Azucar Minerals Ltd. ("Azucar" or the "Company") (TSX-V:
AMZ; OTCQX: AXDDF) is pleased to provide an update and announce
final results from drilling conducted earlier this year at the
Primo target of the El Cobre porphyry copper-gold project in
Veracruz State, Mexico.
The Company has recently received approval from
the Mexican health authority to resume operations and is currently
preparing its facilities and implementing the health protocols
required to enable a safe return to work. Upon return to work, the
Company plans to deepen hole EC-20-108 which was stopped due to the
COVID-19 outbreak. The mineralisation intersected at the bottom of
the hole at the time drilling was suspended is interpreted to be
potentially adjacent to or above the target area based on
geophysics.
The Primo target is a new discovery initially
announced in 2019 (see Azucar news release of October 16th, 2019)
based on the intersection in hole EC-19-086 of (from 718.00 to
918.00) 200.00 metres returning 0.40 g/t gold and 0.24% copper
Including 86.50 metres of 0.70 g/t gold and 0.42% copper which
included 55.60 metres of 0.94 g/t gold and 0.56% copper.
The Company has also been working towards
announcing an initial resource estimate for the Norte Zone of the
property.
A plan diagram for the drilling results reported
today is provided with this news release and highlights include the
following intervals:
Hole EC-20-107 Primo Target, 030
Az, -70 dipFrom 279.50 to 303.25m, 23.75 metres @ 0.22 g/t
gold and 0.08% copper
Hole EC-20-108 Primo Target, 335
Az, -60 dipFrom 156.80 to 165.30m, 8.50 metres @ 0.71 g/t
gold and 0.24% copperFrom 808.00 to 931.50m, 123.50 metres @ 0.14
g/t gold and 0.14% copper
J. Duane Poliquin, Chairman of Azucar commented,
“We continue to push on with our comprehensive two year intensive
drill program at the El Cobre project. The drill program has
identified multiple zones of porphyry mineralisation within a large
area of hydrothermal alteration. The footprint of the system is
very large and future work will be focused on searching for the
core feeder zones of this large system.”
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 zones within the
El Cobre Project are known as NORTE, VILLA
RICA, EL PORVENIR ENCINAL and SUEGRO, and
are defined by distinct Cu-Au soil anomalies, discrete, positive
magnetic features and a large IP chargeability anomaly. The largest
zone is the VILLA RICA ZONE which has only seen
limited initial exploration drilling. An overview of drilling to
date in the various zones is provided below.
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 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. The Norte drillhole database is available on the Company
website at www.azucarminerals.com.
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
zone, including the Raya Tembrillo target and the Naranjo target,
both at the north end of the Villa Rica zone. Initial drilling in
2017 on the Raya Tembrillo target 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). The Primo
target area, first announced on October 16, 2019, is also
considered to be part of the Villa Rica zone, and is located
approximately 1km from Raya Tembrillo.
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.
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.
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).
More information on El Cobre is available on the
Azucar website at http://www.azucarminerals.com.
Mr. Norm Dircks, P.Geo., 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 10000 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,
which covers multiple gold-rich porphyry targets, as demonstrated
by recent drilling. Azucar is permitted and funded for drilling in
2020. 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/
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/9a39319b-df0a-4493-8d7a-9f0f9bcaddfc
https://www.globenewswire.com/NewsRoom/AttachmentNg/146c6c83-fc52-411d-8912-e2637a6e14d8
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