News

Casa Grande, AZ and Toronto, ON, November 2, 2022 – Arizona Sonoran Copper Company Inc. (TSX:ASCU | OTCQX:ASCUF) (“ASCU” or the “Company”) today releases assays from 3 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. Infill drilling continues to intersect thick high-grade mineralization which supports the currently modelled inferred Mineral Resource at P/S (see FIGURES 1-9).

Additionally, assay results from the final 4 exploration drill holes from Parks/Salyer’s western extents are also being reported. Results from these drill holes were included in the 2.9 B lb Inferred Mineral Resource Estimate (“MRE”) reported on September 28, 2022.

Highlights:

• Infill drilling to 250 ft drill spacing, in support of an initial Preliminary Feasibility Study (PFS) within 11-17 months
• ECP-098: 714.1 ft (217.7 m) @ 1.01% TCu, 0.90% Cu TSol, 0.024% Mo (enriched)
  • Incl. 298.0 ft (90.8 m) @ 1.39% TCu, 1.35% Cu TSol, 0.019% Mo
• ECP-097: 746.2 ft (227.4 m) of continuous mineralization
  • 294.4 ft (89.7 m) @ 0.68% TCu, 0.65% Cu TSol, 0.018% Mo (oxide)
  • 451.8 ft (137.7 m) @ 1.17% TCu, 1.10% Cu TSol, 0.026% Mo (enriched)
    • Incl 82.6 ft (25.2 m) @ 2.30% TCu, 2.24% Cu TSol, 0.035% Mo
• ECP-099: 552.0 ft (168.2 m) @ 1.10% TCu, 0.85% Cu TSol, 0.030% Mo (enriched)
  • and 150.0 ft (45.7 m) @ 1.48% TCu, 1.29% Cu TSol, 0.033% Mo

George Ogilvie, Arizona Sonoran President and CEO commented, “We continue to move forward at our Cactus and Parks/Salyer projects concurrently, with the intent of issuing a combined Prefeasibility Study in the next 11-17 months. The recently issued maiden mineral resource estimate for Parks/Salyer combined with the resource estimate at Cactus has now catapulted the combined projects to a size that would make it the 4^th largest independent copper deposit in the USA with a total copper resource of 4.9 Billion lbs Inferred and 1.6 Billion lbs Indicated.

“At P/S the infill drilling to 250 ft centres is now well underway with all drilling and assaying expected to be completed in 2Q23. Further metallurgical columns on the P/S leachable mineralization is underway and are expected to run throughout 2023. Additionally, geotechnical and hydrological studies on P/S have now been initiated.

“At Cactus new metallurgical columns have begun, purposely designed for a future Bankable Feasibility Study.”

Mineral Resource and Exploration Drilling Program Recap
The final 4 holes from the expanded exploration drill program are now complete and successfully extended mineralization along the western extents of the deposit. The deposit spans an area of 3,500 ft (1,067 m) by 2,200 ft (671 m). The extents of the main high-grade core at Parks/Salyer have been defined by the completed exploration program, however exploration potential remains along the NE oriented mine trend corridor towards the Cactus West deposit. A total of 31 exploration holes spaced at ~500 ft drill spacings were included into 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 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.

A third rig has begun drilling a 3-hole metallurgical program at Parks/Salyer in October to support a column leach test program for P/S material ahead of the PFS. Additional updates will be provided on the metallurgical, geotechnical and hydrological programs as information is available.

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. Some intercepts in the western exploration holes assumed a mineralized cut-off grade of 0.1% CuT to provide typical average grades of the tenor of mineralization.
4. Assay results are not capped. Intercepts are aggregated within geological confines of major mineral zones.
5. True widths are not known.

Table 2: Drilling details

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/

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.