CASA GRANDE, Ariz. & TORONTO--(BUSINESS WIRE)--$ASCU #IPO--Arizona Sonoran Copper Company Inc. (TSX:ASCU) (“ASCU” or the “Company”), an emerging US-based copper developer and near-term producer, has begun its initial 6 hole (3,658 m | 12,000 ft) drilling campaign at the Parks/Salyer property in Arizona.
Located 1.3 miles down trend to the southwest from the Cactus Project on private land, the Company’s 100%-owned Parks/Salyer Project demonstrates the same geological characteristics as the Cactus Project. Parks/Salyer is part of the same high grade porphyry copper system as the Cactus Project and is also located within a northwest trending horst block of bedrock covered by later conglomerates.
Existing supporting data at Parks/Salyer includes an IP survey, historic IP anomalies, historic drilling, an ionic leach program diamond drill data as noted below.
Drilling Highlights (please see TABLE 1 below for full set of drilling results and FIGURES 1-3)
- 2020 ASCU drilling
- ECP-018: 126.8 m (416 ft) of 0.69% TCu of Enriched mineralization
- ECP-019: 47.9 m (157 ft) of 1.44% TCu of Enriched mineralization
- Historic ASARCO drilling
- S-200: 67.1 m (220 ft) of 0.88% Cu of Enriched mineralization
- S-201: 33.2 m (109 ft) of 0.86% Cu of Enriched mineralization
George Ogilvie, Arizona Sonoran President and CEO stated, “We are very excited to be commencing our 2022 exploration program for Parks/Salyer. The current PEA and mineral resource estimate do not account for any mineralization outside of the Cactus deposits or the Stockpile. We have historic drilling indicating potentially significant mineralization of the same style and nature as in the Cactus Deposits, only 2 km from a Project with an existing 18 year mine life. Importantly, we see the mineralization improving as we move further north on Parks/Salyer. Exploration success at Parks/Salyer will help us add to the forecast production base at the Cactus Project in the longer term and develop a scalable operation.”
The property is located on contiguous Company-owned land next to the Cactus Project. This provides the Company the opportunity to grow access to further copper resources, resulting in potential increase in mine life at the Cactus Project and leverage off planned Cactus Project infrastructure and equipment.
The current campaign envisages an initial 6-hole exploration program which will follow up on four historic diamond holes drilled at the southern end of the target area, indicating a significant porphyry copper system displaying mineral zonation similar to Cactus with oxide, chalcocite enriched, and primary chalcopyrite-molybdenite mineralization (see FIGURES 1-3). Assuming positive program results, the Company will follow up with an additional 6 holes (3,568 m | 12,000 ft) and expects to further expand the program throughout 2022 dependent upon results from the initial drilling.
The 2022 exploration program for Parks/Salyer aims at declaring maiden NI 43-101 maiden resources for the property by the end of the year 2022 (subject to program success) This will support and expand upon the 18-year, low-cost operation already envisaged at the Cactus Project, providing the company with significant scale of production in the longer term.
The Company now has two drill rigs on site drilling at both the Parks/Salyer and Cactus Projects to support exploration and infill programs, respectively.
|TABLE 1: Drilling Highlights|
Intervals are presented in core length; are drilled with vertical dip angles.
Drill assays assume a mineralized cut-off grade of 0.5% CuT reflecting the potential for heap leaching in the case of Oxide and Enriched based on underground material, or to provide typical average grades in the case of Primary material. Holes were terminated in either Primary mineralization or the basement fault.
Assay results are not capped. Intercepts are aggregated within geological confines of major mineral zones.
True widths are not known.
CuSEQ analysis was not performed on samples from S-200 and S-201.
Quality Assurance / Quality Control
Drilling completed on the project in 2020 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, who is a qualified person as defined by National Instrument 43-101– Standards of Disclosure for Mineral Projects.
Links from the Press Release
FIGURES 1-3: 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.
ASCU’s objective is to become a mid-tier copper producer with low operating costs, develop the Cactus Project 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. 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 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.
Alison Dwoskin, Director, Investor Relations
George Ogilvie, President, CEO and Director