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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.46 | 1.46 | 1.48 | 1.48 | 1.45 | 1.46 | 15,100 | 20:59:52 |
Arizona Sonoran Copper Company Inc. (TSX:ASCU | OTCQX:ASCUF) (“ASCU” or the “Company”) today announces 60% completion of 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 (see FIGURES 1-10). A total of 27 holes have now been drilled out of an anticipated 46 holes, with assays received to date for 15 holes, including the five reported in this release.
The program continues to support the tenor of mineralization while reducing drill spacing from 500 ft (150 m) to 250 ft (76 m) centres, suitable to upgrade the resource from the inferred category to the indicated category. Drilling has been staged to infill areas closest to the inferred high-grade core initially, before expanding out towards the west.
Highlights:
NOTE: True widths are not known
George Ogilvie, Arizona Sonoran President and CEO commented, “This drilling continues to demonstrate the consistency of copper grade and thickness, in both the leachable and primary sulphide mineralization and within the high-grade core of the Parks/Salyer deposit. Two drills will finish the remaining 40% of the drill program this quarter, while a third drill rig will move to the NE Extension to conduct exploration holes. This infill drilling will allow us to upgrade the Parks/Salyer resource from its current inferred category to an indicated category, that can then be fed into our re-scoped PFS in late 2023, early 2024.”
Exploration Drilling Program Recap
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. To date the drilling of 27 infill core holes (59,289 ft | 18,071 m) has defined a high-grade zone within the eastern half of the deposit, which is currently being pursued westward with the remainder of the drilling, as demonstrated by the grade/thickness map of completed drilling.
Chalcocite and covellite are the dominant copper species in the enriched mineralization, replacing primary pyrite and chalcopyrite in their original depositional habits, such as veins, breccia fillings, voids and disseminations. These replacements styles, shown in FIGURES 1-10, are representative of our enriched mineral zone. Chalcocite also tends to build on itself, resulting in zones of higher-grade mineralization where the enrichment fluids had time and opportunity to continue the secondary enrichment process.
TABLE 1: Parks/Salyer Drilling Highlights
Hole Id
Zone
Feet
Metres
CuT
%
TSol
%
Mo
%
From
To
Length
From
To
Length
ECP-107
enriched
835.6
849.3
13.7
254.7
258.9
4.2
1.02
1.01
0.019
enriched
992.0
1481.5
489.5
302.4
451.6
149.2
1.19
1.13
0.013
including
992.0
1131.3
139.3
302.4
344.8
42.5
2.42
2.39
0.010
and
1161.5
1207.0
45.5
354.0
367.9
13.9
1.39
1.35
0.016
primary
1481.5
2180.9
699.4
451.6
664.7
213.2
0.33
0.03
0.012
including
1730.0
1780.0
50.0
527.3
542.5
15.2
0.50
0.04
0.018
and
1808.9
1846.3
37.4
551.4
562.8
11.4
0.50
0.02
0.026
and
1951.0
1969.4
18.4
594.7
600.3
5.6
0.63
0.03
0.015
and
2050.0
2112.1
62.1
624.8
643.8
18.9
0.79
0.05
0.024
and
2148.8
2173.0
24.2
655.0
662.3
7.4
0.59
0.04
0.014
ECP-108
enriched
1085.0
1706.0
621.0
330.7
520.0
189.3
2.00
1.58
0.013
including
1097.0
1205.0
108.0
334.4
367.3
32.9
2.58
2.43
0.009
and
1305.0
1415.0
110.0
397.8
431.3
33.5
2.47
2.01
0.011
and
1445.0
1475.0
30.0
440.4
449.6
9.1
2.82
2.38
0.010
primary
1706.0
1957.5
251.5
520.0
596.6
76.7
0.73
0.11
0.019
including
1716.0
1759.0
43.0
523.0
536.1
13.1
0.91
0.12
0.013
ECP-109
oxide
718.0
776.3
58.3
218.8
236.6
17.8
0.39
0.37
0.007
oxide
826.7
990.6
163.9
252.0
301.9
50.0
0.37
0.32
0.007
including
826.7
862.0
35.3
252.0
262.7
10.8
0.61
0.56
0.013
and
952.0
990.6
38.6
290.2
301.9
11.8
0.54
0.50
0.003
enriched
1011.5
1027.0
15.5
308.3
313.0
4.7
0.96
0.90
0.008
enriched
1111.5
1357.0
245.5
338.8
413.6
74.8
0.86
0.84
0.021
including
1111.5
1131.0
19.5
338.8
344.7
5.9
1.67
1.58
0.014
and
1191.0
1257.2
66.2
363.0
383.2
20.2
1.18
1.15
0.018
primary
1357.0
2160.0
803.0
413.6
658.4
244.8
0.39
0.07
0.015
including
1446.0
1527.5
81.5
440.7
465.6
24.8
0.55
0.19
0.025
and
1636.0
1669.0
33.0
498.7
508.7
10.1
0.55
0.22
0.030
ECP-110
enriched
1113.0
1532.0
419.0
339.2
467.0
127.7
1.15
1.01
0.005
including
1115.6
1215.0
99.4
340.0
370.3
30.3
1.95
1.90
0.003
and
1430.0
1450.0
20.0
435.9
442.0
6.1
1.64
1.42
0.008
primary
1532.0
1875.2
343.2
467.0
571.6
104.6
0.58
0.07
0.011
including
1572.0
1602.0
30.0
479.1
488.3
9.1
0.99
0.09
0.027
and
1652.0
1682.0
30.0
503.5
512.7
9.1
0.82
0.17
0.018
ECP-111
oxide
1026.3
1267.0
240.7
312.8
386.2
73.4
0.49
0.43
0.024
including
1036.0
1066.0
30.0
315.8
324.9
9.1
0.90
0.56
0.019
and
1109.0
1111.7
2.7
338.0
338.8
0.8
7.31
6.49
0.041
and
1237.0
1267.0
30.0
377.0
386.2
9.1
0.75
0.71
0.018
enriched
1287.0
1730.0
443.0
392.3
527.3
135.0
0.78
0.71
0.035
including
1347.0
1434.0
87.0
410.6
437.1
26.5
1.46
1.45
0.056
and
1472.7
1527.0
54.3
448.9
465.4
16.6
1.18
1.13
0.035
primary
1730.0
2136.0
406.0
527.3
651.1
123.7
0.25
0.03
0.009
including
2034.7
2062.0
27.3
620.2
628.5
8.3
0.47
0.05
0.010
Table 2: Drilling details
Hole
Easting (m)
Northing (m)
Elevation (ft)
TD (ft)
Azimuth
Dip
ECP-107
421686.5
3644929.8
1371.1
2207.0
0.0
-90.0
ECP-108
421995.0
3644939.2
1375.6
1957.5
0.0
-90.0
ECP-109
421694.7
3645013.2
1373.4
2233.0
0.0
-90.0
ECP-110
422063.0
3644900.5
1375.2
1910.5
0.0
-90.0
ECP-111
421693.6
3645191.4
1378.5
2335.5
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 1-10: https://arizonasonoran.com/projects/exploration/maps-and-figures/
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/20230117005452/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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