Azucar Minerals Ltd. ("Azucar" or the "Company") (TSX-V:
AMZ; OTCQX: AXDDF) is pleased to announce the definition of a large
area of lithocap alteration in the zone of focus identified in the
recently announced mineral chemistry porphyry vectoring study (see
Azucar News Release of November 4, 2021). Lithocaps are large
domains of altered rocks that are observed to form above and to the
side of porphyry intrusive complexes worldwide.
As discussed in the company’s News Release of
November 4, 2021, the newly mapped lithocap alteration and mineral
vector target area both overlap the location of a deep IP
geophysical anomaly which does not crop out, within an area of
moderate magnetic response. The deep IP anomaly is the deep core to
the broad near surface anomaly which encompasses all the known
outcropping porphyry targets on the project. The closest hole to
this deep core IP anomaly, which did not test the anomaly,
intersected intense quartz pyrite sericite (QSP) phyllic alteration
which provides further support to this new target representing a
possible porphyry centre.
The new spectral mineral mapping in this area
(see Figure 1) has further defined a strong alteration signature
with clear zoning including a central diaspore-pyrophyllite-shallow
alunite/dickite and concentric halos of paragonitic and muscovitic
white mica and inner propylitic epidote halo. Observed illite
crystallinity shows consistent high crystallinity over the entire
target. Iron oxide rockchip mapping shows a hematite core zone and
a goethite halo as well. The central zones of diaspore are
associated with a large 700 metre (E-W) x 550 metre (N-S)
pyrophyllite anomaly with sporadic halos of dickite, minor alunite
(shallow level) and a significant halo (up to 900 metres) of
paragonitic illite grading to a circular muscovitic alteration halo
bordering the inner epidote propylitic alteration halo. This
alteration signature is interpreted to reflect the surface zoning
of an underlying porphyry body with structures likely acting as
feeder to high temperature fluids (pyrophyllite >250°C) and
diaspore forming a partially eroded lithocap at surface.
Currently a grid-based soil sampling program for
spectral and geochemical analysis is being completed from which it
is hoped a more robust alteration vector map can be developed to
help better focus a drill program, now planned for H1 2022.
J. Duane Poliquin, Chairman of Azucar, stated
“The new alteration mineral data further enhances this new focus
area for the El Cobre project. We are compiling all data to design
a 2022 drill program to explore for a deep porphyry target in this
area of the El Cobre Project.”
About the El Cobre ProjectA
detailed summary of the project is provided on the Company’s
website but in brief the El Cobre project covers a 5 km trend of
porphyry copper-gold associated alteration and mineralisation along
which five separate zones have now been identified and explored in
past drilling campaigns (see Figure 1). On September 29, 2020, the
Company released an initial mineral resource estimate on the
project from only the Norte Zone. The base case resource estimate
(using a net smelter return cutoff of US$12/tonne) for the Norte
Zone is comprised of an indicated resource of 1.2 Moz
AuEq (47.2 million tonnes grading 0.49 g/t Au, 0.21% Cu
1.4 g/t Ag) and an inferred resource of 1.4 Moz
AuEq (64.2 million tonnes grading 0.42 g/t Au, 0.18% Cu
and 1.3 g/t Ag). Further details of the resource estimate are
provided below.
At the Villa Rica Zone, located about 1.8 km
south of the Norte Zone, the Company plans to further explore the
Raya Tembrillo Target. Initial drilling in 2017 on the Raya
Tembrillo Target 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 enriched copper mineralisation with an apparent tabular
distribution (94.00 metres of 1.36% copper; see press release of
December 13, 2017). At the Encinal Zone, located 4.3 kilometres to
the southeast of the Norte Zone, the Company is conducting a more
thorough review of the geological, geochemical and geophysical
datasets in order to design a future drill program to follow-up
past drill results. On June 29, 2017 Azucar announced the results
of initial drilling on this exposed stockwork (Hole EC-17-025) that
returned results including 34.47 metres grading 0.73 g/t Au and
0.20% Cu.
Past drilling campaigns have returned
significant porphyry copper and gold assays from multiple targets
around this new mineral vector target area. The previously tested
and known porphyry mineralisation, including the Norte deposit on
which the company has developed a resource (see below), appear to
mantle and surround this new target area in a roughly arcuate zone
of high magnetic response. High grade intersections from these
targets highlight the potential for significant mineral endowment
and for higher grade porphyry mineralisation include the following
(see Figure 1 for locations):
Norte Zone
Hole |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Cu (%) |
EC-17-018 |
222.40 |
334.50 |
112.10 |
1.35 |
0.48 |
EC-17-026 |
543.45 |
609.90 |
66.45 |
2.41 |
0.61 |
Including |
543.45 |
569.45 |
26.00 |
4.15 |
1.00 |
EC-17-029 |
204.15 |
314.15 |
110.00 |
1.87 |
0.48 |
Including |
208.15 |
240.15 |
32.00 |
2.57 |
0.57 |
and |
264.15 |
300.15 |
36.00 |
2.02 |
0.51 |
Raya Tembrillo (1.8km South of Norte)
Hole |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Cu (%) |
EC-17-037 |
302.00 |
320.00 |
18.00 |
1.25 |
0.52 |
Primo Zone (1.4km South of Raya Tembrillo)
Hole |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Cu (%) |
EC-19-086 |
868.40 |
918.00 |
49.60 |
0.99 |
0.61 |
Including |
878.40 |
914.40 |
36.00 |
1.10 |
0.68 |
Porvenir Zone (2.5 km SE of Norte, 1.0 km west
of Primo
Hole |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Cu (%) |
EC-17-040 |
243.00 |
255.00 |
12.00 |
2.43 |
0.82 |
EC-18-056 |
381.50 |
408.00 |
26.50 |
1.72 |
0.34 |
More information on El Cobre is available on the
Azucar website at http://www.azucarminerals.com.
Technical Details and the El Cobre NI
43-101 Technical Report
For details on the estimation of mineral
resources, including the key assumptions, parameters and methods
used to estimate the Mineral Resources at the El Cobre property,
Canadian investors should refer to the report dated effective
November 13, 2020, and titled “NI 43-101 Technical Report Mineral
Resource Estimate on the El Cobre Copper-Gold-Silver Property,
Veracruz State, Mexico” which is available under Azucar Minerals’
profile on SEDAR (www.sedar.com) and on the Company’s website. The
Technical Report was authored by Kris Raffle, P.Geo. of APEX
Geoscience Ltd., and Sue Bird, M.Sc., P.Eng. of Moose Mountain
Technical Services. The NSR and AuEq values were calculated using
US$1,500/oz gold, US$3.00/lb copper and US$18/oz silver, and using
metallurgical recoveries of 88% for gold and copper, and 70% for
silver.
Morgan Poliquin, Ph.D., P.Eng. a Qualified
Person under NI 43-101 the President and CEO as well as a Director
of the Company reviewed and approved the other technical
information. The porphyry mineralisation and past drilling results
discussed and reviewed in this news release are 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 Global 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.
Azucar OTC Trading to Move from OTCQX to
OTCQB
Effective January 1, 2022, Azucar will begin
trading on the OTCQB marketplace rather than the OTCQX. Azucar’s
trading symbol on the OTCQB will remain as “AXDDF”.
About Azucar
Azucar is an exploration company exploring the
El Cobre project in Veracruz, Mexico, which covers multiple
gold-rich porphyry targets, as demonstrated by recent drilling.
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,
“J. Duane Poliquin”J. Duane Poliquin,
P.Eng.ChairmanAzucar 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. 604.689.7644Email:
info@azucarminerals.comhttp://www.azucarminerals.com/
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/8a63b28a-96fa-4ab0-baaf-2340b1499dd0
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