News

• Infill drilling is expanding the higher grade core
• Hydro and metallurgical holes are now drilled for detailed engineering

Casa Grande, AZ and Toronto, ON, February 21, 2023 – Arizona Sonoran Copper Company Inc. (TSX:ASCU | OTCQX:ASCUF) (“ASCU” or the “Company”) announces assays from 7 drill holes from the Parks/Salyer infill program. Drill spacing from the Parks/Salyer deposit is being reduced to 250 ft (76 m), with the aim to upgrade the current inferred mineral resource to an indicated category. The total program consists of 105,000 ft (32,000 m) or 46 holes, of which 35 infill core holes (77,720.5 ft | 23,689 m) have now been drilled. Parks/Salyer (“P/S”) is located on contiguous land ~1.3 mi (2 km) southwest of the Company’s Cactus Mine Project (see FIGURES 1-11).

The program continues to support the tenor of mineralization and has extended the high-grade zones in the north and south as per the grade thickness map. Drilling has been staged to infill areas closest to the inferred high-grade core initially, before expanding out towards the west.

Additionally, the Company has successfully completed three hydrology holes at Parks/Salyer consisting of one oriented core hole and two previously drilled metallurgical holes. The hydrology holes will collect groundwater data in the vicinity of the Parks/Salyer deposit.

Highlights:

• ECP-113: 438.8 ft (133.7 m) @ 1.17% CuT, 1.13% Cu TSol, 0.008% Mo (enriched)
  • Incl. 58.4 ft (17.8 m) @ 4.0% CuT, 3.82% Cu Tsol, 0.021% Mo
• ECP-112: 528.2 ft (161 m) @ 1.11% CuT, 0.75% Cu Tsol, 0.013% Mo (enriched)
  • Incl. 176.8 ft (53.9 m) @ 1.52% CuT, 0.98% Cu Tsol, 0.011% Mo
• ECP-105: 562.7 ft (171.5 m) @ 0.93% CuT, 0.77% Cu Tsol, 0.013% Mo (enriched)
  • Incl. 258.0 ft (78.6 m) @ 1.35% CuT, 1.12% Cu Tsol, 0.017% Mo
  • 556.7 ft (169.7 m) @ 0.63% CuT, 0.028% Mo (primary)
• ECP-118: 291.5 ft (88.8 m) @ 1.05% CuT, 0.91% Cu Tsol, 0.006% Mo (enriched)
• ECP-104: 792.8 ft (241.6 m) @ 0.37% CuT, 0.006% Mo (primary)

NOTE: True widths are not known

George Ogilvie, Arizona Sonoran President and CEO commented, " With a post financing cash balance of US$31 million, we are well financed to deliver key upcoming catalysts. This infill to indicated drilling program, now 74% complete, was designed to improve the resource category thus demonstrating an initial reserve calculation and is expected to be finalized by the end of March with all assays returned within the second quarter. These on budget and on time results will feed into the upcoming PFS, where ASCU is rescoping the Cactus base case PEA to include the Parks/Salyer project’s oxide and enriched material.”

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, 43,788 ft (13,347 m) or 20 holes have been reported via press release, defining a high-grade zone within the eastern half of the deposit, extending westward along the southern portion of the deposit, as demonstrated by the grade/thickness map (FIGURE 3) of completed drilling.

Chalcocite and covellite are the dominant copper mineral species identified in the enriched mineralization, replacing primary pyrite and chalcopyrite in their original depositional habits, such as veins, breccia fillings, voids and disseminations. These replacement styles are shown in FIGURES 1-11. Chalcocite also tends to replace covellite as well as 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

1. Intervals are presented in core length and are drilled with very near vertical dip angles.
2. Drill assays assume a mineralized cut-off grade of 0.5% CuT reflecting the potential for heap leaching of underground 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

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
Figures 1-11: 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.

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.