Azucar Minerals Ltd. ("Azucar" or the "Company") (TSX-V:
AMZ; OTCQX: AXDDF) is pleased to announce results from its ongoing
drilling program at the El Cobre porphyry copper-gold project in
Veracruz State, Mexico. Drilling results reported today come from
holes drilled at the Norte, Villa Rica, Porvenir and Suegro
Zones. Sections and a plan are provided with this news
release. Highlights include the following intervals:
Hole EC-19-077 NORTE TARGET, 175
Az, -75 dipFrom 474.50 to 518.00, 43.50 metres @ 0.26 g/t
gold and 0.11% copper Including 481.35 to
487.70, 6.35 metres @ 0.53 g/t gold and 0.21% copperFrom 720.20 to
732.70, 12.50 metres @ 0.31 g/t gold and 0.25% copper
Including 730.00 to 732.00, 2.00 metres @ 1.13 g/t gold
and 0.95% copper
Hole EC-19-082 NORTE TARGET, 175
Az, -50 dipFrom 341.70 to 579.00, 237.30 metres @ 0.25 g/t
gold and 0.12% copper Including 341.70 to
386.15, 44.45 metres @ 0.63 g/t gold and 0.27% copper
Including 343.70 to 356.43, 12.75 metres @ 1.01 g/t
gold and 0.33% copper
Hole EC-19-085 VILLA RICA TARGET,
180 Az, -88 dipFrom 205.00 to 210.25, 5.25 metres @ 0.60
g/t gold and 0.26% copper Including
205.00 to 205.50, 0.50 metres @ 2.12 g/t gold and 1.61% copper
Hole EC-19-078 PORVENIR TARGET, 85
Az, -45 dipFrom 79.00 to 91.00, 12.00 metres @ 1.82 g/t
gold and 0.02% copper Including
87.10 to 88.10, 1.00 metres @ 20.60 g/t gold and 0.01% copperFrom
445.30 to 456.30, 11.00 metres @ 0.49 g/t gold and 0.04%
copper Including 450.95 to 451.80,
0.85 metres @ 4.00 g/t gold and 0.03% copper
Hole EC-19-083 PORVENIR TARGET,
100 Az, -45 dipFrom 668.30 to 672.30, 4.00 metres @ 0.32
g/t gold and 0.45% copper
Hole EC-19-084 PORVENIR TARGET,
100 Az, -65 dipFrom 356.20 to 358.20, 2.00 metres @ 0.58
g/t gold and 0.07% copper
Hole EC-19-075 SUEGRO TARGET, 190
Az, -80 dipFrom 837.35 to 877.00, 39.65 metres @ 0.10 g/t
gold and 0.11% copper Including 861.65 to
864.45, 2.80 metres @ 0.20 g/t gold and 0.16% copper
J. Duane Poliquin, Chairman of Azucar commented,
“We continue to push on with our comprehensive two year intensive
drill program at the El Cobre project. We look forward to
reporting drill results as the program continues.”
About the El Cobre Project
The El Cobre Project has a total area of
approximately 7,000 hectares and is located adjacent to the Gulf of
Mexico, about 75 kilometres northwest of the major port city of
Veracruz, Mexico in an area of excellent infrastructure. The
project is situated 200 metres above sea level with extensive road
access and is located less than 10 kilometres from a power plant,
highway, gas line and other major infrastructure. Major power lines
cross the property area.
The four copper-gold porphyry targets currently
known within the El Cobre Project include Norte, Villa Rica, El
Porvenir and Encinal are defined by distinct Cu-Au soil anomalies,
discrete, positive magnetic features and a large IP chargeability
anomaly. The largest target area is the Villa Rica Zone which has
only seen limited initial exploration drilling. An overview of the
targets’ results to date is provided below and a map is
attached. The company plans to provide drill data for the
Norte Zone on its website.
Norte Zone: All five holes drilled in the Norte
Zone prior to 2016 intersected porphyry-style mineralisation. Hole
08-CBCN-022, one of the deepest holes drilled at Norte in 2008,
returned values of 0.14% Cu with 0.19 g/t Au over 259 m and
08-CBCN-19 intersected 41.15 metres averaging 0.42 g/t gold and
0.27% copper to the end of the hole at 187.45 metres. Drilling at
the Norte Zone in 2016 and 2017 has resulted in the highest grade
intersections to date at the El Cobre project, including 114.60
metres grading 1.33 g/t Au and 0.48% Cu (Hole EC-17-018, see press
release of April 5, 2017), 80.50 metres grading 1.34 g/t Au and
0.46% Cu (Hole EC-16-012, see press release of October 24, 2016),
70.45 metres grading 2.32 g/t Au and 0.59% Cu (Hole EC-17-026, see
press release of July 25, 2017), and 534.90 metres grading 0.90 g/t
Au and 0.30% Cu (Hole EC-17-029, see press release of August 15,
2017). Since the Norte Zone discovery, Azucar has been carrying out
a systematic drill campaign to define this target. Future Norte
drilling will focus on step-out and infill drilling, in addition to
testing the system to depth.
Villa Rica Zone: The Villa Rica Zone is a
roughly 2.5 kilometre by 1 kilometre area of hydrothermal
alteration defined also by a strong north-northwest trending
magnetic-chargeability high and associated copper-gold soil
geochemical anomalies. Past mapping and sampling defined several
areas of exposed porphyry mineralisation within the Villa Rica
target area including the Raya Tembrillo Zone and the Naranjo zone,
both at the north end of the Villa Rica zone. Initial drilling in
2017 on the Raya Tembrillo zone intersected two styles of
mineralisation; hypogene copper-gold porphyry mineralisation
(115.00 metres of 0.57 g/t gold and 0.27% copper, see press release
of November 28, 2017) and near surface exotic enriched copper
mineralisation with an apparent tabular distribution (94.00 metres
of 1.36% copper; see press release of December 13, 2017).
El Porvenir Zone: Drilling has demonstrated that
the system persists at least to 400 m depth. Significant copper and
gold grades were intersected such as 0.16% Cu and 0.39 g/t Au over
290 m in hole DDH04CB1. In addition, hole EC-13-004 intersected
0.23% Cu and 0.36 g/t Au over 106 m, to a depth of 504 m, again
indicating potentially significant mineralisation at depth. Results
from minimal drilling in 2017 include hole EC-17-040 which
intersected 108.00 metres grading 0.88 g/t Au and 0.29% Cu, and
hole EC-17-044 which intersected 40.25 metres grading 0.50 g/t Au
and 0.25% Cu.
Encinal Zone: Hole CB5 intersected a highly
altered breccia pipe containing fragments of stockwork veining and
porphyry mineralisation across which 18.28 metres returned 1.42 g/t
Au and 0.10% Cu. The breccia pipe occurs in a large alteration
zone, IP chargeability high and magnetics low which has not been
tested to depth. On June 19, 2017 Azucar announced that a new area
of exposed stockwork quartz veining and gold mineralisation had
been identified in the Encinal Zone. On June 29, 2017 Azucar
announced the results of initial drilling on this exposed stockwork
(Hole EC-17-025) which returned results including 34.47 metres
grading 0.73 g/t Au and 0.20% Cu.
More information on El Cobre is available on the
Azucar website at http://www.azucarminerals.com.
Mr. Norm Dircks, P.Geo., is a Qualified Person
as defined by National Instrument 43-101 ("NI 43-101") and has
reviewed and approved the contents of this news release. The
porphyry mineralisation reported in this news release is associated
with broad areas of alteration and stockwork veining. True widths
cannot be determined at this time. The analyses reported were
carried out at ALS Chemex Laboratories of North Vancouver using
industry standard analytical techniques. For gold, samples are
first analysed by fire assay and atomic absorption spectroscopy
(“AAS”). Samples that return values greater than 10 g/t gold using
this technique are then re-analysed by fire assay but with a
gravimetric finish. For copper, samples are first analysed by
Inductively Coupled Plasma – Atomic Emission Spectroscopy
(“ICP-AES”), with four acid digestion. Samples that return values
greater than 10000 g/t copper using this technique are then
re-analysed by HF-HNO3-HCLO4 digestion with HCL leach and ICP-AES
finish. Blanks, field duplicates and certified standards were
inserted into the sample stream as part of Azucar’s quality
assurance and control program which complies with National
Instrument 43-101 requirements. A NI 43-101 compliant technical
report on the El Cobre project entitled, "Technical Report on the
El Cobre Property” was filed in May 2015 and can be obtained from
www.sedar.com.
About Azucar
Azucar is an exploration company with a mandate
to thoroughly explore the El Cobre project in Veracruz, Mexico,
which covers multiple gold-rich porphyry targets, as demonstrated
by recent drilling. Azucar is permitted and funded for an active
drill campaign in 2019. Azucar holds a 100% interest in the El
Cobre project, subject to net smelter returns (“NSR”) royalty
interests, assuming production from the property exceeds 10,001
tonnes per day of ore, totaling 2.25% which can be reduced to 2.0%
though the payment of US$3.0 million.
On behalf of the Board of Directors,
“Morgan Poliquin”
Morgan J. Poliquin, Ph.D., P.Eng.President, CEO
and DirectorAzucar Minerals Ltd.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
This news release includes forward-looking
statements that are subject to risks and uncertainties. All
statements within it, other than statements of historical fact, are
to be considered forward looking. Although the Company believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ
materially from those in forward-looking statements. Factors that
could cause actual results to differ materially from those in
forward-looking statements include market prices, exploitation and
exploration successes, continued availability of capital and
financing, and general economic, market or business conditions.
There can be no assurances that such statements will prove accurate
and, therefore, readers are advised to rely on their own evaluation
of such uncertainties. We do not assume any obligation to update
any forward-looking statements, other than as required pursuant to
applicable securities laws.
Contact Information:
Azucar Minerals Ltd. Tel. 604.689.7644 Email:
info@azucarminerals.comhttp://www.azucarminerals.com/
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/134d5cc3-ca09-4b72-b790-3307dabefb8e
https://www.globenewswire.com/NewsRoom/AttachmentNg/9dd2470e-6eec-4ab0-b387-30bf605c7e5a
https://www.globenewswire.com/NewsRoom/AttachmentNg/37394cb8-a392-4690-83e6-2f0b099bec0d
https://www.globenewswire.com/NewsRoom/AttachmentNg/3c10b931-f426-4b07-9be8-2eb8a0d350d9
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