Drilling Recommences, Azucar Provides Update for the El Cobre Project, Mexico
18 Mai 2021 - 1:00PM
Azucar Minerals Ltd. ("Azucar" or the "Company") (TSX-V:
AMZ; OTCQX: AXDDF) is pleased to announce that it has commenced a
focused drill program at the El Cobre porphyry copper-gold project
in Veracruz State, Mexico.
A detailed summary of the project is provided on
the Company’s website but in brief the El Cobre project covers a 5
km trend of porphyry copper-gold associated alteration and
mineralisation along which five separate zones have now been
identified and explored in past drilling campaigns (see Figure 1).
On September 29, 2020, the Company released an initial mineral
resource estimate on the project from only the Norte Zone. The base
case resource estimate (using a net smelter return cutoff of
US$12/tonne) for the Norte Zone is comprised of an
indicated resource of 1.2 Moz AuEq (47.2 million
tonnes grading 0.49 g/t Au, 0.21% Cu 1.4 g/t Ag) and an
inferred resource of 1.4 Moz AuEq (64.2 million tonnes
grading 0.42 g/t Au, 0.18% Cu and 1.3 g/t Ag). Further details of
the resource estimate are provided below.
The focus for the current drill program in 2021
will be in the Pedregal, Villa Rica, and Encinal Zones of the
property. Initially one hole is planned for each area.
The Pedregal target is one of two prominent
magnetic anomalies located north of the Norte Zone, neither of
which has been drilled in the past. The Pedregal target is about
1.0 kilometre north of the Norte Zone.
At the Encinal Zone, located roughly 4.3
kilometres to the southeast of the Norte Zone, the Company plans to
follow-up past drill results. On June 29, 2017 Azucar announced the
results of initial drilling on this exposed stockwork (Hole
EC-17-025) that returned results including 34.47 metres grading
0.73 g/t Au and 0.20% Cu.
At the Villa Rica Zone, located about 1.8 km
south of the Norte Zone, the Company plans to further explore the
Raya Tembrillo target. 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).
J. Duane Poliquin, Chairman of Azucar, stated
“We are pleased to report these plans and excited to get the drill
turning once again on the excellent targets that we have at El
Cobre. We look forward to updating shareholders on this year’s
plans and reporting on our progress and results.”
More information on El Cobre is available on the
Azucar website at http://www.azucarminerals.com.
Technical Details and the El Cobre NI
43-101 Technical Report
On September 29, 2020, the Company released an
initial mineral resource estimate for the Norte Zone comprising an
indicated resource containing 748,000 ounces of gold and 221Mlbs
copper (47.2 million tonnes grading 0.49 g/t Au, 0.21% Cu 1.4 g/t
Ag) and an inferred resource containing 860,000 ounces of gold and
254Mlbs copper (64.2 million tonnes grading 0.42 g/t Au, 0.18% Cu
and 1.3 g/t Ag).
For details on the estimation of mineral
resources, including the key assumptions, parameters and methods
used to estimate the Mineral Resources at the El Cobre property,
Canadian investors should refer to the report dated effective
November 13, 2020, and titled “NI 43-101 Technical Report Mineral
Resource Estimate on the El Cobre Copper-Gold-Silver Property,
Veracruz State, Mexico” which is available under Azucar Minerals’
profile on SEDAR (www.sedar.com) and on the Company’s website. The
Technical Report was authored by Kris Raffle, P.Geo. of APEX
Geoscience Ltd., and Sue Bird, M.Sc., P.Eng. of Moose Mountain
Technical Services. The NSR and AuEq values were calculated using
US$1,500/oz gold, US$3.00/lb copper and US$18/oz silver, and using
metallurgical recoveries of 88% for gold and copper, and 70% for
silver.
Mr. Norm Dircks, a Certified Professional
Geologist (AIPG, CPG-11938) 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 Global 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.
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 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,
“J. Duane Poliquin”J. Duane Poliquin,
P.Eng.ChairmanAzucar 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. 604.689.7644Email:
info@azucarminerals.comhttp://www.azucarminerals.com/
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/db0bb337-6d06-4b6f-bfc4-511aa191d0dc
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