Phoenix Copper Ltd (QB) (PXCLF) Share Price

Phoenix commences second phase of drilling at Red Star silver/lead deposit
Press Release | 04/28/2020
April 28, 2020
OTC Disclosure & News Service

London, ENG, United Kingdom —

This release includes additional documents. Select the link(s) below to view.
Phoenix commences second phase of drilling at Red Star silver lead deposit 28.04.20.pdf

https://backend.otcmarkets.com/otcapi/company/dns/news/document/41393/content

Page 1 of 4
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
Page 2 of 4
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 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
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 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
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.
Page 4 of 4
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.