RCS - Phoenix Copper Ltd - Phoenix Applauds Use of Defense Production Act

Phoenix CopperAnnouncement

20/04/2022 07:00

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RNS Number : 6660I  Phoenix Copper Limited  20 April 2022

Phoenix Copper Limited / Ticker: PXC / Sector: Mining

20 April 2022

 

Phoenix Copper Limited

('Phoenix' or the 'Company')

 

Phoenix Copper Applauds Use of Defense Production Act

Phoenix Copper Limited (AIM: PXC, OTCQX ADR: PXCLY), the AIM-quoted
USA-focused base and precious metals emerging producer and exploration
company, is pleased to see the President of the United States prioritizing
and encouraging the domestic production of critical minerals, including copper
and cobalt, for electric vehicles, defence systems and other technologies.
Phoenix Copper Limited is the 80% owner of the historically producing Empire
copper mine, as well as 100% owner of two exploration properties on the Idaho
Cobalt Belt. The Company is eager to continue working toward development at
these projects which will help contribute to the United States' energy
independence goals.

President Biden recently invoked the Defense Production Act, stating that the
directive will help secure American supply chains for the critical materials
that support national defence, electric vehicles and storage of renewable
energy. According to The White House, the directive will support U.S.
production and processing of minerals and materials used for large capacity
batteries, in particular those used in electric vehicles and in the
infrastructure required to power and charge those vehicles.  These metals
include lithium, nickel, cobalt, and copper.

Ryan McDermott, CEO of Phoenix Copper Limited, said: "When the President of
the United States authorized the Defense Production Act, it sent a signal that
the Biden Administration has recognized that a secure, clean energy future is
only possible if the country utilizes the abundance of minerals it has to
offer. That step forward is encouraging to companies, like Phoenix, that are
working to responsibly provide the materials that make our modern lives
possible. Through our projects in Idaho, Phoenix has the chance to help the
United States achieve its goal of reducing reliance on China and other
countries, while safeguarding the nation's lands, waters, and wildlife."

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.

 

 

 

 

Contacts

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

 Phoenix Copper Limited                               Ryan McDermott                                   Tel: +1 208 954 7039

                                                      Brittany Lock                                    Tel: +1 208 794 8033

                                                      Richard Wilkins                                  Tel: +44 7590 216 657
 SP Angel Corporate Finance LLP (Nominated Adviser)   David Hignell / Caroline Rowe                    Tel: +44 20 3470 0470
 Tavira Securities Limited (Joint Broker)             Jonathan Evans / Oliver Stansfield               Tel: +44 20 7100 5100

 WH Ireland (Joint Broker)                            Harry Ansell / Adam Pollock / 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                                            Tim Blythe / Megan Ray                           Tel: +44 20 7138 3204

(Financial PR)

 

Notes

Phoenix Copper Limited is a USA focused, base and precious metals emerging
producer and exploration company, initially targeting copper and zinc
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 our extensive drill programmes which have
defined a NI 43-101 compliant PEA (preliminary economic assessment) for an
open pit heap leach solvent extraction and electrowinning ("SX-EW") mine,
which was updated in October 2020. The contained metal in all NI 43-101
compliant categories of resources, Measured, Indicated and Inferred, stand at
129,641 tonnes of copper, 355,523 ounces of gold, 10,133,772 ounces of silver
and 58,440 tonnes of zinc. Phoenix updated its economic model in February
2021 to include the processing of all contained metals through a two phased
approach.

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 resource of 103,000 tonnes containing 173.4 g/tonne silver, 0.85
g/tonne 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 Metals (formerly First Cobalt Corporation), 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/ (https://phoenixcopperlimited.com/)

 

 

 

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