Phoenix Copper Ltd. announced the first analytical results from the Company's 2021 Deep Sulphide core drilling programme, under the oxide open pit, at the Empire Mine in Idaho, USA ('Empire'). Assay results from the first Hole KXD21-02 intercepts high-grade mineralization across a suite of metals. Significant intercept of 8.38% copper in the underground sulphides. Copper, gold, silver and zinc mineralization intercepted in the oxide zone of the proposed open pit. Hole KXD21-02: Open Pit Oxides: At 86.9 metres ('m') depth 0.8 m of 1.10 grammes per tonne ('g/t') gold, 80.70 g/t silver, 1.44% copper. At 98.1 m depth 0.5 m of 258 g/t silver, 1710 ppm (0.17%) tungsten. At 142.6 m depth 5.0 m of 19.3 g/t silver, 0.77% copper, incl. 1.7 m of 1.1% copper, 1.08% zinc. Underground Sulphides: At 185.9 m depth 2.0 m of 0.38 g/t gold, 34.38 g/t silver, 2.28% copper. At 187.5 m depth 0.5 m of 1.31 g/t gold, 120.0 g/t silver, 8.38% copper. Updated open pit resource to include oxide assays in due course. Anomalous molybdenum and tungsten mineralization also intercepted. Sulphide assay results provide verification of the 6% to 8% smelter grades reported from pre-WWII production. Samples from holes KXD21-03 through KXD21-05 have been shipped for assay to ALS Laboratories in Nevada, USA. A total of 967 m of the 2021 4,500-metre-deep sulphide programme have been completed to date. 2021 Drilling Programmes: The 2021 drilling plan includes 4,500 metres of diamond core in the Deep Sulphide (967 metres completed to date), 3,000 metres of dual-rotary drilling for hydrological characterization (2,600 metres completed to date), 2,300 metres of reverse-circulation drilling at Navarre Creek, and 3,000 metres of diamond core at Red Star and the Horseshoe-Whiteknob target.