Business
Earn-in Agreement Renewed for Redcastle
Earn-in Agreement Renewed for Redcastle.
About this update from Phoenix Copper Ltd. (united Kingdom)
[{"type":"text","content":"\n\nPhoenix Copper Limited / Ticker: PXC / Sector: Mining \n25 July 2024\n \nPhoenix Copper Limited\n(\"Phoenix\" or the \"Company\")\n \nEarn-in Agreement Renewed with Electra Battery Materials on the Redcastle Cobalt Property\n \nPhoenix Copper Ltd (AIM: PXC; OTCQX ADR: PXCLY), the AIM-quoted USA-focused base and precious metals emerging producer and exploration company, is pleased to announce that it has renewed its earn-in agreement (the \"Agreement\") with Electra Battery Materials (\"Electra\") (TSX.V: ELBM, NASDAQ: ELBM), in respect of the Company's Redcastle cobalt property (\"Redcastle\") on the Idaho Cobalt Belt. The original agreement was executed on May 21, 2021.\n \nThe Company's cobalt holdings can be viewed on the Phoenix website at https://phoenixcopperlimited.com.\n \nHighlights\n· Phoenix has signed an amendment to the Redcastle Property Agreement to extend its two main exploration expenditure commitments by two years, to 2026 and 2028 respectively.\n \n· The amendment will require an investment of US$1.5M into any combination of exploration, development and related work by the third anniversary date of May 21, 2026; with an additional required investment of US$1.5M into any combination of the above works by the fifth anniversary date of May 21, 2028.\n \n· Electra's 2023 field programme discovered a previously unknown copper surface showing on an unexplored boundary area of the Redcastle Agreement claims.\n \n· A follow-up field reconnaissance programme is being considered on the heels of the amended Redcastle Agreement, subject to financing.\n· The Company's Bighorn cobalt property on the Idaho Cobalt Belt does not form part of the Agreement.\nRyan McDermott, Chief Executive Officer, commented: \"We are pleased to be continuing our collaboration with Electra through the extension of this agreement. We believe Electra is well-positioned to further advance the Redcastle property's potential, and we look forward to working with the Electra team as that potential is realized.\"\n \nPhoenix's Redcastle claim block is located in Lemhi County, situated within the ...