Phoenix Copper Limited: Land holdings increased by 1,160-acres at Empire Mine, Idaho

Rhea-AI Summary

Phoenix Copper Ltd (OTCQX: PXCLF) announced the acquisition of 1,160 acres, comprising 58 lode and 56 mill site claims, expanding its Empire Mine claim group. This increase boosts total land holdings from 5,717 acres to 6,877 acres, enhancing operational flexibility for the proposed ore haulage route and processing area. An updated resource estimate revealed a 51% increase in Measured and Indicated resources, totaling significant amounts of copper, zinc, silver, and gold. The company is progressing with permitting and feasibility studies, targeting late 2022 for production.

Positive

• Increased land holdings from 5,717 acres to 6,877 acres, enhancing operational capacity.
• 51% increase in Measured and Indicated resources at Empire Mine, now containing substantial copper, zinc, silver, and gold.

Negative

• None.

LONDON, April 14, 2021 /PRNewswire/ -- 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 the addition of 58 unpatented lode claims and 56 unpatented mill site claims to the Empire Mine claim group to expand the operational footprint of the proposed ore haulage route and processing area.  The Company's land holdings can be viewed on the Phoenix website at www.phoenixcopperlimited.com.    

Ryan McDermott, Chief Executive Officer, commented:

"We recently added 1,160-acres of unpatented claims to the Empire claim group.  The additional acreage is comprised of 58 lode claims and 56 mill site claims located east of the Empire Mine on lands between the proposed open-pit and the processing area.  These additional claims will allow us to make adjustments in the size and position of the haulage routes and ancillary processing areas, and as our engineers work through the design planning phase and adjust for topography, slope, and other design parameters. 

"The addition of the new claims has increased the Company's total holdings from 5,717-acres to 6,877-acres." 

Empire Mine Polymetallic Open Pit Oxide Deposit – Mackay, Idaho

In October 2020, an updated NI 43-101 compliant resource was completed by Hardrock Consulting (HRC) and reported for the polymetallic Empire Mine open pit oxide deposit. The updated resource showed a 51% increase in the Measured and Indicated category from the previous year's resource. Including the Inferred resources, the Empire open-pit oxide deposit now contains 129,641 tonnes of copper, 58,440 tonnes of zinc, 10,133,772 ounces of silver and 355,523 ounces of gold.

Phoenix is making progress with the feasibility and permitting of the polymetallic resource, most recently completing three years of environmental studies directly applicable to the permitting and mine planning.  Discussions are underway with potential debt financiers to construct the project, with a production target for late 2022.

Contacts

For further information please visit www.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

View original content:http://www.prnewswire.com/news-releases/phoenix-copper-limited-land-holdings-increased-by-1-160-acres-at-empire-mine-idaho-301268140.html

SOURCE Phoenix Copper Limited

FAQ

What land expansion has Phoenix Copper Ltd (PXCLF) announced?

Phoenix Copper Ltd announced the addition of 1,160 acres, increasing total land holdings from 5,717 acres to 6,877 acres.

What is the significance of the new claims for Phoenix Copper?

The new claims enhance the operational flexibility for the proposed ore haulage route and processing area at the Empire Mine.

What are the latest resource figures for the Empire Mine?

The updated resource report indicates a 51% increase, totaling 129,641 tonnes of copper, 58,440 tonnes of zinc, 10,133,772 ounces of silver, and 355,523 ounces of gold.

When does Phoenix Copper plan to start production?

Phoenix Copper aims to start production at the Empire Mine by late 2022.