 AM
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