Casa Grande, AZ and Toronto, ON, November 20, 2023 – Arizona Sonoran Copper Company Inc. (TSX:ASCU | OTCQX:ASCUF) (“ASCU” or the “Company”), reports that exploration drilling at the MainSpring property intersected near surface copper mineralization from 4 drill holes. The southern-most MainSpring drill hole, ECM-186, was collared 2,500 ft (762 m) south of the Parks/Salyer deposit (see FIGURES 1-9) and intersected shallow oxide mineralization at a depth of 138 ft (42 m) from surface. In comparison, Parks/Salyer mineralization begins at approximately 550 ft (176 m) at its shallowest, over a footprint of 2,000 ft by 2,500 ft. The MainSpring property is situated contiguous to the Parks/Salyer Property and within the, privately held by ASCU, Cactus Project in Arizona.
Eight of 10 drill holes are now complete within the MainSpring exploration program announced October 30, 2023. Current drilling is testing the near surface extension of mineralization south of the Parks/Salyer deposit across the MainSpring property. Based on early drilling results, a comprehensive 2024 exploration program is being planned to discover the extents of shallow mineralization to the south and then connect the shallow mineralization to the thick high-grade zones at Parks/Salyer in the north.
Drilling Highlights:
- Identified shallow mineralization at least 2,500 ft (762 m) south of the Parks/Salyer deposit
- Near surface mineralization begins at ~138 ft (42 m) in 3 of the southern-most drill holes, compared to ~550 ft (166 m) or greater in the Parks/Salyer deposit
- ECM-190: 433 ft (132 m) @ 0.34% CuT, 0.31% Cu TSol from 336 ft (102 m) depth (enriched)
- Incl 115 ft (35.1 m) @ 0.58% CuT, 0.56% Cu TSol
- And 50 ft (15.2 m) @ 0.49% CuT, 0.48% Cu TSol
- Partial hole; assays related to the primary sulphides are pending
- ECM-187: 716 ft (218 m) @ 0.28% CuT of continuous mineralization from 144.3 ft (44 m) depth
- 303.7 ft (92.6 m) @ 0.35% CuT, 0.32% Cu TSol from 144 ft (44 m) depth (oxide)
- Incl 11.7 ft (3.6 m) @ 3.39% CuT, 3.29% Cu TSol
- And 20 ft (6.1 m) @ 1.01% CuT, 1.00% Cu TSol
- 124.9 ft (38.1 m) @ 0.34% CuT, 0.33% Cu TSol (enriched)
- Incl 34 ft (10.4 m) @ 0.86% CuT, 0.84% Cu TSol
- ECM-186: 570 ft (173.7 m) @ 0.19 % CuT of near continuous mineralization from 138 ft (42 m) depth
- ECM-191: 317.1 ft (96.7 m) @ 0.23% CuT, 0.23% Cu TSol from 370.4 ft (113 m) depth (enriched)
- Incl 126.6 ft (38.6 m) @ 0.35% CuT, 0.34% Cu TSol
NOTE: True widths are not known
George Ogilvie, Arizona Sonoran President and CEO commented, “Assay results coming from the MainSpring property reinforces the strength of our Cactus porphyry copper system and the significance of the Parks/Salyer deposit to the overall Cactus Project. The property continues to demonstrate growth opportunities beside an already significant copper deposit within a world class jurisdiction, on a property with a clear path to development. While these results are the first three and a half holes from the 10-hole drilling program, we are excited about MainSpring’s near surface potential next to the deeper high-grade Parks/Salyer deposit. We look forward to planning the expanded drill program for 2024 with a view to continue delivering value to the ASCU shareholders.”
MainSpring Property
ASCU signed a Purchase-Sale Agreement to acquire MainSpring’s 523 acres in early 2023 (see February 23, 2023). Situated within the Cactus Project and contiguous to the Parks/Salyer deposit, the acquisition improves operational flexibility with respect to infrastructure and site requirements for the re-scoped PFS expected in early Q1 2024.
Drilling Recap
Eight holes totaling 9,648 feet (2,940.7 m) within the 10-hole drill program (12,550 feet | 3,825.2 m) are now complete at MainSpring. Mineralization at MainSpring is interpreted to be the shallow extension of the Parks/Salyer deposit located to the north and the geological structures at MainSpring are similar to that seen at Cactus West. To date, drilling has focused on the shallow crest of a north-dipping horst block that shallows to the south and hosts oxide and enriched mineralization above primary mineralization. The north-dipping horst gently drops into graben hosting thick zones of enriched and primary mineralization that extend north to the Parks/Salyer deposit.
TABLE 1: MainSpring Drilling Significant Intercepts
1. Intervals are presented in core length and are drilled with vertical, or steep dip angles.
2. Drill assays assume a mineralized cut-off grade of 0.1% CuT reflecting the potential for heap leaching of openpit material in the case of Oxide and Enriched or in the case of Primary material to provide typical average grades. Holes were terminated below the basement fault.
3. Assay results are not capped. Intercepts are aggregated within geological confines of major mineral zones.
4. True widths are not known.
Table 2: Drilling details
Note: Drill locations are based on drill plans and hand-held GPS locators and may be adjusted slightly when properly surveyed.
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 sample prep, analytical methodologies, and 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
February 23, 2023: https://arizonasonoran.com/news-releases/arizona-sonoran-purchases-contiguous-mainspring-property-providing-additional-planning-flexibility-for-the_pfs/
October 30, 2023: https://arizonasonoran.com/news-releases/arizona-sonoran-drills-1.97-cut-over-540-ft-164.6-m-at-parks-salyer-and-begins-drilling-south-of-the-parks-salyer-deposit/
Figures 1-9: 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.
For more information
Alison Dwoskin, Director, Investor Relations
647-233-4348
adwoskin@arizonasonoran.com
George Ogilvie, President, CEO and Director
416-723-0458
gogilvie@arizonasonoran.com
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.