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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.06 | -4.11% | 1.40 | 1.40 | 1.41 | 1.48 | 1.40 | 1.48 | 34,141 | 20:59:59 |
Arizona Sonoran Copper Company Inc. (TSX:ASCU | OTCQX:ASCUF) (“ASCU” or the “Company”) today releases assays from 5 drill holes from 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 1-9). ECP-106 intersected 645 ft of 1.58% CuT and 1.22% Cu TSol, situated 250 ft south of ECP-079 (see PR dated June 23, 2022) in the southern region of the deposit and represents the best hole drilled to date into the Cactus and Parks/Salyer property in terms of grade thickness. The program is reducing drill spacing from 500 ft to 250 ft centres, and intersects continue to support the tenor of mineralization recently released in the inferred Mineral Resource Estimate (“MRE”) at P/S.
Highlights:
George Ogilvie, Arizona Sonoran President and CEO commented, “Drilling is focused on completing the P/S infill drilling in anticipation of upgrading the P/S inferred mineral resource to the indicated category. Two drills are infill drilling, while a third is completing the auxiliary drilling for geotechnical and hydrology necessary to properly study the deposit for future potential mine planning. We remain on track to complete the indicated mineral resource drilling program by end of Q1 2023 with assays expected within Q2 2023. Pending results, we anticipate advancing an integrated Cactus and P/S project, through to Prefeasibility Study by Q4 2023/Q1 2024.”
Mineral Resource and Exploration Drilling Program Recap
A total of 31 exploration holes spaced at ~500 ft drill spacings were included in the MRE and calculated an inferred copper resource of 2.9 billion pounds at 1.015% total Copper. The total leachable resource totals 2.45 billion pounds at 1.065% total Soluble Copper (see PR dated Sept 28, 2022). 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.
TABLE 1: Parks/Salyer Drilling Highlights
Hole
Zone
Feet
Meters
CuT
TSol
Mo
from
To
length
from
to
length
%
%
%
ECP-100
enriched
844.7
865.2
20.5
257.5
263.7
6.2
0.88
0.85
0.014
oxide
1,045.0
1,075.0
30.0
318.5
327.7
9.1
0.44
0.41
0.008
oxide
1,270.4
1,300.0
29.6
387.2
396.2
9.0
0.62
0.51
0.007
enriched
1,300.0
1,669.0
369.0
396.2
508.7
112.5
0.96
0.74
0.010
including
1,302.4
1,342.0
39.6
397.0
409.0
12.1
2.90
2.85
0.010
and
1,372.0
1,392.0
20.0
418.2
424.3
6.1
1.19
1.15
0.008
and
1,451.6
1,471.0
19.4
442.4
448.4
5.9
1.17
1.16
0.012
and
1,523.2
1,543.0
19.8
464.3
470.3
6.0
2.11
1.59
0.012
and
1,619.0
1,659.0
40.0
493.5
505.7
12.2
1.13
0.38
0.019
primary
1,669.0
2,074.7
405.7
508.7
632.4
123.7
0.68
0.13
0.018
including
1,824.1
1,840.8
16.7
556.0
561.1
5.1
2.39
1.34
0.012
ECP-101
oxide
902.0
922.0
20.0
274.9
281.0
6.1
0.80
0.80
0.009
oxide
972.0
992.0
20.0
296.3
302.4
6.1
0.58
0.56
0.011
oxide
1,110.0
1,140.0
30.0
338.3
347.5
9.1
0.62
0.59
0.016
enriched
1,224.9
2,014.4
789.5
373.3
614.0
240.6
0.74
0.59
0.025
including
1,235.0
1,333.0
98.0
376.4
406.3
29.9
1.36
1.31
0.030
and
1,383.0
1,438.5
55.5
421.5
438.5
16.9
1.21
1.15
0.026
and
1,670.0
1,718.0
48.0
509.0
523.6
14.6
1.04
0.86
0.026
and
1,890.0
1,935.0
45.0
576.1
589.8
13.7
1.02
0.60
0.045
primary
2,014.4
2,148.0
133.6
614.0
654.7
40.7
0.10
0.01
0.021
ECP-102
oxide
921.3
941.0
19.7
280.8
286.8
6.0
0.65
0.41
0.003
enriched
1,098.0
1,631.0
533.0
334.7
497.1
162.5
0.63
0.47
0.028
including
1,121.0
1,161.0
40.0
341.7
353.9
12.2
0.79
0.78
0.030
and
1,231.0
1,271.0
40.0
375.2
387.4
12.2
1.07
0.91
0.021
and
1,294.8
1,335.0
40.2
394.7
406.9
12.3
0.94
0.78
0.033
and
1,414.0
1,437.0
23.0
431.0
438.0
7.0
0.95
0.85
0.023
primary
1,631.0
2,119.5
488.5
497.1
646.0
148.9
0.40
0.06
0.024
including
1,826.0
1,848.0
22.0
556.6
563.3
6.7
0.66
0.03
0.052
ECP-103
enriched
905.0
1,097.0
192.0
275.8
334.4
58.5
0.33
0.32
0.005
enriched
1,097.0
1,483.0
386.0
334.4
452.0
117.7
0.99
0.55
0.012
including
1,206.0
1,443.0
237.0
367.6
439.8
72.2
1.22
0.61
0.015
primary
1,483.0
2,052.8
569.8
452.0
625.7
173.7
0.58
0.10
0.016
including
1,483.0
1,513.0
30.0
452.0
461.2
9.1
1.01
0.07
0.030
and
1,673.0
1,693.0
20.0
509.9
516.0
6.1
1.01
0.32
0.012
and
1,803.0
1,839.0
36.0
549.6
560.5
11.0
1.04
0.60
0.005
ECP-106
enriched
693.5
710.2
16.7
211.4
216.5
5.1
0.70
0.68
0.015
enriched
863.0
1,508.0
645.0
263.0
459.6
196.6
1.58
1.25
0.011
including
873.0
938.0
65.0
266.1
285.9
19.8
2.54
2.25
0.016
and
998.0
1,048.0
50.0
304.2
319.4
15.2
1.92
1.85
0.013
and
1,228.0
1,268.0
40.0
374.3
386.5
12.2
2.09
2.03
0.009
primary
1,508.0
1,979.6
471.6
459.6
603.4
143.7
0.73
0.04
0.041
including
1,539.0
1,586.0
47.0
469.1
483.4
14.3
0.95
0.08
0.011
and
1,805.0
1,865.0
60.0
550.2
568.5
18.3
0.98
0.04
0.211
Table 2: Drilling details
Hole
Easting (m)
Northing (m)
Elevation (ft)
TD (ft)
Azimuth
Dip
ECP-100
421929.3
3645060.0
1377.9
2157.0
0.0
-90.0
ECP-101
421764.7
3645142.0
1378.1
2266.5
0.0
-90.0
ECP-102
421772.8
3645052.5
1375.7
2252.4
0.0
-90.0
ECP-103
421848.4
3644936.9
1373.5
2060.3
0.0
-90.0
ECP-106
421923.5
3644898.2
1373.7
1979.6
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 1-9: https://arizonasonoran.com/projects/exploration/maps-and-figures/ 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/ Press Release dated June 23, 2022: https://arizonasonoran.com/news-releases/arizona-sonoran-drills-479-ft-of-1.32-cut-from-parks-salyer-and-announces-an-80-000-ft-24-400-m-drilling-program/
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/20221129005306/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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