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Pin to quick picksPhoenix Copper. Regulatory News (PXC)

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Results of Metallurgical Testing at Empire Mine

4 Sep 2023 07:00

RNS Number : 1915L
Phoenix Copper Limited
04 September 2023
 

Phoenix Copper Limited / Ticker: PXC / Sector: Mining

4 September 2023

Phoenix Copper Limited

('Phoenix' or the 'Company')

 

Results of Metallurgical Testing at Empire Mine, Idaho

 & Drilling Update at Navarre Creek

 

Phoenix Copper Ltd (AIM: PXC, OTCQX: PXCLY), the AIM-quoted USA-focused base and precious metals emerging producer and exploration company is pleased to announce the results of its metallurgical testing of Empire Mine ('Empire') open pit oxide material. The test work, completed by Resource Development Inc/Forte Dynamics of Wheat Ridge, Colorado ('Forte'), has further demonstrated the robust copper, gold, and silver recoveries possible at Empire using non-cyanide leaching technologies.

Forte has completed test work consisting of crushing, grinding, flotation, and both sulphuric acid and ammonium thiosulfate ('ATS') leaching on drill core composites collected from the 2022 Empire Mine metallurgical core drilling programme. While testing the use of ATS as a prospective sole reagent on material representative of the Empire Mine deposit, Forte also tested and developed flow sheets for flotation alone, as well as the hybrid processes of flotation followed by sulphuric acid leaching and flotation followed by ATS leaching to recover gold, silver, and copper.

The results of the test work to date have identified two potential processes which merit further optimisation, namely flotation plus ATS and flotation plus sulphuric acid leach. Both of the proposed leach circuits would be confined in agitated tanks. The metal recoveries and calculated gross metal value for each flowsheet are shown in Table 1.

Forte will now optimise both these processes and apply operating and capital costs to the optimisations.

Ryan McDermott, Chief Executive Officer, said: "The results of the metallurgical test work completed thus far on the Empire open pit oxide deposit have further solidified the Company's confidence in the project.

"When Phoenix became involved with Empire in 2017, the Empire Mine was considered a copper project only. As a result of further drilling and test work conducted since that time, the Empire Mine has evolved into a robust polymetallic deposit consisting of copper, gold, and silver. These recent metallurgical results show that a number of processes exist, allowing for the recovery of all three metals.

"The flotation process is an industry standard for the metal extraction of sulphide copper deposits. By taking the time to test this process on Empire's oxide material, we believe we have set ourselves up for success both in the short and medium term. We are continuing down this path with the expectation that a flotation-based process will further improve the economics and Environmental, Social and Governance credentials of the Empire open pit, while potentially streamlining the later development of the Company's deeper underground sulphide mineralization.

"Additional optimization and costing of the flotation plus leaching scenarios will define the best process design for the Empire open pit. Continued test work and mine plan development will also determine whether it will be possible for the Company to minimize the Project's footprint by constructing the agitated leach tanks on private property adjacent to the pit, which may offer significant environmental and economic benefits. The results of the continuing optimization work are anticipated in Q4 2023.

"I am also pleased to announce that the drilling campaign on our Navarre Creek property is well underway. Thus far, we have drilled a total of 9,825 feet. We anticipate initial drill hole assays to begin arriving from ALS Laboratories beginning in early Q4. I look forward to sharing these assay results when they become available."

Deepak Molhatra, Metallurgical Engineer, Forte Dynamics, said: "The data we have collected from the metallurgical test work completed on the Empire Mine project thus far is very encouraging. All test work completed to this point has been performed in what is referred to as 'open cycle'. In the coming months, we will continue working to optimize the results using 'locked cycle' testing. Locked cycle testing will more closely simulate an active mine environment in which there is a continuous and stable process flow. It is not uncommon to see recovery improvements resulting from locked cycle testing."

 

Process flowsheet option

Cu Recovery

Au Recovery

Ag Recovery

Gross Revenue (USD/metric Ton)

Flotation Only

37.3%

48.8%

44.6%

35.54

Flotation plus ATS Leach of Flot Tails

66.5%

92.7%

73.0%

64.42

Flotation plus Acid Leach of Flot Tails

87.8%

48.8%

44.6%

57.80

Table 1: Metal recovery flowsheet options

Note: Revenue based on $1,875/oz gold, $4/lb copper, and $18.75/oz silver

 

Qualified Person

The foregoing technical information in this news release has been reviewed and verified by Dennis Thomas, ACSM, FIMMM, FGS, CEng, Eurlng, co-founder of Phoenix Copper Limited and Member of the Company's Advisory Board. Mr. Thomas has held both executive and non-executive roles in a number of international private and public natural resources companies and is a chartered mining engineer from the Camborne School of Mines. He is a Qualified Person under the AIM Rules and consents to the inclusion of the information in the form and the context in which it appears.

 

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 ongoing Environmental, Social, and Corporate Governance (ESG) platform, overseen by the Company's ESG & Sustainability Committee. The Company has recently published its inaugural Sustainability Report, which can be viewed on the Company's website.

 

Market Abuse Regulation (MAR) Disclosure

The Company deems the information contained within this announcement to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014, which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

Contacts

For further information please visit https://phoenixcopperlimited.com or contact:

Phoenix Copper Limited

Ryan McDermott

Brittany Lock

Richard Wilkins

Tel: +1 208 954 7039 

Tel: +1 208 794 8033

Tel: +44 7590 216 657 

SP Angel Corporate Finance LLP (Nominated Adviser)

David Hignell / Kasia Brzozowska

Tel: +44 20 3470 0470

Tavira Financial Limited (Joint Broker)

Jonathan Evans / Oliver Stansfield

 

Tel: +44 20 7100 5100

WH Ireland (Joint Broker)

Harry Ansell / Katy Mitchell

Tel: +44 20 7220 1666

Panmure Gordon (UK) Limited (Joint Broker)

John Prior / Hugh Rich / Ailsa Macmaster

Tel: +44 20 7886 2500

EAS Advisors (US Corporate Adviser)

Matt Bonner / Rogier de la Rambelje

Tel: +1 (646) 495-2225

BlytheRay(Financial PR)

Tim Blythe / Megan Ray

Tel: +44 20 7138 3204

 

 

Notes

Phoenix Copper Limited is a USA focused, base and precious metals emerging producer and exploration company, initially targeting copper, gold and silver production from an open pit mine.

Phoenix's primary operations are focused near Mackay, Idaho in the Alder Creek mining district, at the 80% owned Empire Mine property, which historically produced copper at grades of up to 8%, as well as gold, silver, zinc and tungsten, from an underground mine.

Since 2017, Phoenix has carried out extensive drill programmes which have defined a NI 43-101 completed PEA (preliminary economic assessment) for an open pit heap leach solvent extraction and electrowinning ("SX-EW") mine, which was updated in October 2020. From the 2020 PEA, the measured and indicated resource is: 22,909,059 tonnes at an average grade of 0.38% copper, 0.324 grammes per tonne ("g/t") gold, 10.3 g/t silver, and 0.19% zinc. The contained metal for the measured and indicated resource is 87,543 tonnes of copper, 238,406 ounces of gold, 7,595,198 ounces of silver and 43,871 tonnes of zinc.

In addition to Empire, the district includes the historic Horseshoe, White Knob and Blue Bird Mines, past producers of copper, gold, silver, zinc, lead and tungsten from underground mines. A new discovery at Red Star, 330 metres northwest of the Empire Mine proposed open pit, has revealed high grade silver / lead sulphide ore, and from three shallow exploration drill holes a maiden inferred resource of 103,000 tonnes containing 173.4 g/t silver, 0.85 g/t gold and 3.85% lead (1.6 million ounces silver equivalent) was reported in an NI 43-101 technical report published in May 2019. Additionally, the district includes Navarre Creek, a volcanic-hosted precious metals target in a 14.48 sq km area. The Company's total land package at Empire comprises 8,034 acres (32.51 sq kms).

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. The stated aim of the Company is to fund this phased exploration through free cashflow generated by its initial mine. A Plan of Operations in respect of the initial open pit mine was filed with the relevant regulatory authorities in June 2021.

Phoenix also has two wholly owned cobalt properties on the Idaho Cobalt Belt to the north of Empire. An Earn-In Agreement has been signed with Electra Battery Materials, Toronto, in respect of one of those properties.

Phoenix is listed on London's AIM (PXC), and trades on New York's OTCQX Market (PXCLF and PXCLY (ADRs)). More details on the Company, its assets and its objectives can be found on PXC's website at https://phoenixcopperlimited.com/

 

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END
 
 
MSCDFLFBXKLEBBD
Date   Source Headline
7th May 20212:45 pmRNSSummary of Directors’ Share Options
5th May 20217:00 amRNSFinal results for the year ended 31 December 2020
27th Apr 20217:00 amRNSDirector Appointment & Creation of Advisory Board
14th Apr 20217:00 amRNSLand holdings increased by 1,160-acres at Empire
7th Apr 20217:00 amRNSAwarding of Contracts for 2021 Drilling Programmes
6th Apr 20217:00 amRNSBlock Listing Six Monthly Return
31st Mar 20217:01 amRNSTR-1: Notification of major holdings
31st Mar 20217:00 amRNSAwarding of Contract for Electromagnetic Surveys
30th Mar 202110:58 amRNSTR-1: Notification of major holdings
29th Mar 202111:30 amEQSHardman & Co Research: Phoenix Copper Ltd (PXC): RELOAD: a mountain of copper, silver and gold
25th Mar 20212:30 pmRNSResults of General Meeting and Open Offer
16th Mar 20217:00 amRNSAppointment of General Manager at Empire Mine
5th Mar 20217:00 amRNSPlacing and Subscription to raise £16.45 million
26th Feb 20217:00 amRNSExercise of Warrants and Issue of Shares
22nd Feb 20217:00 amRNSDebt facility to accelerate development of Empire
16th Feb 20217:00 amRNSEmpire Mine Open Pit updated economic model
28th Jan 202112:00 pmRNSEmpire Mine Open Pit Feasibility Study Update
23rd Dec 20207:30 amRNSLaunch of New Website
9th Dec 20207:00 amRNSResource Report, Empire Mine Operational Update
2nd Dec 20207:00 amRNSPhoenix Copper appoints EAS Advisors LLC
16th Nov 20207:00 amRNSRed Star Update
26th Oct 20207:00 amRNSEmpire OP Mine NI 43-101 Compliant Resource Update
12th Oct 202010:47 amRNSNotification of major holdings
6th Oct 20207:00 amRNSBlock Admission
2nd Oct 20202:52 pmRNSDirector Dealing
21st Sep 202012:22 pmRNSExercise of Warrants and Issue of Equity
21st Sep 20207:00 amRNSTR-1: Notification of major holdings
16th Sep 20201:17 pmRNSExercise of Warrants and Issue of Equity
16th Sep 20207:00 amRNSDrilling Shows High-Grade Gold Mineralization
25th Aug 20207:00 amRNSDrilling Returns High-Grade Results
29th Jul 20207:00 amRNSRobust Drilling Results from Empire Mine Gold Zone
28th Jul 20202:47 pmRNSExercise of Warrants and Issue of Equity
14th Jul 20207:00 amRNSInterim Results
3rd Jul 202012:10 pmEQSQ&A with Paul Mylchreest on Phoenix Copper (PXC): Potential world-class copper-gold-silver mine
29th Jun 202012:00 pmRNSHardman & Co Investor Forum Webinar presentation
29th Jun 20207:00 amRNSEmpire Mine gold recoveries exceed 97%
24th Jun 20207:00 amRNSExtension of Warrants
23rd Jun 20207:00 amRNSOTC Virtual Investor Conference
17th Jun 20209:21 amEQSHardman & Co Research: Phoenix Copper presenting at virtual Investor Forum on 9th July 2020
8th Jun 20203:40 pmRNSStandard form for notification of major holdings
27th May 20207:00 amRNSOversubscribed Placing & Subscription
18th May 20207:00 amRNSCorporate Presentation and Research
14th May 202010:05 amEQSHardman & Co Research: Phoenix Copper (PXC): Potential world-class copper-gold-silver mine
6th May 20207:00 amRNSDirector Dealing
5th May 20202:46 pmRNSDirector Dealing
4th May 20207:00 amRNSResource Update for the Empire Open Pit Mine
30th Apr 20204:44 pmRNSResult of Annual General Meeting
28th Apr 20204:41 pmRNSSecond Price Monitoring Extn
28th Apr 20204:37 pmRNSPrice Monitoring Extension
28th Apr 20207:00 amRNSCommencement of Second Phase Drilling at Red Star

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