Phoenix Copper Share Discussion Threads

[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:

[investorman33] 28/4/2020 16:31

Great news that drilling the 20 holes to increase the resource at Red Star began yesterday.

Nice clear timetable in the RNS with a development decision in Q3 timetabled, and news flow before then on the drill hole results.

Given they are putting the drill holes in the vein that was revealed last year, there shouldn't be too much risk that all, or the vast majority, of the drill holes should produce decent results. Only real uncertainty is probably how good will the results be - not whether they will be good !

What's not to like !

[deuchar] 28/4/2020 16:08

Thanks Pants Im in the same boat I've always liked the managment

[pantsonfire] 28/4/2020 16:01

Yes, a 10 bagger, plus, plus. When we raise the finance for the Red Star mine, we will be on course for production to start before end-2021. This should start to pay-back immediately on the loan we made to Konnex (our 100% owned company which operates the mine), and which should pay us back on the debt they have accumulated from us, in the way of dividend, I believe. That way we will receive revenue as well as an increase in asset value. Maybe we'll hear more on this at the AGM? I'm really interested to hear of any additional results they may have, plus the precious metals, of which gold is soaring now.
I first invested at IPO (40p), and I have a memory of being told then that this had the potential to be a 10 bagger. Since then the exploration work has proved the opportunity to be much bigger than expected, and they've increased the stake area by almost a factor of 10. It strikes me that we'll be getting new information on a regular basis now, as the exploration and finance results come in, so we should see the share move up continuously. I'll be opening the champagne when we reach my first invested 40p, which I don't think is far off!

[dave4545] 28/4/2020 15:45

16p paid wow

:-))

Nothing offered online at 15p now

[deuchar] 28/4/2020 15:29

Thanks pants a great summary are talking a 10 bagger from here?

[goldrush] 28/4/2020 11:19

pants

An excellent summary which I totally endorse.

[pantsonfire] 28/4/2020 10:57

Dave, I could not agree more. At last the share price is on its way up.
But I think it worth reminding ourselves of the role of Red Star in the development of the Empire Mining Project, which is Phoenix, and why I genuinely believe Phoenix could become a 10 bagger, and even much more, and to understand that we need to remind ourselves of what we have, and how the company are planning this venture.
Phoenix started off by taking over a previous (under) exploited mine, closed down in 1942 for war manpower reasons. Aside some near surface drilling, no modern exploration had been carried out on the property or on the surrounding mineralised area since that time. Phoenix completed their IPO in 2017, which provided the funds for an initial drilling campaign to explore the area. The initial focus was to develop a low cost open pit heap leach copper operation. This exploration work showed that the mineralisations were far larger than anticipated, so they increased their stake from 3.3 up to 23.1 sq kms. This included the Navarre Creek property, some 6.5 kilometres west of Empire, which has potential for precious metal discoveries, particularly gold.
In the drilling programmes, they located Red Star, a vein which returned assays of high-grade lead and silver sulphides including intercepts of 20% lead and 39.4 ounces of silver per tonne. There is some speculation that there may be more parallel veins awaiting discovery.
With the price of copper dropping, focus for early production switched from Empire to Red Star, with lower capex and an even better return. The exploitation of the Red Star open pit “starter mine” is key to the overall project. The exploration presently under way is fully funded, and we expect the company to be able to move towards project type finance in the next phases, thereby minimising or even eliminating dilution. The project has impressive economics and which puts the company into cash flow from end 2021, and is planned to provide the cash flow to explore for more extensive mineralisation in the deeper sulphide ore body and adjacent land packages plus 6 kms of gold strike at Navarre, plus, plus.
The consultant geologist commented in his report “the potential mineralised system has been less than 1% exploited and explored. Indeed, for all intents and purposes, this northern part of the system remains unexplored with indications of substantial ore potential within medium to high grade polymetallic base & precious metal systems offering significant collective potential tonnage.”
And this is why I believe Red Star is just the tip of the iceberg, and this project could convert little minor Phoenix into a world scale miner.
The above is information taken from published documents, and my words are a personal opinion, and not offered as advice in any way.

[dave4545] 28/4/2020 09:37

Boom lol

Never thought my 11.8p stock would be in profit so quick when it was 5p bid just over a week ago

[goldrush] 27/4/2020 16:01

Level 3 looking stronger....3 on Bid @11p vs 1 on Offer @13p.....

[goldrush] 27/4/2020 15:20

zaphod99

Well spotted !! and right on the money.....IMHO

[zaphod99] 27/4/2020 11:40

Interesting to note that TSX and OTCQX-listed Canadian miner First Cobalt has been aggressively increasing it's land position on the Idaho cobalt belt.

First Cobalt Increases U.S. Land Position by 50%

TORONTO, ON — (April 15, 2020) – First Cobalt Corp. (TSX-V: FCC; OTCQX: FTSSF) today announced that it increased the size of its Idaho cobalt land position by 50%. The expanded property contains the Iron Creek cobalt-copper deposit, the Ruby target and several other surface exposures of cobalt-copper mineralization. The Iron Creek Project is one of the few primary cobalt deposits in America and remains open along strike and down-dip."

Phoenix's Redcastle cobalt prospect is a continuation of First Cobalt's Iron Creek cobalt vein.

Any moves by First Cobalt, or anyone else, on the Redcastle prospect could probably justify Phoenix's current £6m market cap alone with everything else thrown in for free!

[goldrush] 27/4/2020 09:00

Morning

Buyers quietly picking up a few....

[aussiebeach] 25/4/2020 13:32

Very encouraging week indeed !

[goldrush] 25/4/2020 12:58

Well that was a bit better week !!

Some drilling results probably are only a few weeks away and should be good. That hopefully should give us the momentum to get past the 15p funding price IMHO.

20p would give us a market cap of GBP 10 million, which would not be very demanding, if our exploratory drilling expands our silver resource as expected, the mine will get built pronto and lead to a further revaluation of the company.

[aussiebeach] 24/4/2020 13:17

IG want 13p for 50k Dave.

If you can get any at 11p your doing well.

[dave4545] 24/4/2020 13:13

I can buy at 11p chaps !

mid price

[aussiebeach] 24/4/2020 13:11

Only £3k available at 12p then higher.

[wealth_creator] 24/4/2020 13:05

Nothing better than a good old fashioned market maker squeeze.

Listed at 40p now 12p to buy.

You decide.