Phoenix Copper Share Discussion Threads

[snowyflake] 02/5/2020 20:31

deuchar - I don't listen to his blogs.I have locked horns with him in the past. imo he puts himself first. He can on occasions be correct and it is best not to ignore him.

[deuchar] 02/5/2020 20:18

Hello Snowyflake can you name one successful short by TW that has worked. He's extraordinary and good reading but living a negative life can't be good for his health long term

[investorman33] 01/5/2020 15:29

goldrush.

Yes that usd 25 cents is almost exactly 20p so atm we are over that limit and Americans can now buy.

Nothing much new announced at the AGM other than I think Ryan (CEO) said they were already preparing the 2nd hole (out of 20) on the Reg Star drilling programme which is all good positive stuff, and I'm guessing that in the next week or two there will be another positive RNS either on Red Star or another deposit.

And its only another month before, in June, we'll get a preliminary update on drilling at Red Star, which can only be good news as they know the vein is there and they have a good idea on grades from channel sampling etc.

[zaphod99] 01/5/2020 15:19

Indeed goldrush.

I believe there are regulatory restrictions in place on the OTCQX that deem the shares of low market cap companies to be regarded as “penny stocks”.

Penny stocks, due to their inherently speculative characteristics, cannot be promoted or transacted by broker-dealers in US without complying with a whole raft of additional rules.

With the recent rise in the sp, PXC no longer falls into the penny stock category so those rules and restrictions no longer apply.

The board clearly anticipates an increase in activity and liquidity over on the OTCQX so it’ll be interesting to see what happens and now would be a good time to market Phoenix over in the US to raise awareness in the country where all of the projects are located.

[goldrush] 01/5/2020 13:54

Pantsonfire

Many thanks for the great write up on the AGM which ties into what I got out of the call. The info to come re Empire makes me think of Navarre Creek which was formerly a gold mining area.Any good news from there would be well received by the market.

The only point I would add from the AGM was zaphod's excellent question about the meaningfulness of our US OTC Listing. This is an area that is close to my heart and I am now pleased to hear that they have 3 market makers and the spread between the buy and sell price has narrowed. The authorities on OTC would like to see our price be at least $0.25 and we are just over that now. Over a year ago there was a belief that certain locals wanted to get some shares and let's see if there can be some uptake from this source now.

[goldrush] 01/5/2020 13:33

dave4545

Peeps should not try to trade this as you get left behind and can't get back on the bus.....good positive action as this must be starting to get noticed....our 27% shareholder is a big name and others may now be biting....IMHO

[milliecusto] 01/5/2020 08:52

Only £11 m mkt cap still

[sos100] 01/5/2020 08:14

amazing turnaround ,buyers all over this on any dips but lets be honest it was mispriced...

[soulsauce] 30/4/2020 21:35

aussie care to name any you have as a target?

[aussiebeach] 30/4/2020 21:33

Plenty fallen like this one out there if you know where to look, some are even valued below £1m.

[dave4545] 30/4/2020 21:15

I bought some more at 5.9p....after original 11.8p...

Amazing considering not pumped anywhere. I mention it on my twitter feed but not one person actually said hey I bought some.

[aussiebeach] 30/4/2020 21:09

Well I timed my 7p entry point to perfection a week ago, amazing how AIM works !

[dave4545] 30/4/2020 21:08

I do not do stop losses. I refuse to give the mm's more money.

In my head when it was 5p was the fact that less than 6 weeks earlier people were prepared to pay 15p for a fundraising a 50% premium at the time so clearly there was potential.

I sliced a small amount and now I have a free ride to leave alone and see if you people are right with your projections and hopefully in 6 months time perhaps this is trading in the 50-100p range, I mean the way it's jumping at the moment it could be 50p in May...I keep expecting it to drop but it keeps going higher and higher

[pantsonfire] 30/4/2020 20:20

Here’s what I learned in the AGM (NB from hurriedly taken notes, so I may not have caught everything). They gave a brief operational update on Red Star, explaining why they are now focusing on this (rather than the previous Empire). Their drilling programme in 2018 showed a high grade silver/lead vein system in RS, which they felt they needed to come back to. They are today on hole number 2 (out of 20 planned) with no Coronavirus issues, since this is a remote isolated community. The assay results are expected from mid-June. They then gave an update on main Empire copper zone. Previous programmes have identified 15,000,000 tons ore with 73,000 tons Cu, with significant quantities of gold and silver associated. They have not stopped working on this project, but it has dropped in priority compared to Red Star. They now want to understand the relationship of gold and silver, and said news will be coming out in coming weeks (comment – I read in this very positive news). In questions they were asked about the time scale for the development of the Empire mine, and we were told it could be 18 to 24 months. A question was asked about what steps Phoenix are taking to raise finance without equity dilution? Richard Wilkins, the Finance Director responded that “It is our intent to minimise dilution”. “We have already placed a few loan notes, and hope to finance Red Star with debt related instruments”.
They were asked about main shareholders. The largest shareholder with 27% of shares is through Cheviot Capital (Nominees) Limited, most held by Martin Hughes, founder of Toscafund “he is a keen supporter of Phoenix”. Directors own approx. about 10%. Then Hobart Capital.
There was a question for what is happening with the Cobalt property? The response was “Our focus now is on Red Star. That does not mean we have dropped the Cobalt properties. We are just not working on them today. But also we cannot take anyone there today because of travel restrictions”.
Now my personal opinions. Although there was nothing truly exciting about this AGM, and no major announcements, I felt that the Phoenix team were buoyant. I could discern no feelings of unease in their venture, and that they felt that they were knocking down the obstacles one by one, on their way to production. Above all they were almost casual concerning finance, as if bored with the question. I would be very surprised if they had to turn to more share issues for finance. That gave me confidence.

[investorman33] 30/4/2020 15:26

Pants

I regard getting Red Star into production as just a stepping stone, albeit a very important step. And just to put some numbers on that, Red Star should be throwing off cash annually at more than the current Phoenix market cap. Every Year.

And Red Star is just one deposit (or series of veins) on a very large property with a lot of different deposits waiting to be mined, most of which are near surface...….and if we are very lucky there is one huge beast underneath it all.

So getting Red Star into production provides cash (and value) to be able tackle the next project, whichever that it - maybe Phoenix will put Empire mine back into production as the cash will allow us to raise the investment to do that very much more easily. or one of the others.

So real question is....once Red Star gets into production and the share price is at a multiple of where it is today just on Red Star's value of production alone ………;……̷0;…….. how much higher will it go when investors realise Empire and other projects are in that share price 'for free' !?

[pantsonfire] 30/4/2020 14:33

I know what you mean Dave. I bought a whole load at IPO at 40p, and thought I had a bargain then. I was pretty miserable at 6p. But I trusted the management.
I estimate that the company could be worth approx £100 million when production starts at end 2021, based on today's discoveries, which would place the share price at almost 200p. Then if we make more discoveries, this share could be worth more,much more. This afternoon's AGM should be interesting. Does anyone else have any better knowledge for what they would value the company when production starts?

[goldrush] 30/4/2020 13:43

Gents

No 10 on the % gainers list.....

[dave4545] 30/4/2020 13:41

Blimey it's racing up now.

At 5p I was quite miserable about holding this stock...not now

[goldrush] 30/4/2020 11:12

Quiet around here !!

At least we have now got back to the recent placing price. It should not have been down in this area but hey ho. Now investors hopefully can get to grips from this evening at the AGM as to the potential for the Company.The company believe we have the potential for a material very profitable silver mine which will get us kick started.

Catch up with a number of you at the AGM later !!

[goldrush] 29/4/2020 22:26

Investorman33

Also for completeness this is why the new drilling is important....




Phoenix Copper (LSE:PXC)

RNS Number : 6466A

Phoenix Copper Limited


23 January 2020

Phoenix Copper Limited (the "Company" or "Phoenix")

Red Star vein strike length extended to 320-metres and open on both ends

Two additional veins identified in road cuts

Phoenix Copper Ltd (AIM: PXC, OTCQX: PGMLF), the AIM quoted North American focused base and precious metals exploration and development company, is pleased to announce the results of ongoing exploration at the Company's Red Star silver deposit, ("Red Star" or the "Red Star Zone") adjacent to the Company's Empire copper deposit in Idaho, USA.

Sampling Programme Highlights

-- Red Star vein now measured along 320m - open at both ends
-- Surface sampling results returned similar values to those from the outcrop that forms the current maiden NI 43-101 Resource

-- Two additional veins have been exposed to the southeast
-- All of the new vein exposures are situated on the patented Empire property
-- These results will now be used to identify further drill targets
-- Objective to continue to update the Red Star Resource in preparation for construction and production which is expected in 2021

-- A map showing the relevant Red Star vein system can be found on the website version of this press release at www.phoenixcopperlimited.com/news.

Ryan McDermott, Chief Executive Officer, commented:

"We are pleased with the latest Red Star results which indicate an open-ended extension to the Red Star vein of 320-metres. Additionally, during the Q4 2019 drill road-building work, two additional veins were identified. These new veins are particularly exciting as they may be indicative of a much larger, multi-vein shear zone.

"During 2020 the Company plans to complete a drilling programme on Red Star to generate a Measured and Indicated resource sufficient to justify a small underground "adit" mine with a flotation process plant to produce lead-silver, copper-gold and zinc concentrates. The scale of operations will be in the region of 450 tonnes of ore a day or 155,000 tonnes a year.

"The Red Star discovery is a primary high-grade silver/lead sulphide vein and has, after drilling only three holes, generated a maiden NI 43-101 compliant resource of 103,500 tonnes, containing half a million ounces of silver or a silver equivalent resource of 1.6 million ounces when gold, lead, copper and zinc values are included. The value of the contained metal in the NI 43-101 Red Star resource is US$260/tonne of ore at today's metal prices, or US$40.3 million a year at a production rate of 155,000 tonnes of ore a year. Capital costs are anticipated to be in the region of US$30 million.

"Whilst our focus will be production from Red Star, anticipated in 2021, the Company will also be evaluating alternatives for the Empire Mine's open pit copper project in an attempt to improve on the revenue, operating and capital cost estimates. The completion of the feasibility study for this project will be accelerated in a more attractive copper price environment.

"My predecessor, Dennis Thomas, has pointed out many times that the polymetallic nature of the Empire System is largely untapped and barely exploited or explored. These latest results are certainly consistent with this view. I would like to take this opportunity to personally thank Dennis for his service to the Company as the former CEO and thank him in advance for his future contribution as VP Investor Relations."

Red Star Zone

The Red Star Zone is located approximately 330 metres north-northwest of the Empire open-pit resource area within the Empire patented claim boundary. This boundary is contiguous with the Company's unpatented Horseshoe Block to the north and west.

The Red Star vein was discovered as a single vein outcrop (discovery outcrop) in 2018 during a field mapping and reconnaissance of the northern patented claim boundary and adjacent Horseshoe Block. Geological and structural mapping in the vicinity of the discovery outcrop indicated a N30E to N40E strike dipping 80 degrees north west. The lack of any surface outcropping, besides the discovery outcrop, made it necessary to excavate road cuts through the 2.0 metre to 5.0 metre thick overburden in order to expose the uppermost sub-crop of the underlying rocks.

Following the 2018 discovery, the lone discovery outcrop was sampled by cutting one continuous channel comprised of 12 times 1.5 metre long samples. The assay results were reported on 30 October 2018. Silver values in the individual channels ranged from 3.0 g/t ("grammes per tonne") to 78.5 g/t, lead ranged from 0.010% to 0.354% and zinc from 0.038% to 0.278%. Gold values were anomalous, and manganese values were high at 0.379% to 0.837% compared to the surrounding unmineralized rock (Table 1).

Apart from the discovery outcrop, no other significant outcrops exist in the Red Star area. In October and November 2019 approximately 2,000 metres of drill access roads were constructed throughout the Red Star Zone with the intent of crossing the vein system and exposing sub-crops beneath the 2.0 metre to 5.0 metre thick overburden along the anticipated strike of the vein. Visibly mineralized sub-crops were exposed in seven road cuts. The geology and geochemistry of the sub-crop intercepts were consistent with the 2018 discovery outcrop channel with silver values ranging from 0.5 g/t to 18.5 g/t, lead ranging from 0.001% to 0.705%, and zinc from 0.011% to 1.361%. Gold was anomalous, and manganese 0.031% to 0.769%. (Table 2). The wider variation in the recent channel sampling results is likely to be due to the highly weathered and broken sub-crop that was exposed in the road cuts.

The samples were analysed using 33-element ICP. Silver values above 1 ppm ("parts per million"), and manganese values above 1,000 ppm were significant in the discovery outcrop channel sampling in 2018, as they were indicative of high grade silver and lead below, as proven by subsequent drilling. The 2019 channel samples are indicative of the same and demonstrate the potential for further high grade silver and lead.


Table 1 - 2018 Discovery Outcrop Channel Samples
---------------------------------------------------------
ID Au g/t Ag g/t Cu % Mn % Pb % Zn %
------------ ----------- ------- ---------

22701 0.03 17.3 1.39 0.583 0.019 0.101
------------ ----------- ------- --------- ------ ------
22702 0.03 9.4 0.7 0.578 0.051 0.084
------------ ----------- ------- --------- ------ ------
22703 0.02 14.3 1.24 0.512 0.126 0.194
------------ ----------- ------- --------- ------ ------
22705 0.07 15.9 0.3 0.687 0.208 0.219
------------ ----------- ------- --------- ------ ------
22706 3.64 78.5 0.91 0.503 0.354 0.278
------------ ----------- ------- --------- ------ ------
22707 0.13 23.7 0.37 0.837 0.199 0.076
------------ ----------- ------- --------- ------ ------
22708 0.04 5.7 0.15 0.753 0.042 0.038
------------ ----------- ------- --------- ------ ------
22709 0.24 8.1 0.21 0.494 0.048 0.058
------------ ----------- ------- --------- ------ ------
22710 0.03 5.1 0.18 0.489 0.012 0.088
------------ ----------- ------- --------- ------ ------
22711 0.02 11 0.69 0.486 0.010 0.077
------------ ----------- ------- --------- ------ ------
22712 0.02 3 0.3 0.379 0.012 0.125
------------ ----------- ------- --------- ------ ------
22713 0.05 4.7 0.43 0.427 0.057 0.125
------------ ----------- ------- --------- ------ ------


Table 2 - 2019 Road Cut and Trench Samples
----------------------------------------------------
ID Au g/t Ag g/t Cu % Mn % Pb % Zn %
--------- --------- ------- -------

RS19-09 <0.005 0.8 0.001 0.048 0.004 0.011
--------- --------- ------- ------- ------ ------
RS19-10 <0.005 1.1 0.004 0.769 0.012 0.068
--------- --------- ------- ------- ------ ------
RS19-11 <0.005 0.5 0.003 0.158 0.004 0.025
--------- --------- ------- ------- ------ ------
RS19-12 <0.005 0.5 0.001 0.031 0.003 0.019
--------- --------- ------- ------- ------ ------
RS19-17 <0.005 1.2 0.001 0.529 0.036 0.056
--------- --------- ------- ------- ------ ------
RS19-22 0.008 0.7 0.003 0.079 0.007 0.008
--------- --------- ------- ------- ------ ------
RS19-27 0.06 3.4 0.128 0.129 0.007 0.068
--------- --------- ------- ------- ------ ------
RS19-28 <0.005 1.5 0.006 0.063 0.017 0.044
--------- --------- ------- ------- ------ ------
RS19-31 0.032 14.4 0.122 0.049 0.073 0.031
--------- --------- ------- ------- ------ ------
RS19-32 0.041 18.5 0.113 0.076 0.071 0.047
--------- --------- ------- ------- ------ ------
RS19-34 0.075 4.4 1.375 0.199 0.001 0.924
--------- --------- ------- ------- ------ ------
RS19-35 0.018 0.7 0.029 0.194 0.001 0.771
--------- --------- ------- ------- ------ ------
RS19-36 0.028 0.6 0.003 0.062 0.001 0.095
--------- --------- ------- ------- ------ ------
RS19-37 0.008 7 0.027 0.321 0.705 1.361
--------- --------- ------- ------- ------ ------

Three RC drill holes were completed in the area of the 2018 discovery outcrop, with two of the holes, KX18-55 and KX18-57, intersecting the primary Red Star vein at initial depths of 15 metres and 30 metres, respectively. The assays for those drill holes are shown in Tables 3 and 4, below.


Table 3 - High-grade Red Star Drill Hole Intercepts - Drill hole
KX18-55
ID Au g/t Ag g/t Cu % Mn % Pb % Zn %

23035 0.01 3.4 0.025 0.739 0.040 0.154
----------- ----------- --------- --------- -------- --------
23036 0.15 402 0.517 1.415 9.920 0.901
----------- ----------- --------- --------- -------- --------
23038 0.13 420 0.212 3.300 10.00 1.705
----------- ----------- --------- --------- -------- --------
23039 0.12 452 0.139 0.844 13.30 0.416
----------- ----------- --------- --------- -------- --------
23040 0.07 320 0.097 2.240 8.970 0.427
----------- ----------- --------- --------- -------- --------
23041 0.04 94.1 0.152 1.340 3.280 0.655
----------- ----------- --------- --------- -------- --------
23042 0.07 279 0.165 1.170 8.640 0.547
----------- ----------- --------- --------- -------- --------
23043 0.01 48.7 0.062 1.810 0.908 0.647
----------- ----------- --------- --------- -------- --------
23045 0.005 12.5 0.011 0.654 0.246 0.427
----------- ----------- --------- --------- -------- --------
23046 0.005 7.6 0.005 0.252 0.183 0.124
----------- ----------- --------- --------- -------- --------
23047 0.005 3.5 0.005 0.080 0.077 0.033
----------- ----------- --------- --------- -------- --------


Table 4 - High-grade Red Star Drill Hole Intercepts - Drill hole
KX18-57
ID Au g/t Ag g/t Cu % Mn % Pb % Zn %

0.005 14 0.148 0.363 0.072 0.129
----------- ----------- --------- --------- -------- --------
23112 0.05 25.7 0.069 3.370 0.868 1.950
----------- ----------- --------- --------- -------- --------
23113 0.03 25.3 0.071 3.380 0.730 1.810
----------- ----------- --------- --------- -------- --------
23114 0.15 1010 0.06 0.554 20.00 0.618
----------- ----------- --------- --------- -------- --------
23115 0.01 41 0.05 1.090 1.180 0.560
----------- ----------- --------- --------- -------- --------
23116 0.03 48.3 0.092 2.090 0.722 0.802
----------- ----------- --------- --------- -------- --------
23117 0.04 54.3 0.118 3.510 1.130 1.175
----------- ----------- --------- --------- -------- --------
23118 0.14 109 0.355 6.190 1.200 2.170
----------- ----------- --------- --------- -------- --------
23119 0.02 21.4 0.11 1.805 0.375 1.635
----------- ----------- --------- --------- -------- --------
23121 0.02 54.6 0.177 2.650 1.385 1.865
----------- ----------- --------- --------- -------- --------
23122 0.005 16.3 0.102 0.640 0.150 0.646
----------- ----------- --------- --------- -------- --------
23123 0.005 9.6 0.03 0.472 0.069 0.293
----------- ----------- --------- --------- -------- --------
23124 0.005 2.4 0.012 0.123 0.031 0.115
----------- ----------- --------- --------- -------- --------
23126 0.005 0.9 0.003 0.073 0.013 0.032
----------- ----------- --------- --------- -------- --------
23127 0.005 1.2 0.004 0.054 0.016 0.034
----------- ----------- --------- --------- -------- --------
23129 0.01 14.9 0.054 0.072 0.102 0.158
----------- ----------- --------- --------- -------- --------

[investorman33] 29/4/2020 14:08

Zaphod

Thanks for the link - I've registered.

Looking forward to more information given at the AGM, we know drilling underway on the next 20 holes at Red Star, despite coronavirus which would probably have stopped progress at a lot of companies, but maybe more information on how much of the known vein is being drilled would be useful etc.


Noticed the drilling RNS hasn't been posted, so for completeness :

28 April 2020
Phoenix Copper Limited
("Phoenix" or the "Company")

Phoenix commences second phase of drilling at Red Star silver/lead deposit

Phoenix Copper Ltd (AIM: PXC, OTCQX: PXCLF), the AIM quoted North American focused base and precious metals exploration and development company, is pleased to announce that it has commenced a second phase of drilling at its Red Star silver / lead deposit, building on the initial drilling results from December 2018.
Highlights
· Recent fundraise fully funds a 20 hole (1,500 metre) drilling programme at Red Star
· Objective is to build resource inventory of silver, lead, gold and other minerals at Red Star by step out drilling along strike and at depth
· Assays from drilling results expected from June 2020 onwards
· Updated NI 43-101 compliant resource for Red Star expected in Q3 2020 with a development decision shortly thereafter

Ryan McDermott, Chief Executive Officer, commented:
"Having cut the required drill roads and prepared the drill pads ready for this season's drill programme, I am pleased to announce that we collared the first drill hole of the 2020 Red Star drilling programme on 27 April 2020. The 1,500-metre, 20-hole drilling programme will be a combination of reverse-circulation and diamond drilling with the intent of following the Red Star vein along strike and at depth. These drill holes, together with the channel samples collected and assayed in late 2019, will add to the maiden resource reported last year. Our objective is to generate an updated resource as quickly as possible and move forward with the development of the Red Star project."

[goldrush] 29/4/2020 10:23

zaphod

Thanks for the info and will be on the call tomorrow.

Should be worth hearing from Ryan and positive message going forward.

[zaphod99] 29/4/2020 10:05

AGM via webinar tomorrow.

To access the webinar platform those wishing to attend should register at: