Casa Grande, AZ and Toronto, ON, January 25, 2024 – Arizona Sonoran Copper Company Inc. (TSX:ASCU | OTCQX:ASCUF) (“ASCU” or the “Company”), is pleased to release drill assay results from an exploration program at the MainSpring property, situated within the Cactus copper project in Arizona. A total of 7 of 11 ASCU drilled holes completed last year (see PR Nov 20, 2023), and 22 legacy holes from the previous option holder are reported here and indicate mineralization from the Parks/Salyer deposit nears surface as it extends south (see FIGURES 1-14). Future drilling will test the open pit potential of MainSpring with the intent of updating the Cactus Mineral Resource Estimate post-Prefeasibility Study (“PFS”).
Drilling Highlights:
- ECM-194: 1,053 ft (321 m) @ 0.20% CuT, of mineralization from 147 ft (45 m) depth
- 48 ft (15 m) @ 0.35% CuT, 0.25% Cu TSol, 0.001% Mo (oxide)
- 471 ft (144 m) @ 0.3% CuT, 0.29% Cu TSol, 0.001% Mo (enriched)
- ECM-195: 503 ft (153 m) @ 0.27% CuT of mineralization from 145 ft (44 m) depth
- 41 ft (12.5 m) @ 0.63% CuT, 0.59% Cu TSol from 145 ft (44 m) depth (enriched)
- 208 ft (63 m) @ 0.44% CuT, 0.40% Cu TSol, 0.001% Mo (enriched) from 440 ft (134 m)
- 41 ft (12.5 m) @ 0.63% CuT, 0.59% Cu TSol, from 145 ft (41 m) depth
- ESC-010: 1,027 ft (313 m) @ 0.30% CuT of continuous mineralization
- 170 ft (52 m) @ 0.59% CuT, 0.46% Cu TSol, 0.017% Mo (enriched)
- 857 ft (261 m) @ 0.24% CuT, 0.009% Mo (primary)
- ESC-047: 216 ft (66 m) @ 0.60% CuT, 0.51% Cu TSol, 0.011% Mo (enriched)
- ESC-046: 175 ft (53 m) @ 0.68% CuT, 0.65% Cu TSol, 0.004% Mo (enriched)
- ESC-030: 249 ft (76 m) @ 0.41% CuT, 0.31% Cu TSol, 0.006% Mo (oxide)
NOTE: True widths are not known
George Ogilvie, Arizona Sonoran President and CEO commented, “The MainSpring Property shows early signs of promise with continuous mineralization starting from near surface, that may have the potential for being open pittable. Given we only started drilling MainSpring late in 2023, it will not feature in our soon to be released PFS. However, with continued drilling in 1H24, it has the potential to be included in future technical studies that may further enhance the production profile and economics of the Project.”
He also commented: “The Cactus property continues to show itself as a lower risk copper project with few barriers to entry and low discovery costs. We are showing discovery costs per pound at Cactus of less than two cents per pound, indicating that we should continue our exploration programs, while concurrently developing our main project. Our high-performing team continues to deliver excellent results and we expect this to continue with our 2024 work program which is currently being finalized and will be announced to the market shortly.”
MainSpring Property
Title to the MainSpring property will be transferred upon making payment to the former landowner, due in February as part of the budgeted 2024 work program. The Company re-zoned PADII, the northern parcel of MainSpring, from industrial use to mining and is currently rezoning PADIII, the southern parcel, to mining use from residential. The PADIII re-zoning exercise is expected to be completed in the next few weeks. Going forward, the Company is testing the potential for MainSpring to become a starter pit for Parks/Salyer, similar to Cactus West for Cactus East.
Drilling Recap
Eleven diamond core holes for 13,627 feet (4,154 m) were completed at the MainSpring property in 2023. Assay results for 4 holes were reported last year (PR dated Nov 20, 2023). The seven remaining holes, including assays from the final primary mineralization from drill hole ECM-190, are reported in this press release. Additionally, ASCU has received data, drill core, rock chips, coarse rejects and assay pulps for 22 legacy holes totaling 22,091 feet (6,734 m) drilled on the property by the previous holder.
Drilling has confirmed the presence of shallow mineralization 140 ft (43 m) from surface at the MainSpring property consisting of oxide, enriched and primary mineralization. Bounding normal faults to the east and west create a shallow horst block that gently drops into the deeper high-grade Parks/Salyer deposit to the north through a series of north-dipping normal faults.
Drilling on the MainSpring property resumed in January 2024 with three diamond core rigs, which are working to complete a 500 ft (152.4 m) grid pattern, focused on filling out an initial inferred resource.
Assay results from MainSpring and highlights from legacy drilling are available in TABLE 1 below. For full legacy drilling results, please see TABLES 3 and 4.
TABLE 1: Drilling Highlights (MainSpring and Legacy Drilling)
1. Intervals are presented in core length and are drilled with vertical, or steep dip angles. Legacy holes were drilled with inclinations between vertical to –60 degrees.
2. Drill assays assume a mineralized cut-off grade of 0.1% CuT reflecting the potential for heap leaching of open pit 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. Legacy holes were mostly terminated prior to 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 2024 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.
MainSpring legacy drilling data obtained from the previous option holders of the property were prepared and shipped using a full QA/QC program similar to ASCU’s. The sealed samples were sent to Skyline Laboratories in Tucson, AZ. These samples were prepped and analyzed using the sample procedures as ASCU samples. 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 1-14: https://arizonasonoran.com/projects/cactus-mine-project/press-release-images/
TABLE 3 and 4 – Legacy Highlights: https://arizonasonoran.com/projects/exploration/overview/
November 20, 2023: https://arizonasonoran.com/news-releases/arizona-sonoran-exploration-drilling-intersects-near-surface-mineralization-2-500-ft-762-m-south-of-parks-salyer/
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.
adwoskin@arizonasonoran.com
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.