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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Arizona Sonoran Copper Company Inc | TSX:ASCU | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.02 | 1.43% | 1.42 | 1.40 | 1.42 | 1.45 | 1.40 | 1.44 | 33,600 | 20:59:59 |
Arizona Sonoran Copper Company Inc. (TSX:ASCU | OTCQX:ASCUF) (“ASCU” or the “Company”) announces drill assays from 5 holes at Cactus East and 4 from Parks/Salyer (18,467 ft | 5,629 m) (see FIGURES 1-18). Drilling at 125 ft (38 m) drill spacings demonstrating the continuity and thicknesses of mineralization within the proposed Cactus East and Parks/Salyer high grade underground oxide and enriched mineralized zones.
Additionally, the Company has begun exploratory drilling at the MainSpring property (Parks/Salyer South) (FIGURE 4), with five holes now complete. The program consists of up to 10 drill holes, targeting shallow mineralization 1,500 ft (~450 m) south of the Parks/Salyer deposit. The Parks/Salyer deposit contains 143.9 Mtons @ 1.009% Cu M&I and 48.4 Mtons @ 0.967% Cu Inferred (PR October 16, 2023) and remains open to the south onto the MainSpring property. Historic ASARCO drilling supports the continuity of gradually shallower mineralization towards the south, which ASCU is testing via the current drill program.
Drilling Highlights:
NOTE: True widths are not known
George Ogilvie, Arizona Sonoran President and CEO commented, “At Cactus, the team continues to derisk the asset and drive project development forward on all fronts while concurrently reducing drill spacing to support Feasibility-level requirements. In addition, one drill is now focused on the extension of Parks/Salyer mineralization to the south. Earlier this year, we strategically optioned to acquire the MainSpring (Parks/Salyer South) Property. The option agreement gains access to the southern extension of our +1% Cu Parks/Salyer deposit, where our goal is to not only grow the resource but also confirm near surface mineralization as drilling moves south, as seen by historical drilling results.”
Drilling Recap
A total of 106,815.9 ft (32,557.5 m) over 51 holes, from the Cactus East and Parks/Salyer infill-to-measured drilling programs have been reported this year. The geological team continues to work toward completing the drilling needed for measured resources for the Definitive Feasibility Study planned for 2024. Drilling continues ASCU’s focus on defining the high-grade cores of the Cactus East and Parks/Salyer orebodies with encouraging and consistent intervals of mineralization. Holes ECE-143 and ECE-146 support the continuity of width and grade indicated by the earlier 250 ft (76 m) infill-to-indicated drill program, especially the high-grade oxide cap that overlies the enrichment blanket that forms the heart of the orebody. Holes ECE-182 and ECE-183 were drilled at the extreme NE end of the Cactus East to extend thick oxide mineralization encountered earlier in the Indicated Drilling Program toward the bounding East Fault. These holes did encounter enriched and higher-grade primary mineralization below the fault, but the thickness of mineralization was terminated by the fault.
TABLE 1: Cactus East and Parks/Salyer Drilling Highlights
Holeid
Zone
Feet
Metres
Cu T
Cu Tsol
Mo
from
to
length
from
to
length
%
%
%
PARKS/SALYER
ECP-161
enriched
1,274.3
2,029.0
754.7
388.4
618.4
230.0
1.34
1.12
0.016
including
1,317.0
1,367.0
50.0
401.4
416.7
15.2
1.91
1.47
0.009
and
1,407.2
1,587.0
179.8
428.9
483.7
54.8
1.97
1.72
0.018
ECP-164
enriched
1,397.0
1,937.0
540.0
425.8
590.4
164.6
1.97
1.80
0.013
including
1,447.0
1,657.0
210.0
441.0
505.1
64.0
2.96
2.88
0.011
primary
1,937.0
1,994.8
57.8
590.4
608.0
17.6
0.72
0.04
0.030
ECP-167
enriched
852.3
900.6
48.3
259.8
274.5
14.7
0.69
0.67
0.005
enriched
1,336.3
1,797.5
461.2
407.3
547.9
140.6
1.51
1.10
0.014
including
1,376.1
1,487.0
110.9
419.4
453.2
33.8
2.52
2.43
0.007
primary
1,797.5
1,936.8
139.3
547.9
590.3
42.5
0.82
0.06
0.032
including
1,847.0
1,877.0
30.0
563.0
572.1
9.1
1.77
0.13
0.083
ECP-171
enriched
687.0
736.0
49.0
209.4
224.3
14.9
0.49
0.48
0.004
enriched
855.5
1,394.0
538.5
260.8
424.9
164.1
1.65
1.51
0.006
including
875.0
915.0
40.0
266.7
278.9
12.2
2.09
2.06
0.004
and
970.0
1,140.0
170.0
295.7
347.5
51.8
2.49
2.42
0.006
primary
1,394.0
1,963.8
569.8
424.9
598.6
173.7
0.69
0.05
0.018
including
1,465.0
1,499.0
34.0
446.5
456.9
10.4
1.07
0.08
0.005
and
1,519.0
1,567.0
48.0
463.0
477.6
14.6
1.28
0.08
0.051
and
1,756.4
1,759.0
2.6
535.4
536.1
0.8
15.16
0.78
0.099
CACTUS EAST
ECE-143
enriched
1,374.5
1,862.0
487.5
418.9
567.5
148.6
1.39
1.30
0.032
including
1,396.0
1,636.0
240.0
425.5
498.7
73.2
2.29
2.20
0.040
primary
1,862.0
2,009.7
147.7
567.5
612.6
45.0
0.43
0.05
0.020
ECE-146
oxide
1,025.5
1,051.6
26.1
312.6
320.5
8.0
0.31
0.28
0.005
oxide
1,122.2
1,290.3
168.1
342.0
393.3
51.2
1.34
1.30
0.009
including
1,205.0
1,240.2
35.2
367.3
378.0
10.7
3.19
3.11
0.011
enriched
1,354.0
1,666.0
312.0
412.7
507.8
95.1
1.23
1.09
0.017
including
1,354.0
1,485.0
131.0
412.7
452.6
39.9
1.97
1.87
0.020
primary
1,666.0
1,906.9
240.9
507.8
581.2
73.4
0.38
0.04
0.011
including
1,706.9
1,767.1
60.2
520.3
538.6
18.3
0.52
0.05
0.011
ECE-149
oxide
1,314.0
1,443.2
129.2
400.5
439.9
39.4
0.42
0.40
0.013
oxide
1,476.0
1,534.2
58.2
449.9
467.6
17.7
1.85
1.82
0.022
including
1,516.0
1,534.2
18.2
462.1
467.6
5.5
3.73
3.69
0.024
enriched
1,613.0
1,886.4
273.4
491.6
575.0
83.3
2.66
2.49
0.032
including
1,621.1
1,743.0
121.9
494.1
531.3
37.2
3.96
3.83
0.035
primary
1,886.4
1,905.5
19.1
575.0
580.8
5.8
0.42
0.04
0.008
ECE-182
enriched
1,732.0
1,800.3
68.3
527.9
548.7
20.8
0.53
0.50
0.022
including
1,735.0
1,768.0
33.0
528.8
538.9
10.1
0.73
0.72
0.018
primary
1,800.3
1,905.2
104.9
548.7
580.7
32.0
0.50
0.06
0.030
ECE-183
enriched
1,672.0
1,744.0
72.0
509.6
531.6
21.9
1.10
0.97
0.018
primary
1,744.0
1,910.8
166.8
531.6
582.4
50.8
0.49
0.07
0.020
Table 2: Drilling details
Hole
Easting (m)
Northing (m)
Elevation (ft)
TD (ft)
Azimuth
Dip
ECE-143
424107.9
3646941.0
1468.7
2274.0
90.0
-80.0
ECE-146
424244.6
3647007.6
1501.8
2096.0
320.0
-80.0
ECE-149
424338.7
3646828.0
1494.1
2000.0
335.0
-80.0
ECE-182
424488.4
3647150.2
1512.0
1934.5
235.0
-80.0
ECE-183
424464.0
3647179.4
1512.0
2030.3
235.0
-80.0
ECP-161
421967.1
3644978.4
1376.3
2137.0
0.0
-90.0
ECP-167
422042.5
3644942.3
1376.2
1964.9
0.0
-90.0
ECP-171
421964.9
3644893.1
1374.1
2013.2
0.0
-90.0
Quality Assurance / Quality Control
Drilling completed on the project between 2020 and 2023 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
October 16, 2023: https://arizonasonoran.com/news-releases/arizona-sonoran-announces-updated-mineral-resource-estimate-for-the-cactus-project/ Figures 1-18: https://arizonasonoran.com/projects/cactus-mine-project/press-release-images/
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
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/20231030869301/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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