Arizona Sonoran Copper Company Inc. (TSX:ASCU |
OTCQX:ASCUF) (“ASCU” or the “Company”), an emerging US-based copper
developer and near-term producer, announces results from 25 drill
holes (30,926 ft | 9,426 m), from its now complete Cactus
Prefeasibility Study (“PFS”) infill drilling program (see
FIGURES & PHOTOS 1 – 8 and TABLE 1 below). The
PFS drilling program tightened the drill spacing within the entire
integrated Preliminary Economic Assessment (“PEA”) mine plan,
including Cactus East and West and the Stockpile, with the intent
of upgrading the Inferred mineral resources to Indicated mineral
resources. As a result of tighter drill spacing, data shows an
improved resolution of lithological, structural, and mineral
zonation controls. Additionally, drilling to support further
metallurgical and geotechnical test work was undertaken.
The PFS is expected to be complete by late summer 2022 and will
include an updated mineral resource estimate.
Drilling Highlights (please see TABLE 1 below for
full set of drilling results)
- Drilling improved definition of various host lithologies that
potentially affect acid consumption in the heap leaching process.
The majority of mineralization is hosted in granite and monzonite
porphyry which to date has indicated low acid consumption
characteristics
- ECE-053 200.9 ft. of 1.28% TCu, 0.91% TSol (Enriched –
underground)
- ECE-051 90 ft of 1.56% TCu, 1.45% TSol (Enriched –
underground); incl. 40 ft of 2.53% TCu, 2.38% TSol
- ECW-032 465.7 ft of 0.27% TCu, 0.24% TSol (Oxides – open
pit); incl. 104.0 ft of 0.40% TSol
- ECW-056 462.9 ft of 0.31%TCu, 0.25% TSol (Oxides – open
pit)
- ECW-036 617.0 ft of 0.21% TCu, 0.19% TSol (Oxides – open
pit); and 351.0 ft @ 0.37% CuT (Primary)
- Infill drilling performed within expectations with no
significant changes to the global interpretations supporting the
previously reported resource model
George Ogilvie, Arizona Sonoran President and CEO stated,
“These positive drilling results support the conversion of mineral
resources to the indicated category ahead of our PFS in Q3 as it
pertains to the low-grade, bulk tonnage open pit operation at
Cactus West and higher-grade underground Cactus East. We expect the
drilling will convert a substantial amount of the leachable copper
to a maiden probable reserve, which will be used to update the mine
plan and associated economics. Each completed critical path item
moves us closer to undertaking a Bankable Feasibility Study with
Project Financing and ultimately a construction and development
decision.”
The PFS-level drilling reduced drill spacing to 250 ft within
the PEA mine plan and 200 ft within the Stockpile. Drills focused
in the north, south and northwest region of the open pit as well as
the Cactus East underground. The total program consisted of 79,175
ft (24,133 m) of drilling, with indications that mineralization
remains open to the north, and southwest of the pit, with
opportunities to further convert mineralization from the
underground. A Feasibility level-drilling program consisting of
72,000 ft (21,946 m) is currently underway, including:
- 60,000 ft (18,288 m) of infill drilling to 125 ft centers
within the mine plan area, and
- 12,000 ft (3,650 m) of planned expansion drilling.
Geological Description
Drilling results in this press release cover the northern and
southern infill programs to the Cactus West Deposit and the
southern margin of the Cactus East Deposit. Drilling on the
southern side of Cactus West intercepted shallow enriched
mineralized zones with little to no oxide presence, as interpreted
from previous drilling. Mineralization was intercepted from as
shallow as 25 ft on the southern side of Cactus West, in proximity
to the discovery outcrop, but typically was intercepted from 100 ft
depth with low tenor enrichment. Drilling was terminated in primary
mineralization characterized as part of the pyrite alteration zone
of the porphyry system.
Drilling on the north side of Cactus West intercepted thick low
grade continuous oxide mineralization resulting from deeper
weathering penetration within a 650 ft (198 m) wide east-west
trending fault zone. Enriched mineralization was intercepted at
depth prior to the holes being terminated in well mineralized
primary mineralization characterized as part of the
chalcopyrite-pyrite alteration zone.
Drilling on the south side of Cactus East defines generally the
southern extents of mineralization due to the geometry of the
Cactus East horst block being truncated by the south and basement
faults on the south side. Thick high grade enriched mineralization
was intercepted in holes ECE-051 and ECE-053 with little to no
oxide and/or primary mineralization. Holes were terminated in the
basement fault closing off mineralization at depth.
TABLE 1: Drilling Highlights
Hole
Zone
Feet
Metres
CuT
TSol
Pit Area
From
To
Length
From
To
Length
%
%
CACTUS EAST
ECE- 051
oxide
1,585.0
1,624.0
39.0
483.1
495.0
11.9
0.33
0.32
N/A
enriched
1,646.7
1,656.0
9.3
501.9
504.7
2.8
2.86
2.85
enriched
1,697.0
1,787.0
90.0
517.2
544.7
27.4
1.56
1.45
incl
1,697.0
1,737.0
40.0
517.2
529.4
12.2
2.53
2.38
primary
1,787.0
1,894.0
107.0
544.7
577.3
32.6
0.62
0.05
ECE- 052
enriched
1,626.0
1,653.3
27.3
495.6
503.9
8.3
0.36
0.35
enriched
1,673.0
1,702.4
29.4
509.9
518.9
9.0
0.56
0.56
enriched
1,754.0
1,780.3
26.3
534.6
542.6
8.0
1.10
1.00
ECE- 053
enriched
1,659.2
1,681.8
22.6
505.7
512.6
6.9
0.76
0.75
enriched
1,740.5
1,755.2
14.7
530.5
535.0
4.5
0.74
0.72
enriched
1,812.5
2,013.4
200.9
552.5
613.7
61.2
1.28
0.91
CACTUS WEST
ECW- 030
enriched
151.5
354.2
202.7
46.2
108.0
61.8
0.28
0.27
South
incl
151.5
213.0
61.5
46.2
64.9
18.7
0.60
0.59
ECW- 031
oxide
1,319.0
1,349.0
30.0
402.0
411.2
9.1
0.28
0.25
NE
enriched
1,482.3
1,487.5
5.2
451.8
453.4
1.6
1.61
1.60
enriched
1,570.5
1,689.0
118.5
478.7
514.8
36.1
0.55
0.48
incl
1,588.0
1,600.8
12.8
484.0
487.9
3.9
0.93
0.83
and
1,629.0
1,639.0
10.0
496.5
499.6
3.0
1.68
1.68
primary
1,689.0
1,828.6
139.6
514.8
557.4
42.6
0.30
0.06
ECW- 032
oxide
289.0
349.0
60.0
88.1
106.4
18.3
0.20
0.14
North
oxide
410.3
876.0
465.7
125.1
267.0
141.9
0.27
0.24
incl
420.0
524.0
104.0
128.0
159.7
31.7
0.43
0.40
and
634.0
686.0
52.0
193.2
209.1
15.8
0.58
0.47
oxide
1,026.0
1,052.0
26.0
312.7
320.6
7.9
0.16
0.16
enriched
1,052.0
1,078.0
26.0
320.6
328.6
7.9
0.34
0.27
primary
1,078.0
1,367.7
289.7
328.6
416.9
88.3
0.34
0.07
ECW- 033
oxide
294.0
461.0
167.0
89.6
140.5
50.9
0.34
0.26
North
incl
395.0
455.0
60.0
120.4
138.7
18.3
0.53
0.41
oxide
523.7
652.0
128.3
159.6
198.7
39.1
0.28
0.25
oxide
739.9
1,101.0
361.1
225.5
335.6
110.1
0.22
0.19
incl
747.5
761.0
13.5
227.8
232.0
4.1
0.59
0.47
and
1,029.0
1,075.0
46.0
313.6
327.7
14.0
0.44
0.38
oxide
1,151.0
1,241.0
90.0
350.8
378.3
27.4
0.14
0.13
oxide
1,281.0
1,327.0
46.0
390.4
404.5
14.0
0.52
0.44
primary
1,327.0
1,418.0
91.0
404.5
432.2
27.7
0.35
0.04
ECW- 034
oxide
376.2
406.0
29.8
114.7
123.7
9.1
0.41
0.34
North
oxide
702.3
716.5
14.2
214.1
218.4
4.3
0.57
0.55
enriched
801.4
815.0
13.6
244.3
248.4
4.1
0.87
0.83
oxide
861.0
889.8
28.8
262.4
271.2
8.8
0.85
0.80
incl
877.3
884.0
6.7
267.4
269.4
2.0
2.71
2.70
enriched
1,066.3
1,160.0
93.7
325.0
353.6
28.6
0.42
0.31
incl
1,123.0
1,160.0
37.0
342.3
353.6
11.3
0.66
0.57
oxide
1,160.0
1,264.0
104.0
353.6
385.3
31.7
0.49
0.45
incl
1,160.0
1,173.0
13.0
353.6
357.5
4.0
2.84
2.64
enriched
1,297.7
1,347.0
49.3
395.5
410.6
15.0
0.69
0.63
incl
1,297.7
1,317.0
19.3
395.5
401.4
5.9
1.24
1.14
ECW- 035
oxide
343.0
413.0
70.0
104.5
125.9
21.3
0.24
0.15
NW
oxide
576.4
671.0
94.6
175.7
204.5
28.8
0.20
0.18
enriched
704.0
719.0
15.0
214.6
219.2
4.6
0.80
0.77
oxide
867.0
887.0
20.0
264.3
270.4
6.1
0.17
0.16
oxide
998.5
1,008.0
9.5
304.3
307.2
2.9
0.23
0.21
ECW- 036
oxide
396.0
1,013.0
617.0
120.7
308.8
188.1
0.21
0.19
NW
incl
739.0
800.7
61.7
225.2
244.1
18.8
0.32
0.30
and
906.0
936.0
30.0
276.1
285.3
9.1
0.49
0.47
enriched
1,013.0
1,092.0
79.0
308.8
332.8
24.1
0.37
0.23
primary
1,092.0
1,443.0
351.0
332.8
439.8
107.0
0.37
0.04
incl
1,108.0
1,251.0
143.0
337.7
381.3
43.6
0.49
0.05
ECW- 037
oxide
477.0
515.0
38.0
145.4
157.0
11.6
0.21
0.14
NW
oxide
652.0
732.0
80.0
198.7
223.1
24.4
0.15
0.13
oxide
796.3
848.0
51.7
242.7
258.5
15.8
0.25
0.23
oxide
868.0
888.0
20.0
264.6
270.7
6.1
0.19
0.15
oxide
918.0
938.3
20.3
279.8
286.0
6.2
1.32
1.10
incl
926.0
938.3
12.3
282.2
286.0
3.7
2.07
1.71
ECW- 038
oxide
547.0
1,003.0
456.0
166.7
305.7
139.0
0.19
0.15
NW
incl
987.0
1,003.0
16.0
300.8
305.7
4.9
0.13
0.12
oxide
1,043.0
1,113.0
70.0
317.9
339.2
21.3
0.15
0.13
enriched
1,113.0
1,132.0
19.0
339.2
345.0
5.8
0.22
0.13
primary
1,132.0
1,449.7
317.7
345.0
441.9
96.8
0.18
0.02
ECW- 039
oxide
105.0
115.0
10.0
32.0
35.1
3.0
0.67
0.57
South
enriched
275.0
360.0
85.0
83.8
109.7
25.9
0.26
0.19
incl
275.0
285.0
10.0
83.8
86.9
3.0
0.54
0.53
primary
360.0
450.6
90.6
109.7
137.3
27.6
0.15
0.04
ECW- 040
oxide
693.0
773.3
80.3
211.2
235.7
24.5
0.32
0.29
NW
oxide
1,097.0
1,115.5
18.5
334.4
340.0
5.6
0.51
0.48
enriched
1,175.0
1,229.0
54.0
358.1
374.6
16.5
0.55
0.48
primary
1,229.0
1,287.0
58.0
374.6
392.3
17.7
0.22
0.03
ECW- 041
oxide
1,266.7
1,345.0
78.3
386.1
410.0
23.9
0.76
0.68
NE
incl
1,277.0
1,330.0
53.0
389.2
405.4
16.2
1.01
0.91
enriched
1,484.0
1,563.0
79.0
452.3
476.4
24.1
0.92
0.87
incl
1,484.0
1,532.8
48.8
452.3
467.2
14.9
1.35
1.31
primary
1,563.0
1,948.0
385.0
476.4
593.8
117.3
0.37
0.03
incl
1,797.0
1,937.0
140.0
547.7
590.4
42.7
0.49
0.04
ECW- 046
enriched
207.0
227.0
20.0
63.1
69.2
6.1
0.15
0.14
South
enriched
249.1
289.3
40.2
75.9
88.2
12.3
0.38
0.38
enriched
359.0
427.8
68.8
109.4
130.4
21.0
0.45
0.43
incl
373.0
383.0
10.0
113.7
116.7
3.0
0.81
0.80
primary
467.0
607.0
140.0
142.3
185.0
42.7
0.23
0.03
ECW- 047
oxide
25.0
105.0
80.0
7.6
32.0
24.4
0.17
0.06
South
oxide
155.0
250.0
95.0
47.2
76.2
29.0
0.18
0.10
enriched
310.0
480.0
170.0
94.5
146.3
51.8
0.21
0.17
primary
480.0
537.0
57.0
146.3
163.7
17.4
0.10
0.03
ECW- 048
enriched
150.0
255.0
105.0
45.7
77.7
32.0
0.30
0.29
South
incl
160.0
200.0
40.0
48.8
61.0
12.2
0.44
0.44
enriched
290.0
400.0
110.0
88.4
121.9
33.5
0.19
0.16
primary
400.0
500.0
100.0
121.9
152.4
30.5
0.15
0.02
ECW- 049
enriched
295.0
350.0
55.0
89.9
106.7
55.0
0.26
0.20
South
primary
350.0
400.0
50.0
106.7
121.9
50.0
0.22
0.03
ECW- 050
oxide
80.0
155.0
75.0
24.4
47.2
75.0
0.18
0.12
South
enriched
200.0
260.0
60.0
61.0
79.2
60.0
0.28
0.19
incl
240.0
260.0
20.0
73.2
79.2
20.0
0.55
0.44
primary
260.0
400.0
140.0
79.2
121.9
140.0
0.15
0.01
ECW- 054
oxide
523.1
563.0
39.9
159.4
171.6
12.2
0.20
0.17
NW
oxide
591.6
615.0
23.4
180.3
187.5
7.1
0.68
0.62
oxide
640.0
870.0
230.0
195.1
265.2
70.1
0.35
0.32
incl
640.0
668.0
28.0
195.1
203.6
8.5
0.76
0.72
oxide
942.0
962.0
20.0
287.1
293.2
6.1
0.15
0.11
oxide
992.0
1,082.0
90.0
302.4
329.8
27.4
0.17
0.17
enriched
1,082.0
1,145.0
63.0
329.8
349.0
19.2
0.40
0.31
incl
1,115.5
1,145.0
29.5
340.0
349.0
9.0
0.59
0.41
primary
1,145.0
1,350.0
205.0
349.0
411.5
62.5
0.36
0.04
ECW- 055
oxide
564.1
602.5
38.4
171.9
183.6
11.7
0.31
0.23
NW
oxide
867.0
897.0
30.0
264.3
273.4
9.1
0.59
0.57
oxide
947.0
1,027.0
80.0
288.6
313.0
24.4
0.15
0.13
oxide
1,077.0
1,155.5
78.5
328.3
352.2
23.9
0.19
0.18
enriched
1,176.7
1,227.0
50.3
358.7
374.0
15.3
1.01
0.96
incl
1,176.7
1,186.0
9.3
358.7
361.5
2.8
3.79
3.60
primary
1,227.0
1,600.0
373.0
374.0
487.7
113.7
0.32
0.03
ECW- 056
oxide
191.0
222.0
31.0
58.2
67.7
9.4
0.30
0.22
North
oxide
331.1
794.0
462.9
100.9
242.0
141.1
0.31
0.25
incl
413.0
463.5
50.5
125.9
141.3
15.4
0.47
0.40
and
616.0
646.0
30.0
187.8
196.9
9.1
0.57
0.53
and
733.6
754.0
20.4
223.6
229.8
6.2
0.86
0.80
enriched
794.0
863.0
69.0
242.0
263.0
21.0
0.21
0.19
oxide
1,029.0
1,049.0
20.0
313.6
319.7
6.1
0.11
0.09
oxide
1,069.0
1,093.0
24.0
325.8
333.1
7.3
0.13
0.12
enriched
1,139.4
1,217.0
77.6
347.3
370.9
23.7
0.24
0.23
primary
1,217.0
1,490.4
273.4
370.9
454.3
83.3
0.39
0.04
Incl
1,369.0
1,467.0
98.0
417.3
447.1
29.9
0.52
0.05
- Intervals are presented in core length; are drilled with dip
angles between 55 degrees and 90 degrees.
- CE 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 material for an underground or to provide typical average
grades in the case of Primary material. All CE holes were
terminated in Primary mineralization or the basement fault.
- CW Drill assays assume a mineralized cut-off grade of 0.1% CuT
reflecting the potential for heap leaching in the case of Oxide and
Enriched material for an open pit, or to provide typical average
grades in the case of Primary material. All CW holes were
terminated in Primary mineralization.
- Assay results are not capped. Intercepts are aggregated within
geological confines of major mineral zones.
Table 2: Drill
Information
Hole
Easting
Northing
Elevation
Depth
Azimuth
Dip
ECW-030
390,384.9
62,311.2
1,444.2
458.0
190
-60
ECW-031
391,396.1
64,622.1
1,462.3
1,828.6
240
-45
ECW-032
389,089.1
65,053.9
1,457.7
1,367.7
140
-53
ECW-033
389,087.8
65,051.4
1,457.6
1,418.0
142
-46.5
ECW-034
389,545.9
65,362.2
1,464.3
1,347.0
140
-45
ECW-035
388,913.1
64,805.0
1,454.2
1,008.0
135
-45
ECW-036
388,818.6
64,892.0
1,454.3
1,443.0
135
-56
ECW-037
388,733.6
64,552.6
1,450.3
938.3
130
-45
ECW-038
388,563.6
64,361.4
1,447.5
1,449.7
110
-67
ECW-039
389,756.5
62,131.7
1,432.0
450.6
0
-90
ECW-040
388,509.0
64,206.9
1,446.1
1,287.0
114
-50
ECW-041
391,041.8
65,109.6
1,470.5
1,948.0
235
-46.5
ECW-046
389,627.5
62,023.7
1,434.1
607.0
0
-90
ECW-047
390,243.2
61,890.0
1,437.8
537.0
0
-90
ECW-048
390,213.6
62,148.0
1,434.9
500.0
0
-90
ECW-049
390,496.7
62,317.4
1,445.2
400.0
0
-90
ECW-050
391,126.6
61,970.4
1,448.5
400.0
0
-90
ECW-054
388,562.4
64,366.4
1,447.7
1,350.0
100
-55
ECW-055
388,572.8
64,183.8
1,444.3
1,600.0
100
-46
ECW-056
389,379.9
65,275.9
1,465.0
1,490.4
148
-54
ECW-040
388,509.0
64,206.9
1,446.1
1,287.0
114
-51
ECW-041
391,041.8
65,109.6
1,470.5
1,948.0
235
-47
ECE-051
392,614.8
65,015.0
1,510.0
1,956.0
0
-90
ECE-052
392,483.6
64,515.5
1,488.0
1,871.4
0
-90
ECE-053
391,991.5
64,400.0
1,487.4
2,035.2
0
-90
Quality Assurance / Quality Control
Drilling completed on the
project 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 1-5 and PHOTOS
6-8:
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, 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
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220502005312/en/
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
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