Arizona Sonoran Copper Company Inc. (TSX:ASCU |
OTCQX:ASCUF) (“ASCU” or the “Company”) today releases assays
from 3 drill holes from its 105,000 ft (32,000 m) infill to
indicated drilling program at Parks/Salyer (“P/S"), located ~1.3 mi
(2 km) southwest of the Company’s Cactus Mine Project. Infill
drilling continues to intersect thick high-grade mineralization
which supports the currently modelled inferred Mineral Resource at
P/S (see FIGURES 1-9).
Additionally, assay results from the final 4 exploration drill
holes from Parks/Salyer’s western extents are also being reported.
Results from these drill holes were included in the 2.9 B lb
Inferred Mineral Resource Estimate (“MRE”) reported on September
28, 2022.
Highlights:
- Infill drilling to 250 ft drill spacing, in support of an
initial Preliminary Feasibility Study (PFS) within 11-17
months
- ECP-098: 714.1 ft (217.7 m) @ 1.01% TCu, 0.90% Cu TSol,
0.024% Mo (enriched)
- Incl. 298.0 ft (90.8 m) @ 1.39% TCu, 1.35% Cu TSol, 0.019%
Mo
- ECP-097: 746.2 ft (227.4 m) of continuous
mineralization
- 294.4 ft (89.7 m) @ 0.68% TCu, 0.65% Cu TSol, 0.018% Mo
(oxide)
- 451.8 ft (137.7 m) @ 1.17% TCu, 1.10% Cu TSol, 0.026% Mo
(enriched)
- Incl 82.6 ft (25.2 m) @ 2.30% TCu, 2.24% Cu TSol, 0.035%
Mo
- ECP-099: 552.0 ft (168.2 m) @ 1.10% TCu, 0.85% Cu TSol,
0.030% Mo (enriched)
- and 150.0 ft (45.7 m) @ 1.48% TCu, 1.29% Cu TSol, 0.033%
Mo
George Ogilvie, Arizona Sonoran President and CEO
commented, “We continue to move forward at our Cactus and
Parks/Salyer projects concurrently, with the intent of issuing a
combined Prefeasibility Study in the next 11-17 months. The
recently issued maiden mineral resource estimate for Parks/Salyer
combined with the resource estimate at Cactus has now catapulted
the combined projects to a size that would make it the 4th largest
independent copper deposit in the USA with a total copper resource
of 4.9 Billion lbs Inferred and 1.6 Billion lbs Indicated.
“At P/S the infill drilling to 250 ft centres is now well
underway with all drilling and assaying expected to be completed in
2Q23. Further metallurgical columns on the P/S leachable
mineralization is underway and are expected to run throughout 2023.
Additionally, geotechnical and hydrological studies on P/S have now
been initiated.
“At Cactus new metallurgical columns have begun, purposely
designed for a future Bankable Feasibility Study.”
Mineral Resource and Exploration Drilling Program
Recap
The final 4 holes from the expanded exploration drill program
are now complete and successfully extended mineralization along the
western extents of the deposit. The deposit spans an area of 3,500
ft (1,067 m) by 2,200 ft (671 m). The extents of the main
high-grade core at Parks/Salyer have been defined by the completed
exploration program, however exploration potential remains along
the NE oriented mine trend corridor towards the Cactus West
deposit. A total of 31 exploration holes spaced at ~500 ft drill
spacings were included into the MRE and calculated an inferred
copper resource of 2.9 billion pounds at 1.015% total Copper. The
total leachable resource totals 2.45 billion pounds at 1.065% total
Copper (see PR dated Sept 28, 2022). The current 105,000 ft (32,000
m) drilling program is reducing drill spacings to 250 ft, aimed at
upgrading the mineral resource category to indicated in support of
the potential definition of maiden reserves in the upcoming
PFS.
A third rig has begun drilling a 3-hole metallurgical program at
Parks/Salyer in October to support a column leach test program for
P/S material ahead of the PFS. Additional updates will be provided
on the metallurgical, geotechnical and hydrological programs as
information is available.
TABLE 1: Parks/Salyer Drilling Highlights
HOLE
ZONE
Feet
Metres
TCu
Cu TSol
Mo
from
to
length
from
to
length
%
%
%
ECP-099
oxide
1003.0
1054.5
51.5
305.7
321.4
15.7
0.27
0.24
0.010
enriched
1094.3
1139.0
44.7
333.5
347.2
13.6
0.81
0.80
0.010
enriched
1208.3
1218.0
9.7
368.3
371.2
3.0
2.25
2.24
0.012
oxide
1317.0
1386.0
69.0
401.4
422.5
21.0
0.19
0.18
0.007
enriched
1447.0
1999.0
552.0
441.0
609.3
168.2
1.10
0.85
0.030
including
1447.0
1478.0
31.0
441.0
450.5
9.4
2.74
2.73
0.024
and
1508.0
1533.5
25.5
459.6
467.4
7.8
1.38
1.34
0.023
and
1746.0
1896.0
150.0
532.2
577.9
45.7
1.48
1.29
0.033
primary
1999.0
2104.0
105.0
609.3
641.3
32.0
0.29
0.02
0.038
ECP-098
oxide
987.0
1053.7
66.7
300.8
321.2
20.3
0.60
0.59
0.019
including
1029.0
1049.0
20.0
313.6
319.7
6.1
1.08
1.06
0.026
enriched
1114.0
1124.0
10.0
339.5
342.6
3.0
1.24
1.20
0.030
enriched
1166.1
1186.0
19.9
355.4
361.5
6.1
2.01
1.93
0.038
enriched
1229.0
1943.1
714.1
374.6
592.3
217.7
1.01
0.90
0.024
including
1229.0
1527.0
298.0
374.6
465.4
90.8
1.39
1.35
0.019
primary
1943.1
2115.7
172.6
592.3
644.9
52.6
0.63
0.06
0.019
including
2032.0
2072.0
40.0
619.4
631.5
12.2
1.20
0.12
0.045
ECP-097
oxide
1071.0
1365.4
294.4
326.4
416.2
89.7
0.68
0.65
0.018
including
1191.5
1214.5
23.0
363.2
370.2
7.0
2.36
2.29
0.013
and
1324.0
1365.4
41.4
403.6
416.2
12.6
1.73
1.69
0.046
enriched
1365.4
1817.2
451.8
416.2
553.9
137.7
1.17
1.10
0.026
including
1365.4
1448.0
82.6
416.2
441.4
25.2
2.30
2.24
0.035
including
1404.8
1420.0
15.2
428.2
432.8
4.6
6.11
5.89
0.037
primary
1817.2
2318.0
500.8
553.9
706.5
152.6
0.21
0.02
0.008
ECP-096
oxide
1355.5
1438.0
82.5
413.2
438.3
25.1
0.48
0.42
0.002
including
1375.0
1399.8
24.8
419.1
426.7
7.6
0.82
0.78
0.003
oxide
1478.0
1528.0
50.0
450.5
465.7
15.2
0.23
0.15
0.002
oxide
1578.0
1622.0
44.0
481.0
494.4
13.4
0.20
0.16
0.007
oxide
1728.1
1783.7
55.6
526.7
543.7
16.9
0.28
0.19
0.004
enriched
1783.7
1817.0
33.3
543.7
553.8
10.1
0.30
0.27
0.002
ECP-095
enriched
1483.3
2055.0
571.7
452.1
626.4
174.3
0.39
0.35
0.005
including
1483.3
1514.0
30.7
452.1
461.5
9.4
0.73
0.71
0.009
and
1547.2
1585.2
38.0
471.6
483.2
11.6
1.03
1.02
0.007
and
1608.4
1628.0
19.6
490.2
496.2
6.0
0.86
0.84
0.005
and
1694.3
1792.0
97.7
516.4
546.2
29.8
0.59
0.54
0.007
primary
2055.0
2501.1
446.1
626.4
762.3
136.0
0.13
0.02
0.002
ECP-094
oxide
1368.0
1405.0
37.0
417.0
428.2
11.3
0.52
0.44
0.001
enriched
1451.0
1936.0
485.0
442.3
590.1
147.8
0.26
0.23
0.001
including
1451.0
1507.0
56.0
442.3
459.3
17.1
0.46
0.45
0.002
primary
1936.0
2467.7
531.7
590.1
752.2
162.1
0.30
0.03
0.005
including
2332.0
2402.0
70.0
710.8
732.1
21.3
0.95
0.07
0.017
ECP-093
oxide
1178.0
1191.0
13.0
359.1
363.0
4.0
1.19
0.99
0.001
enriched
1225.6
1615.0
389.4
373.6
492.3
118.7
0.38
0.36
0.002
including
1225.6
1258.0
32.4
373.6
383.4
9.9
1.50
1.32
0.001
including
1282.4
1335.0
52.6
390.9
406.9
16.0
1.21
1.15
0.003
and
1543.0
1567.0
24.0
470.3
477.6
7.3
1.08
1.06
0.011
enriched
1660.4
1680.0
19.6
506.1
512.1
6.0
0.55
0.52
0.003
enriched
1731.4
1896.0
164.6
527.7
577.9
50.2
0.40
0.37
0.004
including
1817.6
1848.3
30.7
554.0
563.4
9.4
1.01
0.98
0.006
primary
1896.0
2208.0
312.0
577.9
673.0
95.1
0.17
0.02
0.009
including
1926.0
1991.2
65.2
587.0
606.9
19.9
0.23
0.04
0.009
- Intervals are presented in core length and are drilled with
very near vertical dip angles.
- Drill assays assume a mineralized cut-off grade of 0.5% CuT
reflecting the potential for heap leaching of underground material
in the case of Oxide and Enriched or in the case of Primary
material to provide typical average grades. Holes were terminated
below the basement fault.
- Some intercepts in the western exploration holes assumed a
mineralized cut-off grade of 0.1% CuT to provide typical average
grades of the tenor of mineralization.
- Assay results are not capped. Intercepts are aggregated within
geological confines of major mineral zones.
- True widths are not known.
Table 2: Drilling details
Hole
Easting (m)
Northing (m)
Elevation (ft)
TD (ft)
Azimuth
Dip
ECP-093
421382.4
3645094.0
1372.7
2463.3
0.0
-90.0
ECP-094
421309.5
3644981.3
1369.1
2498.0
0.0
-90.0
ECP-095
421285.0
3644857.9
1365.6
2545.5
0.0
-90.0
ECP-096
421312.0
3645256.8
1376.6
2652.1
0.0
-90.0
ECP-097
421843.7
3645268.8
1381.9
2344.5
0.0
-90.0
ECP-098
421842.5
3645184.3
1379.9
2332.4
0.0
-90.0
ECP-099
421921.1
3645148.0
1379.7
2244.0
0.0
-90.0
Quality Assurance / Quality Control
Drilling completed on the project between 2020 and 2022 was
supervised by on-site ASCU personnel who prepared core samples for
assay and implemented a full QA/QC program using blanks, standards,
and duplicates to monitor analytical accuracy and precision. The
samples were sealed on site and shipped to Skyline Laboratories in
Tucson AZ for analysis. Skyline’s quality control system complies
with global certifications for Quality ISO9001:2008.
Technical aspects of this news release have been reviewed and
verified by Allan Schappert – CPG #11758, who is a qualified person
as defined by National Instrument 43-101– Standards of Disclosure
for Mineral Projects.
Links from the Press Release
Figures 1-9:
https://arizonasonoran.com/projects/exploration/maps-and-figures/
Press Release dated, September 28, 2022:
https://arizonasonoran.com/news-releases/arizona-sonoran-doubles-global-leachable-resource-inventory-and-declares-maiden-mineral-resources-at-parks-salyer-of-2.92/
Neither the TSX nor the regulating authority has approved or
disproved the information contained in this press release.
About Arizona Sonoran Copper Company (www.arizonasonoran.com |
www.cactusmine.com)
ASCU’s objective is to become a mid-tier copper producer with
low operating costs and to develop the Cactus and Parks/Salyer
Projects that could generate robust returns for investors, and
provide a long term sustainable and responsible operation for the
community and all stakeholders. The Company's principal asset is a
100% interest in the Cactus Project (former ASARCO, Sacaton mine)
which is situated on private land in an infrastructure-rich area of
Arizona. Contiguous to the Cactus Project is the Company’s
100%-owned Parks/Salyer deposit that could allow for a phased
expansion of the Cactus Mine once it becomes a producing asset. The
Company is led by an executive management team and Board which have
a long-standing track record of successful project delivery in
North America complemented by global capital markets expertise.
For more information
Forward-Looking Statements
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of ASCU to be materially different from
any future results, performance or achievements expressed or
implied by the forward-looking statements. Factors that could
affect the outcome include, among others: future prices and the
supply of metals; the results of drilling; inability to raise the
money necessary to incur the expenditures required to retain and
advance the properties; environmental liabilities (known and
unknown); general business, economic, competitive, political and
social uncertainties; results of exploration programs; accidents,
labour disputes and other risks of the mining industry; political
instability, terrorism, insurrection or war; or delays in obtaining
governmental approvals, projected cash operating costs, failure to
obtain regulatory or shareholder approvals.
Although ASCU has attempted to identify important factors that
could cause actual actions, events or results to differ materially
from those described in forward-looking statements, there may be
other factors that cause actions, events or results to differ from
those anticipated, estimated or intended. Forward-looking
statements contained herein are made as of the date of this news
release and ASCU disclaims any obligation to update any
forward-looking statements, whether as a result of new information,
future events or results or otherwise, except as required by
applicable securities laws.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221102005249/en/
Alison Dwoskin, Director, Investor Relations 647-233-4348
adwoskin@arizonasonoran.com
George Ogilvie, President, CEO and Director 416-723-0458
gogilvie@arizonasonoran.com
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