Azucar Minerals Ltd. ("Azucar" or the "Company") (TSX-V:
AMZ; OTCQB: AXDDF) is pleased to announce that it has completed
drilling the first hole into the large lithocap target discussed in
its press release of April 6, 2022. The first hole initially passed
through typical clay dominant lithocap alteration into phyllic
alteration, then continued to propylitic alteration and at depth
intense biotitic potassic alteration. Some high temperature zones
of pyrophyllite and diaspore alteration were intersected confirming
the in-situ interpretation for the lithocap, derived from deep
porphyry fluids. The hole was drilled to 1280 metres, near
vertically at -80 degrees, and only tested a small area of the
large lithocap footprint at surface and is interpreted to have
intersected a peripheral part of a porphyry system beneath the
lithocap, providing a vertical alteration profile. At this time the
potassic alteration intersected at depth is considered to be
similar to the broad zones of barren or low grade potassic
alteration found peripheral to some of the known mineralized zones
on the El Cobre project. Zones of high pyrite were intersected and
minor veining with sulphides and chalcopyrite were noted. The hole
did not transect the deep IP anomaly located further to the north.
This first hole helps guide the next hole of the program which will
drill at a shallower angle to the north from the same pad and is
intended to intersect the high chargeability anomaly at depth as
well as a zone of circular concentric fracturing interpreted to
represent an intrusive centre. The drill team will start the second
hole after a short crew break.
As detailed in our press release of April 6,
2022, the target area is defined by several overlapping target
methodologies, including geophysics, mineralogy, geochemistry and
past drilling campaigns at the property which have returned
significant high grade porphyry copper and gold assays from
multiple zones which appear to mantle and surround this area in a
roughly arcuate shape of high magnetic response. This area has been
targeted for drilling on the basis of the following data set:
- 2021 mineral vectoring study
(“MVS”) completed at the CODES Analytical Laboratory of the
University of Tasmania utilizing chlorite and epidote samples
collected from the El Cobre project in 2021;
- Mineral vectoring has been
established as an effective tool for exploration targeting at
porphyry projects around the world through published studies at
systems such as the El Teniente, Resolution, Arizona and Batu
Hijau, porphyry systems;
- The MVS indicates that the El Cobre
district likely contains a fertile medium to large sized porphyry
system;
- The most prospective area in the
MVS is located in the centre of the project (approximately 1 km
southeast of the established resource at the Norte target) where
there has been little previous exploration drilling;
- This area coincides with a deep IP
geophysical anomaly which does not crop out, within an area of
moderate magnetic response. The deep IP anomaly is the deep core to
the broad near surface anomaly which encompasses all the currently
known areas of porphyry mineralisation on the project;
- The closest hole to this deep core
IP anomaly, which did not test the anomaly, intersected intense
quartz pyrite sericite (QSP) phyllic alteration which provides
further support to this new target representing a possible porphyry
centre;
- The MVS target also overlaps with a
large area of mapped pyrophyllite (approximately 700 metre (E-W) x
550 metre (N-S)), an alteration mineral often observed overlying
porphyry copper-gold mineralisation;
- Recent spectral mineral mapping and
sampling in this area has further defined a strong alteration
signature with clear zoning including a central
diaspore-pyrophyllite-shallow alunite/dickite and concentric halos
of paragonitic and muscovitic white mica and inner propylitic
epidote halo;
- Observed illite crystallinity shows
consistent high crystallinity over the entire target. Iron oxide
rockchip mapping shows a hematite core zone and a goethite halo as
well.
About the El Cobre ProjectA
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. 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.
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 enriched copper mineralisation with an apparent tabular
distribution (94.00 metres of 1.36% copper; see press release of
December 13, 2017). At the Encinal Zone, located 4.3 kilometres to
the southeast of the Norte Zone, the Company is conducting a more
thorough review of the geological, geochemical and geophysical
datasets in order to design a future drill program 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.
Past drilling campaigns have returned
significant porphyry copper and gold assays from multiple targets
around the recently defined mineral vector target area. The
previously tested and known porphyry mineralisation, including the
Norte deposit on which the Company has developed a resource, appear
to mantle and surround this new target area in a roughly arcuate
zone of high magnetic response. High grade intersections from these
targets highlight the potential for significant mineral endowment
and for higher grade porphyry mineralisation including the
following:
Norte Zone
Hole |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Cu (%) |
EC-17-018 |
222.40 |
334.50 |
112.10 |
1.35 |
0.48 |
EC-17-026 |
543.45 |
609.90 |
66.45 |
2.41 |
0.61 |
Including |
543.45 |
569.45 |
26.00 |
4.15 |
1.00 |
EC-17-029 |
204.15 |
314.15 |
110.00 |
1.87 |
0.48 |
Including |
208.15 |
240.15 |
32.00 |
2.57 |
0.57 |
and |
264.15 |
300.15 |
36.00 |
2.02 |
0.51 |
Raya Tembrillo (1.8km South of Norte)
Hole |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Cu (%) |
EC-17-037 |
302.00 |
320.00 |
18.00 |
1.25 |
0.52 |
Primo Zone (1.4km South of Raya Tembrillo)
Hole |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Cu (%) |
EC-19-086 |
868.40 |
918.00 |
49.60 |
0.99 |
0.61 |
Including |
878.40 |
914.40 |
36.00 |
1.10 |
0.68 |
Porvenir Zone (2.5 km SE of Norte, 1.0 km west
of Primo
Hole |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Cu (%) |
EC-17-040 |
243.00 |
255.00 |
12.00 |
2.43 |
0.82 |
EC-18-056 |
381.50 |
408.00 |
26.50 |
1.72 |
0.34 |
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
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.
Morgan Poliquin, Ph.D., P.Eng. a Qualified
Person under NI 43-101 the President and CEO as well as a Director
of the Company reviewed and approved the other technical
information. The porphyry mineralisation and past drilling results
discussed and reviewed in this news release are associated with
broad areas of alteration and stockwork and sheeted porphyry style
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.
Azucar also announces that, pursuant to its
Stock Option Plan, it has granted stock options to a director,
consultant and employee of the Company to purchase 425,000 common
shares in the capital of the Company at an exercise price of $0.09
per share which expire on March 10, 2027.
About Azucar
Azucar is an exploration company exploring the
El Cobre project in Veracruz, Mexico, which covers multiple
gold-rich porphyry targets, as demonstrated by past 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. Forward looking statements in
this press release relate to the planning, targeting, and timing of
the next drill hole. 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/
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