Highlights:

• Diamond drill hole IBDH023 intersected:

  • 50.39m @ 10.12% Zn , 2.66 g/t Au , 283 g/t Ag , 0.57% Cu, 1.39 % Pb from 155.72m
  • Including 19.45m @ 15.48% Zn, 2.65 g/t Au , 492 g/t Ag , 0.56% Cu, 2.52 % Pb from 156.5m

• Additional gold – rich zones identified outside boundaries of existing resource estimate

• Drilling confirms c ontinuity of mineralisation within the resource

• The relatively shallow resource remains open at depth and to the south

The Iron Blow polymetallic deposit is located on granted Mining Leases within the Hayes Creek Project in the Pine Creek region of the Northern Territory and is 100% owned by Phoenix Copper.

Very High Grade Results

IBD H 023 was drilled to a depth of 3 65.8 m w ith the aim of targeting the central zone of massive sul ph ide mineralisation within the Iron Blow resource. D rilling intersected a n overall mineralised multi – element envelope of 119.5m between 155 .0 m and 274.5m , which includes the Eastern and Western Massive Sulphide Lodes.

A gold breccia lode also lies immediately beneath the Western Lode in the drill hole, which is interpreted as being the upper part of the hydrothermal vent sourcing th e massive sulphide deposits. The breccia zone is outside current resource model constraints.

The thick upper zone of massive sulphides (Eastern Lode) in IBDH023 is approximately 50.39 metres downhole from 155.72m to 206.11m (Figure 1) with all true wid th s interpreted to be approximately 60% of the downhole thickness. The assay results from this zone are high grade, returning :-

  • 50.39m @ 10.12% Zn, 2.66 g/t Au, 283 g/t Ag, 0 .57% Cu, 1.39 % Pb from 155.72m including a higher grade core of :
  • 19.45m @ 15.48% Zn, 2.65 g/t Au, 492 g/t Ag, 0.56% Cu, 2.52 % Pb from 156.5m .
  • In addition, a second lower zone of massive sulphides (Western Lode) of 19 metres was intersected between 229.0m and 248.0m downhole and returned :-
  • 19.0m @ 3.45% Zn, 1.33 g/t Au, 18.2 g /t Ag, 0.38% Cu , 0.1% Pb from 229m, including
  • 3m @ 11.53% Zn, 1.6 0 g/ t Au, 22.4 g/t Ag, 0.3 0 % Cu and 0.1% Pb from 240m.
  • This western lode intercept is followed by a further 26.5m grading 1.5 g /t Au from 248m.

These results are very significant, primarily due to their ex ceptionally high grade s but also shows that the overall mineralised envelope also extends outside the massive sulphide boundaries . The larger interval, including deeper disseminated material, re turned :-

  • 119 .5 m @ 4.91% Zn, 1.89 g/t Au, 131 g/t Ag, 0.37% Cu and 0.62 % Pb from 155.0m.

Second Hole Completed

A second hole, IBDH024 , was completed at Iron Blow in late December 2014 with the aim of test ing the section 50m to the nor th of IBDH 0 23 and was drille d to a depth of 34 0.0 m. This hole intersected a zone of disseminated sulphides from 243m to 270m , which is consistent with the lower margin of the deposit.

IBDH024 was also drilled to a sufficie nt depth to enable a downhole Electromagnetic Survey to probe for possible extensions beyond th e known depths of mineralisation . Assay results are due by the end of February 2015.