Last checked at 10 Jan 2020 11:52
Phoenix Copper Limited / Ticker: PXC / Sector: Mining
10 January 2020
Phoenix Copper Limited (the "Company" or "Phoenix")
Director Dealing
Phoenix Copper Limited (AIM: PXC; OTCQX: PGMLF), the AIM quoted North American focused base and precious metals exploration and development company, has been informed that Marcus Edwards-Jones, Executive Chairman of the Company, purchased 100,000 shares in the Company today at a price of 10.7 pence per share.
Following completion of the share purchase, Marcus Edwards-Jones holds 689,407 shares in the Company which represents 1.54 per cent. of the issued share capital and total voting rights of the Company.
The Company also announces that Brandon Hill Capital has been appointed as the Company's sole broker with immediate effect.
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 | Dennis Thomas / Richard Wilkins | Tel: +44 7827 290 849 (Dennis) / +44 7590 216 657 (Richard)
|
SP Angel (Nominated Advisor)
| David Hignell / Caroline Rowe | Tel: +44 20 3470 0470 |
Brandon Hill Capital (Broker) | Jonathan Evans / Oliver Stansfield
| Tel: +44 20 3463 5000 |
Medea Natural Resources Ltd (Financial Advisor) | Leonidas Howden / Fred White | Tel: +44 20 7770 6926 |
Blytheweigh (Financial PR) | Megan Ray / Rachael Brooks / Said Izagaren | Tel: +44 20 7138 3204 |
Notes
Phoenix Copper Limited is a North American focused, base and precious metal explorer and developer, which is fast-tracking the historically-producing Empire Mine in Idaho, USA, back into production, and exploring for cobalt 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.
However, Phoenix has increased the claim area from 818 acres at the time of its acquisition 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 2,500 metres 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.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM:
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||||
a) | Name: | Marcus Edwards-Jones | ||||||
2. | Reason for the notification | |||||||
a) | Position/status: | Executive Chairman | ||||||
b) | Initial notification/Amendment: | Initial notification | ||||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a) | Name: | Phoenix Copper Limited | ||||||
b) | LEI: | 2138006UWPZAB1A75680 | ||||||
4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
a) | Description of the financial instrument, type of instrument: Identification code:
| Shares of nil par value each ISIN: VGG7060R1139 | ||||||
b) | Nature of the transaction: | Purchase of shares | ||||||
c) | Price(s) and volume(s): |
| ||||||
d) | Aggregated information: Aggregated volume: Price: | Single transaction as in 4 c) above
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e) | Date of the transaction: | 10 January 2020 | ||||||
f) | Place of the transaction: | AIM | ||||||