Arizona Sonoran Copper Company Inc. (TSX:ASCU |
OTCQX:ASCUF) (“ASCU” or the “Company”) announces further to its
press release dated September 28, 2022, it has filed the technical
report in connection with the Parks/Salyer (“P/S”) Mineral Resource
Estimate (“MRE”) on SEDAR. The technical report is titled Mineral
Resource Estimate and Technical Report (the “Technical Report”) and
covers both the Parks/Salyer and Cactus project, each 100%-owned
and situated on private land in Pinal County, Arizona.
George Ogilvie, Arizona Sonoran President and CEO
commented, “The Technical Report, inclusive of the Parks/Salyer
resource, now demonstrates size and scale in a top tier location
and within a prolific porphyry trend. Our teams have made
significant progress at site and are now executing the detailed
engineering work programs to produce a combined Parks/Salyer and
Cactus Prefeasibility Study.”
Table 1: Total Cactus and Parks/Salyer
Mineral Resource Estimate
Category and Type
Tons (kt)
CuT
(%)
Tsol
(%)
Contained Cu
(mm lbs)
Contained Tons
(kt)
Indicated Resource
Total Leachable
73,900
–
0.723
1,065,200
534
Total Indicated
151,800
0.531
1,610,700
806
Inferred Resource
Total Leachable
310,400
–
0.59
3,663,700
1,832
Total Inferred
449,900
0.544
4,894,200
2,447
Table 2: Parks/Salyer Mineral Resource
Estimate
Category and Type
Tons (kt)
CuT
(%)
Tsol
(%)
Contained Cu
(mm lbs)
Contained Tons
(kt)
Inferred Resource
Leachable
115,400
–
1.066
2,461
1,230
Primary
28,300
0.804
–
454
228
Total Inferred
143,600
1.015
–
2,915
1,458
Notes to Tables 1 and 2:
1. CuT means total copper and TSol means total soluble copper as
the addition of sequential acid soluble and sequential cyanide
soluble copper assays. Tons are reported as short tons. 2. Cactus
East and West resources have an effective date of 01 March 2021,
the Stockpile Resource have an effective date of 04 April 2021, and
use a copper price of US$3.15/lb. The assumptions in respect of the
Cactus and Stockpile Resource estimates are as stated in the PEA
titled "Arizona Sonoran Copper Company, Inc. Cactus Project,
Arizona, USA Preliminary Economic Assessment" with an effective
date of August 31, 2021; Parks/Salyer Resource estimate has an
effective date of 26 September 2022 and uses a copper price of
US$3.75/lb. 3. Technical and economic parameters defining resource
pit shell: mining cost US$2.45/t; G&A US$0.55/t, and 44°-46°
pit slope angle. 4. Technical and economic parameters defining
underground resource: mining cost US$28.93/t, and G&A
representing 7% of direct costs. 5. Technical and economic
parameters defining processing: Heap leach (HL) processing cost
including selling US$1.77/t; HL recovery 83% of CuT; mill
processing cost US$8.50/t. 6. For Cactus: Variable cutoff grades
were reported depending on material type, potential mining method,
and potential processing method. Oxide material within resource pit
shell = 0.096% TSol; enriched material within resource pit shell =
0.098% TSol; primary material within resource pit shell = 0.205%
CuT; oxide underground material outside resource pit shell = 0.56%
TSol; enriched underground material outside resource pit shell =
0.70% TSol; primary underground material outside resource pit shell
= 0.70% CuT. 7. For Parks/Salyer: Variable cut-off grades were
reported depending on material type associated potential processing
method. Oxide underground material = 0.495% TSol; enriched
underground material = 0.60% TSol; primary underground material =
0.586% CuT. 8.For the stockpile: There is a reasonable probability
of eventual economic extraction of this resource using sulfuric
acid leaching and SX/EW recover at a TSol cutoff of 0.095% 9.
Mineral resources, which are not mineral reserves, do not have
demonstrated economic viability. The estimate of mineral resources
may be materially affected by environmental, permitting, legal,
title, sociopolitical, marketing, or other relevant factors. 10.
The quantity and grade of reported inferred mineral resources in
this estimation are uncertain in nature and there is insufficient
exploration to define these inferred mineral resources as an
indicated or measured mineral resource; it is uncertain if further
exploration will result in upgrading them to an indicated or
measured classification. 11. Total may not add up due to
rounding.
Stantec Consulting Services Inc., in conjunction with Samuel
Engineering, Inc., prepared the Technical Report for ASCU which
includes the mineral resource estimate of the P/S Project and
covers the Cactus Project, including sections from the 2021 Cactus
PEA (defined below).
A Preliminary Economic Assessment (“PEA”) was previously
completed on the Cactus Project and filed on SEDAR in a technical
report entitled Arizona Sonoran Copper Company, Inc. Cactus
Project, Arizona, USA Preliminary Economic Assessment effective
August 31, 2021 (the “2021 Cactus PEA”). The Technical Report
covers the mining, process, infrastructure design, capital cost,
and operating cost of the Cactus Project. The MRE for the P/S
Project as described in the Technical Report was not included in
the 2021 Cactus PEA. The results and conclusions of the 2021 Cactus
PEA (incorporating the Cactus Resource and the Stockpile Project as
defined therein) are still considered current and therefore have
been carried over for the Technical Report.
Geology
The Cactus and P/S deposits are portions of a large porphyry
copper system that has been dismembered and displaced by Tertiary
extensional faulting. Porphyry copper deposits form in areas of
shallow magmatism within subduction-related tectonic environments
(Berger et al., 2008).
The dominant hypogene alteration assemblages in the deposit are
phyllic and potassic. Phyllic alteration is characterized by
quartz, sericite, and clay, but quartz and sericite predominate.
Secondary silica in the porphyries occurs as a fine-grained
replacement of the groundmass (intergrown with sericite and clay).
Minor amounts of quartz are also found, with sericite and clay
replacing plagioclase phenocrysts in the porphyries and granite.
Quartz- sulfide veinlets are associated with the phyllic assemblage
and comprise up to 1% of the rock by volume. Alteration minerals
occurring in rocks of the potassic assemblage include varying
quantities of biotite, chlorite, quartz, sericite, and clay, with
traces of secondary K-feldspar, calcite, and anhydrite. Secondary
biotite and chlorite characterize the potassic assemblage. Since
phyllic and supergene alteration are superimposed upon, and largely
destroy, potassic alteration, it is uncertain how much of the
quartz, sericite, and clay are part of the original potassic suite.
Supergene alteration associated with the process of secondary
enrichment of sulfides has modified the suite of hypogene
alteration minerals. In Cactus West, effects of this supergene
overprint are not always assessable due to post-enrichment
oxidation and leaching penetrating the chalcocite blanket into the
primary sulfide zone.
Similar if not identical alteration assemblages can be found in
P/S. Both assemblages include hypogene and supergene alteration
overprint. Hypogene alteration assemblages include both potassic
and phyllic. Alteration minerals occurring in the potassically
altered rock include secondary K-feldspar, magnetite, biotite,
chlorite, quartz, sericite, and clay. Such zones are typically low
grade. Secondary biotite, magnetite and chlorite characterize the
potassic assemblage. Phyllic assemblages are noted to include
strong secondary silicification, bleaching, quartz, sericite,
pyrite, and clays. The secondary silica replacement appears as
fine-grained replacement of the groundmass, intergrowing between
the sericite and other clays. Alteration halos surrounding
quartz-sericite and sulfide veins are common within these phyllic
alteration zones. These phyllic zones are typically higher in grade
compared to the potassic zones. It should be noted that much of the
potassic alteration is found to the north of the section and above
the Basement fault.
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
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.
Forward-Looking Statements
This press release contains certain information that may
constitute "forward-looking information" under applicable Canadian
securities legislation. Forward looking information includes, but
is not limited to, statements relating to the potential of the
Cactus Project and the Park Salyer property and mineral resource
estimates, strategic plans, including future exploration and
development results, and timing of technical and economic studies.
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/20221109006140/en/
For more information 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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