REG - Phoenix Copper Ltd - Creation of Community Advisory Team

Phoenix CopperAnnouncement

01/03/2022 07:00

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RNS Number : 0953D  Phoenix Copper Limited  01 March 2022

Phoenix Copper Limited / Ticker: PXC / Sector: Mining

1 March 2022

 

Phoenix Copper Limited

('Phoenix' or the 'Company')

 

PHOENIX ADVANCES ESG AGENDA AND CREATES COMMUNITY ADVISORY TEAM

Phoenix Copper Ltd (AIM: PXC, OTCQX ADR: PXCLY), the AIM-quoted USA-focused
base and precious metals emerging producer and exploration company, is pleased
to announce an update on the Company's environmental, social and governance
("ESG") activities. Phoenix's continued efforts to build meaningful
relationships in the communities near the Empire Mine Project in Idaho, USA
will be enhanced by the newly formed community committee, the Konnex Community
Advisory Team ("KCAT").

KCAT

KCAT is composed of three representatives from Phoenix and Konnex Resources
Inc ("Konnex"), Phoenix's 80% owned operating subsidiary in Idaho, plus ten
independent residents of Custer and Butte Counties, Idaho. The residents bring
diverse experience from the following sectors: citizens, municipal,
land-users, socio-economic (business) and research/training.

The team will meet at least four times each year and will elect its own
independent facilitator. The Company anticipates that KCAT's roles will
include, but not be limited to:

·    Facilitating communication between the Company and the community to
include a wider audience of stakeholders.

·    Forming a Good Neighbor Agreement, modelled on similar arrangements
which have worked successfully elsewhere.

·    Formulating a grievance process designed to address concerns and
complaints and to be instrumental in resolving them.

·    Identifying ways for the Company to best benefit the community and
local schools, including scholarship recipients.

·    Compiling a local vendor/contractor/supplier list so the Company can
better support local businesses whenever possible.

 

Catherine Evans, Non-executive Director and Chairman of the ESG &
Sustainability Committee said: "We believe it is critical to involve all of
the residents and business owners in closest proximity to our Empire Mine
project and have therefore invited applications for the KCAT from all
residents of Custer and Butte Counties. The Company is fortunate to have
widespread local support, but we do not take this for granted and would like
to foster an open dialogue with any individual or group who may have questions
and concerns about the impact of our proposed future operations.

"The Company has always fostered a culture of openness with investors and
stakeholders, and the formation of the KCAT continues this tradition. We very
much look forward to working directly with community representatives to foster
goodwill and to ensure a wider understanding of the Company's operations.

"The first KCAT meeting is scheduled early this month. A summary of the
meeting's discussion points and agreed actions will be posted on our website."

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

                                                     Dennis Thomas                                 Tel: +44 7827 290 849

                                                     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
 Blytheweigh                                         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 from late 2022.

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 resulted
in the publication of a NI 43-101 PEA in October 2020 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 the Navarre Creek Project, 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 Corporation (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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