Azucar Minerals Ltd. ("Azucar" or the "Company") (TSX-V:
AMZ; OTCQX: AXDDF) is pleased to announce results from its ongoing
drilling program at the El Cobre porphyry copper-gold project in
Veracruz State, Mexico. Drilling results reported today come from
holes EC-19-065 and EC-19-070 at the Norte Zone, holes EC-19-068
and EC-19-072 at the Suegro Zone, and holes EC-19-071, EC-19-074
and EC-19-076 at the Villa Rica Zone. Highlights include the
following intervals:
Hole EC-19-065 NORTE ZONE, 180 Az,
-60 dipFrom 160.50 to 179.80, 19.30 metres @ 0.64 g/t gold
and 0.08% copper Including 164.15 to 168.15, 4.00
metres @ 2.51 g/t gold and 0.13% copperFrom 243.00 to 346.40,
103.40 metres @ 0.33 g/t gold and 0.11% copper
Including 272.00 to 318.00, 46.00 metres @ 0.40 g/t
gold and 0.13% copper
Hole EC-19-068 SUEGRO ZONE, 105
Az, -65 dipFrom 535.85 to 565.80, 29.95 metres @ 0.12 g/t
gold and 0.15% copper Including 543.50 to 545.50,
2.00 metres @ 0.28 g/t gold and 0.52% copperHole
EC-19-070 NORTE ZONE, 0 Az, -68 dipFrom 160.00 to
654.50, 494.50 metres @ 0.16 g/t gold and 0.14% copper
Including 240.50 to 305.00, 64.50 metres @ 0.27 g/t
gold and 0.17% copper Including 242.50 to 267.00,
24.50 metres @ 0.34 g/t gold and 0.19% copper
Hole EC-19-071 VILLA RICA ZONE,
360 Az, -70 dipFrom 243.80 to 311.65, 67.85 metres @ 0.46
g/t gold and 0.20% copper Including 243.80 to
280.00, 36.20 metres @ 0.68 g/t gold and 0.27% copper
Including 243.80 to 251.00, 7.20 metres @ 1.55 g/t gold
and 0.40% copper
Hole EC-19-072 SUEGRO ZONE, 190
Az, -50 dipFrom 85.50 to 87.50, 2.00 metres @ 25.20 g/t
gold and 0.03% copperFrom 260.00 to 372.00, 112.00 metres @ 0.17
g/t gold and 0.26% copper Including 266.00 to
323.75, 57.75 metres @ 0.22 g/t gold and 0.40% copper
Hole EC-19-074 VILLA RICA ZONE,
180 Az, -88 dipFrom 1.52 to 201.50, 199.98 metres @ 0.18
g/t gold and 0.22% copper Including 43.00 to
77.50, 34.50 metres @ 0.36 g/t gold and 0.28% copper
Including 67.50 to 75.50, 8.00 metres @ 0.52 g/t gold
and 0.36% copper
Hole EC-19-076 VILLA RICA ZONE,
180 Az, -70 dipFrom 202.50 to 303.55, 101.05 metres @ 0.47
g/t gold and 0.14% copper Including 259.00
to 275.00, 16.00 metres @ 0.67 g/t gold and 0.16% copper
Including 426.00 to 435.00, 9.00 metres @ 0.56 g/t gold
and 0.43% copper
J. Duane Poliquin, Chairman of Azucar commented,
“We continue to move forward with our systematic two year intensive
drill program at the El Cobre project. The results to date
again indicate the potential for large scale porphyry
mineralisation in multiple porphyry centres over a 5 kilometre
trend. Our ongoing exploration drill program is designed to find as
yet undiscovered porphyry intrusive centres and to provide the
geologic framework for discovery and extension of known
mineralisation within a very large area of intense
alteration. We look forward to reporting drill results as the
program continues. In the meantime induced polarisation geophysical
surveys, soil surveys, surface mapping and geologic interpretation
of all data and drill core is underway to best use the results
towards future discovery oriented drilling.”
About the El Cobre Project
The El Cobre Project has a total area of
approximately 7,000 hectares and is located adjacent to the Gulf of
Mexico, about 75 kilometres northwest of the major port city of
Veracruz, Mexico in an area of excellent infrastructure. The
project is situated 200 metres above sea level with extensive road
access and is located less than 10 kilometres from a power plant,
highway, gas line and other major infrastructure. Major power lines
cross the property area.
The five copper-gold porphyry targets currently
known within the El Cobre Project, Encinal, Suegro, El Porvenir,
Norte and Villa Rica are defined by distinct Cu-Au soil anomalies,
discrete, positive magnetic features and a large IP chargeability
anomaly. The largest target area is the Villa Rica Zone which has
only seen limited initial exploration drilling. An overview of the
targets’ results to date is provided below and a map is
attached.
El Porvenir Zone: Drilling has demonstrated that
the system persists at least to 400 m depth. Significant copper and
gold grades were intersected such as 0.16% Cu and 0.39 g/t Au over
290 m in hole DDH04CB1. In addition, hole EC-13-004 intersected
0.23% Cu and 0.36 g/t Au over 106 m, to a depth of 504 m, again
indicating potentially significant mineralisation at depth. Results
from minimal drilling in 2017 include hole EC-17-040 which
intersected 108.00 metres grading 0.88 g/t Au and 0.29% Cu, and
hole EC-17-044 which intersected 40.25 metres grading 0.50 g/t Au
and 0.25% Cu.
Suegro Zone: Recent 2019 drilling has identified
a new porphyry centre between the El Porvenir and Encinal Zones.
The Suegro Zone is located approximately 250 metres south of the
Porvenir Zone, within a large area of alteration associated with
more subdued magnetics, and low zinc and manganese in soil.
The Suegro mineralisation intersected in the drilling to date is
associated with an altered (locally intense phyllic alteration
overprinting potassic) intrusive. Intercepts to date include 28.20
m of 0.54 g/t Au and 0.17% Cu (hole EC-19-064; see press release of
March 19, 2019).
Encinal Zone: Hole CB5 intersected a highly
altered breccia pipe containing fragments of stockwork veining and
porphyry mineralisation across which 18.28 metres returned 1.42 g/t
Au and 0.10% Cu. The breccia pipe occurs in a large alteration
zone, IP chargeability high and magnetics low which has not been
tested to depth. On June 19, 2017 Azucar announced that a new area
of exposed stockwork quartz veining and gold mineralisation had
been identified in the Encinal Zone. On June 29, 2017 Azucar
announced the results of initial drilling on this exposed stockwork
(Hole EC-17-025) which returned results including 34.47 metres
grading 0.73 g/t Au and 0.20% Cu.
Norte Zone: All five holes drilled in the Norte
Zone prior to 2016 intersected porphyry-style mineralisation. Hole
08-CBCN-022, one of the deepest holes drilled at Norte in 2008,
returned values of 0.14% Cu with 0.19 g/t Au over 259 m and
08-CBCN-19 intersected 41.15 metres averaging 0.42 g/t gold and
0.27% copper to the end of the hole at 187.45 metres. Drilling at
the Norte Zone in 2016 and 2017 has resulted in the highest grade
intersections to date at the El Cobre project, including 114.60
metres grading 1.33 g/t Au and 0.48% Cu (Hole EC-17-018, see press
release of April 5, 2017), 80.50 metres grading 1.34 g/t Au and
0.46% Cu (Hole EC-16-012, see press release of October 24, 2016),
70.45 metres grading 2.32 g/t Au and 0.59% Cu (Hole EC-17-026, see
press release of July 25, 2017), and 534.90 metres grading 0.90 g/t
Au and 0.30% Cu (Hole EC-17-029, see press release of August 15,
2017). Since the Norte Zone discovery, Azucar has been carrying out
a systematic drill campaign to define this target. Future Norte
drilling will focus on step-out and infill drilling, in addition to
testing the system to depth.
Villa Rica Zone: The Villa Rica Zone is a
roughly 2.5 kilometre by 1 kilometre area of hydrothermal
alteration defined also by a strong north-northwest trending
magnetic-chargeability high and associated copper-gold soil
geochemical anomalies. Past mapping and sampling defined several
areas of exposed porphyry mineralisation within the Villa Rica
target area including the Raya Tembrillo Zone and the Naranjo zone,
both at the north end of the Villa Rica zone. Initial drilling in
2017 on the Raya Tembrillo zone intersected two styles of
mineralisation; hypogene copper-gold porphyry mineralisation
(115.00 metres of 0.57 g/t gold and 0.27% copper, see press release
of November 28, 2017) and near surface exotic enriched copper
mineralisation with an apparent tabular distribution (94.00 metres
of 1.36% copper; see press release of December 13, 2017).
More information on El Cobre is available on the
Azucar website at http://www.azucarminerals.com.
Larry Segerstrom, M.Sc. (Geology), P.Geo., A
Director of the Company, is a Qualified Person as defined by
National Instrument 43-101 ("NI 43-101") and has reviewed and
approved the contents of this news release. The porphyry
mineralisation reported in this news release is associated with
broad areas of alteration and stockwork veining. True widths cannot
be determined at this time. The analyses reported were carried out
at ALS Chemex Laboratories of North Vancouver using industry
standard analytical techniques. For gold, samples are first
analysed by fire assay and atomic absorption spectroscopy (“AAS”).
Samples that return values greater than 10 g/t gold using this
technique are then re-analysed by fire assay but with a gravimetric
finish. For copper, samples are first analysed by Inductively
Coupled Plasma – Atomic Emission Spectroscopy (“ICP-AES”), with
four acid digestion. Samples that return values greater than 10,000
g/t copper using this technique are then re-analysed by
HF-HNO3-HCLO4 digestion with HCL leach and ICP-AES finish.
Blanks, field duplicates and certified standards were inserted into
the sample stream as part of Azucar’s quality assurance and control
program which complies with National Instrument 43-101
requirements. A NI 43-101 compliant technical report on the El
Cobre project entitled, "Technical Report on the El Cobre Property”
was filed in May 2015 and can be obtained from www.sedar.com.
About Azucar
Azucar is an exploration company with a mandate
to thoroughly explore the El Cobre project in Veracruz, Mexico, a
~7,000 Ha property which covers multiple gold-rich porphyry
targets, as demonstrated by recent drilling. Azucar is permitted
and funded for an active drill campaign in 2019. Azucar holds a
100% interest in the El Cobre project, subject to net smelter
returns (“NSR”) royalty interests, assuming production from the
property exceeds 10,001 tonnes per day of ore, totaling 2.25% which
can be reduced to 2.0% though the payment of US$3.0 million.
On behalf of the Board of Directors,
“Morgan Poliquin”Morgan J. Poliquin, Ph.D.,
P.Eng.President, CEO and DirectorAzucar Minerals Ltd.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
This news release includes forward-looking
statements that are subject to risks and uncertainties. All
statements within it, other than statements of historical fact, are
to be considered forward looking. Although the Company believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ
materially from those in forward-looking statements. Factors that
could cause actual results to differ materially from those in
forward-looking statements include market prices, exploitation and
exploration successes, continued availability of capital and
financing, and general economic, market or business conditions.
There can be no assurances that such statements will prove accurate
and, therefore, readers are advised to rely on their own evaluation
of such uncertainties. We do not assume any obligation to update
any forward-looking statements, other than as required pursuant to
applicable securities laws.
Contact Information:
Azucar Minerals Ltd. Tel. 604.689.7644 Email:
info@azucarminerals.comhttp://www.azucarminerals.com/
Maps and sections accompanying this announcement are
available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/cdde5bfe-38e8-41d2-b1e5-1f449730e102
https://www.globenewswire.com/NewsRoom/AttachmentNg/3784b136-92a1-4c5e-9f73-bc0908eea97e
https://www.globenewswire.com/NewsRoom/AttachmentNg/bbe0013c-e939-4724-ad33-101d47805b1f
https://www.globenewswire.com/NewsRoom/AttachmentNg/14f0c05b-5a7d-45a7-84ee-d700d80a598c
https://www.globenewswire.com/NewsRoom/AttachmentNg/692bc76e-a200-4e41-af64-92c8c792be1c
https://www.globenewswire.com/NewsRoom/AttachmentNg/e409826d-26b3-4b69-aa5d-b1e11fc10c44
https://www.globenewswire.com/NewsRoom/AttachmentNg/77bf2675-781e-4915-9a9a-783439776cf3
https://www.globenewswire.com/NewsRoom/AttachmentNg/07b897d8-95df-46e0-97ed-47b58088a85b
https://www.globenewswire.com/NewsRoom/AttachmentNg/c3e6f903-1321-4658-9e16-0ef6cf42a3d0
https://www.globenewswire.com/NewsRoom/AttachmentNg/86bd622e-239b-43c7-8d5f-df552c67e451
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