PHOENIX COPPER PROJECT

UTAH

The project is located in Utah along strike and within the same geological sequence as operating Lisbon Valley Copper Mine, a 270Mlb copper resource and the second largest copper mine in Utah. The Project is prospective for sediment-hosted copper deposits.

HIGHLIGHTS

  • Wide spaced, scout drilling at the Philadelphia Prospect intersected copper oxide mineralisation at shallow depths in the northeastern most hole. Mineralization open in all directions and at depth. Significant results include;
    • 10.5m @ 1.02 Cu% (Inc. 1.5m @ 3.99% Cu) from 36.5m in hole PHIL25-10.
    • 5m @ 1.33% from 32m in hole PHIL25-10
  • Mineralisation is associated with the regionally significant Philadelphia Fault.
  • Copper mineralised outcrop of Dakota and Burro Canyon conglomerates and sandstones located at Fair Dinkum Prospect known hosts to copper mineralisation at the LVCC. Maiden drill program at high priority Fair Dinkum Prospect scheduled for November 2025.
  • Regional geochemical programs completed with results awaited

OVERVIEW

Phoenix Copper Project – Location Plan

The Phoenix Copper Project is ~70km southwest of Moab, Utah. Access is year-round, utilizing sealed and maintained gravel roads.

The project consists of two separate areas, the CC and Stateline Claim Blocks, located to the northwest and southeast respectively along strike from the Lisbon Valley Copper Mine (operated by Lisbon Valley Copper Corporation – LVCC), totaling 315 unpatented lode claims covering ~6,300 acres.

DRILLING

The Company recently completed its maiden drilling program, which focused on two priority prospect areas, Philadelphia and Trenton. A total of 9 holes totalling 646m were completed at two prospects, the first drilling known at either area.

Figure 2 – Philadelphia Collar Map

Figure 3 – PHIL 10 Schematic Cross Section

PHILADELPHIA PROSPECT

The Philadelphia Prospect centers over the historical Philadelphia Copper Mine. Historical workings (circa early 1900’s) consist of several shafts and adits on copper mineralisation associated with a sub-vertical fault(3).

Exploration completed earlier in the year by the Company including rock and channel sampling of outcropping mineralised zones returned significant results over +750m of strike4-6 including:

  • 6m @ 2.13% Cu, incl. 1m @ 7.16% Cu
  • 3m @ 1.28% Cu
  • 10m @ 0.55% Cu
  • Rock samples to 45.7% Cu

Six holes were drilled along 400 metres of mineralised strike to investigate surface geochemical anomalism, including rock grab and chip channel sampling on both the main Philadelphia fault and possible subsidiary splays.

Drill hole PHIL 25-10, completed on the northern-eastern most drill line, intersected a 19m wide zone of fractured and altered sediments  associated with the Philadelphia Fault from 27 meters downhole, with significant intercepts including:

  • 10.5m @ 1.02% Cu from 36.5m downhole, Inc. 1.5m @ 3.99% Cu
  • 5m @ 1.33 % Cu from 32m downhole

Drill hole PHIL25-10 is the northeastern most hole completed in the drill program and is open in all directions,  with the nearest hole over 200m to the southwest. The oxide copper mineralised zone consists of fracture fill and disseminated copper oxides (malachite, azurite) associated with calcite veining, manganese and iron staining in altered and fractured fine-medium grained sandstone, mudstone and limestones of the Permian-aged Hermosa Group.

FAIR DINKUM PROSPECT

The Fair Dinkum Prospect lies on the interpreted easterly extension of the mineralised fault system that hosts the Flying Diamond Copper deposit, the Flying Diamond Fault (FDF).

Reconnaissance at Stateline, along the projected trend of the FDF located a copper mineralised outcrop of Dakota and Burro Canyon conglomerates and sandstones, known hosts to copper mineralisation at the LVCC.

The mineralisation outcrops over 100m of strike along and adjacent to the FDF before being obscured by scree or overlying sediments. A total of 13 rock grab samples (ST-01 to 13) were collected along the outcrop with significant Cu and Ag results summarized below:

  • Peak results to 2.76% Cu and 92 g/t Ag, averaging 1.12% Cu with a minimum of 0.19% Cu
  • Seven (7) of the 13 samples collected returned +1% Cu

Fair Dinkum Prospect- Rock Samples and results

(see June 3, 2025 – HIGH PRIORITY ROCK SAMPLES DEFINE DRILL TARGETS, ASX Announcement (Updated).

REGIONAL

Regional exploration continues at the project with both stream and soil geochemical programs completed at several target areas.

Soil sampling along the SW extension of the Philadelphia Fault has been completed with results pending. 

Stream sediment sampling has also been completed in the Stateline Claim Block. The program focused on regional structures known to be associated with mineralisation in the Lisbon Valley area that transect the project area. Results are pending.