Phoenix Copper Limited
ABN 67 127 446 271
Level 1, 135 Fullarton Road
Rose Park, SA 5067
Australia
Telephone +61 (0) 8 8364 3188
Facsimile +61 (0) 8 8364 4288 [email protected] www.phoenixcopper.com.au
ASX Announcement 17 November 2014
ALL CONDITIONS PRECEDENT NOW SATISFIED FOR NT ACQUISITION
• Acquisition of 15 mining leases including the Iron Blow and Mount Bonnie deposits to proceed following satisfaction of final conditions precedent
• Formal completion to occur by 20 November (documentation of title transfer)
• Diamond drill program to commence at the Hayes Creek project in the coming days
Phoenix Copper Limited (ASX:PNX) is pleased to announce the satisfaction of the final conditions precedent related to the acquisition of 15 mining leases at the Hayes Creek project (Figure 1) in the Northern Territory from Crocodile Gold Australia Pty Ltd (see ASX release 18 August 2014).
The Hayes Creek project contains high-grade massive sulphide deposits at Iron Blow and Mount Bonnie. At Iron Blow, in accordance with JORC Code, 2012, the following Inferred Mineral Resource Estimate was completed1:
• 2.6Mt @ 2.4g/t Au, 130g/t Ag, 0.3% Cu, 0.9% Pb and 4.8% Zn (at a minimum gold equivalent cut-off grade of 0.7g/t).
Figure 1: Hayes Creek project containing Iron Blow and Mount Bonnie Deposits
1 See ASX release 3 November 2014 - High Grade Mineral Resource Estimate for Iron Blow Deposit, where further details are provided. Note there has been no material change in Mineral Resource Estimate since it was first reported.
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An initial exploration and extensional diamond drill program is planned to commence shortly at the Iron Blow and Mount Bonnie deposits. The primary objectives of this initial drill program are to define new mineralised zones, undertake down hole electromagnetic surveys, obtain samples for metallurgical test work, and build confidence in grade continuity within the existing resource. Further updates will be provided as the drill program progresses.
Phoenix Copper also advises that by mutual agreement with Crocodile Gold the deadline has been extended for satisfaction of conditions precedent related to the Burnside, Moline and Chessman base metals (excluding uranium) and gold exploration projects on which Phoenix Copper will, when completion occurs, have the right to earn a 90% interest (Figure 2). The satisfaction of these conditions precent is now expected to occur by 15 December 2014.
CEO Comment
The CEO of Phoenix Copper, James Fox said "The satisfaction of all conditions precedent relating to the purchase of the mining leases containing Iron Blow and Mount Bonnie is an important step that will allow Phoenix Copper to now take ownership of these high grade massive sulphide deposits. A recently announced resource estimate at Iron Blow has highlighted significant economic value which we will now look to increase by way of an exploration and extensional diamond drill program due to commence shortly."
Figure 2: Burnside, Moline and Chessman Exploration Projects
James Fox Peter Taylor
Chief Executive Officer Investor Relations
Telephone: +61 (0)8 8364 3188 Telephone: +61 (0) 412 036 231
Email: [email protected] Email: [email protected]
Website: www.phoenixcopper.com.au
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