Arizona Sonoran Copper Company Inc. (TSX:ASCU | OTCQX:ASCUF) an emerging copper developer and near-term producer, today releases 8 infill holes from the Parks/Salyer Pre-Feasibility Study level drilling program and assays from the first infill to measured drill hole (ECP-148) for the Feasibility Study (see FIGURES 1-17). The Company has now begun to generate an internal updated mineral resource and block model to support the declaration of first reserves in the pending step-up PFS by Q1 2024. Drilling continues with three rigs at Parks/Salyer, reducing drill spacing further to 125 ft (30 m) drill centres in preparation of the FS expected in the second half of 2024.
– Within 2.5 years (beginning Nov 2020), ASCU has drilled out an inferred resource of 2.9 B lbs of copper @ 1.015% TCu*, completed the indicated drilling and has now begun infill drilling to the measured category
– In 2023, after six months, the Company has now drilled 100,000 ft at the Cactus and Parks/Salyer deposits
– Drilling better defines the east and west margins of the inferred mineral resource area
– ECP-148: 1,239 ft (377.6 m) @ 0.82% CuT of continuous mineralization
– ECP-135: 369.9 ft (112.7 m) @ 1.63% CuT, 1.38% Cu TSol, 0.040% Mo (enriched)
– ECP-139: 504.4 ft (153.7 m) @ 0.74% CuT, 0.67% Cu TSol, 0.025% Mo (enriched)
– ECP-137: 1,183.8 ft (360.8 m) @ 0.44% CuT of continuous mineralization
– ECP-136: 963.7 ft (293.7 m) @ 0.46% CuT of continuous mineralization
NOTE: True widths are not known, see PR dated September 28, 2022 for the P/S mineral resource
George Ogilvie, Arizona Sonoran President and CEO commented, “With these drill assays in hand for the PFS-level drilling, we look forward to updating our mineral resource estimate at Parks/Salyer from the inferred category to the indicated category. We are very pleased with the results of our drill program which has performed exceptionally well. We should expect to see a high conversion of inferred resource to indicated resource ahead of the release of our PFS in early 2024. The infill to measured drilling is now well underway and we will report on these results throughout 2023.”
“Recently we have bolstered the core team with US-focused expertise in developing and producing both open pits and underground heap leach operations. We have a strong and fully-funded program in place to advance our brownfields heap leach copper project on private land in Arizona and we have obtained the associated water rights. We look forward to executing on our plans with an experienced team in place.”
A total of 48 infill drill holes are now drilled and assayed to generate an updated resource model used in the Prefeasibility Study. As shown in FIGURE 1’s plan view, six infill holes encircled ECP-065 (see PR dated April 5, 2022) (439.7 ft @ 0.92% CuT, 0.90% TSol, 0.033% Mo (enriched) and 687.7 ft @ 0.23% CuT, 0.005% Mo (primary)), better defining the margins of the inferred high grade area. The program to reduce drill spacing to 250 ft (76 m) from the original 500 ft (152 m) drill spacing is complete, with assays from 3 of these infill holes, drilled for geotechnical purposes, expected shortly. Since March 23, 13 new core holes are complete at 125 ft (38 m) drill centers, as the geological team begins to move into drilling for a measured resource. ASCU expects to drill a total of 47 holes to round out the new infill to the measured category drilling as Phase 1 conversion drilling. Hole ECP-148, part of the infill to measured drilling in the high-grade core of the resource, shows consistency of thicknesses and grades, as predicted by our indicated drilling program.
TABLE 1: Parks/Salyer Drilling Highlights
Table 2: Drilling details
|Hole||Easting (m)||Northing (m)||Elevation (ft)||TD (ft)||Azimuth||Dip|
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
About Arizona Sonoran Copper Company
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.
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