Phoenix Copper Ltd (PXC.L) Empire Mine Deep Sulphide drilling programme

First hole encounters intense sulphide mineralisation over a 12.6 metres intercept at a depth of 173 metres from the hole collar

Phoenix Copper Ltd (AIM: PXC, OTCQX: PXCLF), the AIM quoted USA focused base and precious metals emerging producer and exploration company, is pleased to announce that sulphide-rich mineralisation has been intercepted below the Empire copper oxide open pit deposit in the Deep Sulphide core drilling programme. The Empire Mine was historically mined until the early 1940s at head grades of up to 8% copper.

Highlights

· First drill hole completed of the 4,500-metre 2021 Deep Sulphide drilling programme, which is expected to comprise approximately 20 holes

· Hole KXD21-02 intercepted 12.6 metres of sulphide-rich mineralisation below the Empire copper oxide open pit deposit

o Concentrations of up to 25% sulphide minerals from a depth of 173 metres over 7.9 metres

o Increased concentrations of up to 75% sulphide minerals from a depth of 181 metres over 4.7 metres

o Mineralisation comprises copper bearing sulphide ores, including chalcopyrite, chalcocite and bornite, as well as other metallic sulphides, including galena, argentiferous galena, sphalerite and molybdenite visually identified

o Further drilling required to define true thickness

· Drilling intercept located below and east of historic 1100-level underground workings

· Samples currently being logged and prepared for shipping to assay laboratories

Ryan McDermott, Chief Executive Officer, commented: “We are excited to announce that we have intercepted 12.6 metres of intense sulphide mineralisation in HQ-core hole KXD21-02, part of the planned 4,500-metre, 2021 Deep Sulphide drilling programme for the Empire Mine in Idaho. Our geologists have visually identified a mix of sulphides that include, but are not limited to, chalcopyrite, chalcocite, galena, argentiferous galena, bornite, sphalerite, and molybdenite occurring in hole number KXD21-02 at concentrations up to 25% sulphide minerals from a depth of 173 metres over 7.9 metres. The mineralisation then becomes more intense at 181 metres over a 4.7 metre interval and increases to approximately 75% total sulphides.

“This 12.6 metre intercept sits just below and to the east of the historical 1100-level underground workings. The true thickness of the intercept has not been defined by the single drillhole but will become more defined with additional drilling.

“Samples of the core are currently being logged and prepared for shipping to ALS Laboratories in Nevada, USA. It is worth mentioning that core hole KXD21-01, the first hole of the 2021 Deep Sulphide programme, encountered an underground working at approximately 68 metres and will be completed in due course when the required equipment arrives.

“These are exceptional results from the first drill hole, suggesting potentially elevated grades of copper, as well as the presence of gold, silver, zinc, lead and perhaps molybdenum by-products. It reinforces our geological model that the deeper Empire underground deposit represents a major ore system, which we are only just beginning to evaluate and understand.

“We look forward to receiving the assays from KXD21-02, as well as the assays from all of the 2021 drilling, and sharing those results with shareholders as they become available. Photos of the core can be viewed on the Company’s website at https://phoenixcopperlimited.com.”

2021 Drilling Programmes

The 2021 drilling plan includes 4,500 metres of diamond core in the Deep Sulphide target, 2,300 metres of reverse-circulation drilling at the Navarre Creek gold zone, 3,000 metres of diamond core at the high grade silver-lead Red Star and Horseshoe/White Knob targets, and 3,000 metres of dual-rotary drilling for hydrological characterisation as part of the development of the Empire Mine open pit deposit.

The deep sulphide underground Empire Mine was historically mined until the early 1940s at head grades of up to 8% copper. The Mine closed when the workforce was conscripted into military service. The Empire Mine oxide open pit deposit is the weathered surface expression of the underground orebody, and contains a Measured and Indicated resource of 87,543 tonnes of copper, 43,871 tonnes of zinc, 238,406 ounces of gold, and 7.6 million ounces of silver, with an in-situ value of some $1.4 billion at current metal prices. A Plan of Operations for the open pit Mine was submitted to the regulatory authorities in June 2021 for review and final permitting. Initial production of copper and zinc from the open pit Mine is targeted for late 2022.

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.

Qualified Person

The information in this announcement has been reviewed by Roger Turner A.C.S.M., M.Sc., M.I.M.M.M., C.Eng., Chief Technical Officer and Director of the Company. Mr Turner is a graduate mining engineer from the Camborne School of Mines with an MSc in Economic Geology from Leicester University with more than 40 years’ experience in mine development, construction and operation and is a qualified person under the AIM Rules. Mr Turner consents to the inclusion of the information in the form and context in which they appear.

Market Abuse Regulation (MAR) Disclosure

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


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