TSX-V: AZR
WHITE ROCK, BC, Jan. 18, 2017 /CNW/ - AZARGA METALS CORP.
("Azarga Metals" or the "Company") (TSX-V:AZR)
announces it has completed a ground magnetic survey at its Unkur
Copper-Silver Project in the Zabaikalsky administrative region in
eastern Russia, with successful
results.
The ground magnetic survey was a key part of the Company's first
phase exploration program at Unkur. Undertaken in parallel with the
drilling and trenching works, it comprised approximately 130 line
kilometers of detailed ground magnetics. While the data is still
being interpreted and correlated with geology and drill results,
the geophysical data confirms that the silver-copper mineralization
at Unkur has a strong magnetic signature and that ground magnetics
can be a useful targeting tool on the project. Significantly, the
ground magnetic survey data has:
- been useful in identifying changes in direction of the
mineralized horizon, which the Company believes are associated with
increased thickness and grade; and
- identified targets for additional mineralization to the north
of the first phase drilling area. The magnetic signatures of
these targets remain open to the northeast and future surveys will
aim to extend them.
Drilling results from Azarga Metals' first phase exploration
program at Unkur intersected significant copper-silver
mineralization over a strike length of approximately three
kilometers and the mineralized area remains in open in all
directions as well as down dip. The newly acquired ground magnetic
survey data will be used to plan drilling in the second phase
exploration program with the aim to expand the mineralized area and
target zones which are indicated to be thicker and higher
grade.
"We are very excited with the efficacy of ground magnetics at
Unkur as this provides a fast and inexpensive tool to target
drilling to expand the area of mineralization", said Dorian L. (Dusty) Nicol the Company's President
and CEO. "I'm particularly excited by the ability of ground
magnetics to identify changes in direction of the mineralized
horizon and the possibility this opens to target thicker zones of
high grade associated with attendant dilation zones because such
zones are where our best drilling results so far have been
attained."
See above image of ground magnetic survey results with some
selected drill-holes overlayed and highlighiting on the map future
targets from the mag data.
SHARES FOR SERVICES
On January 16, 2017, the Company
issued a total of 107,934 common shares for $22,666.66 services rendered to the Company by
the non-executive directors for the period October 1, 2016 to December 31, 2016. The shares were issued
at the closing price on December 31,
2016 of $0.21 per share and
are subject to a four-month hold period expiring on May 17, 2017.
UNKUR COPPER-SILVER PROJECT
Azarga Metals owns 60% of the Unkur Copper-Silver Project along
with the right to acquire the remaining 40% in the future.
Sediment-hosted copper and silver mineralization has been
identified across the 5,390 hectare project license area, in
outcrops, trenches and by historical diamond drilling. The prior
exploration outlined a large area of high-grade shallow stratiform
sediment hosted copper-silver 20 to 50 meters thick over an area
four to six kilometers long.
Further details concerning Unkur Copper-Silver Project are
contained in a technical report filed by the Company as per its
news release of 5 April 2016.
Qualified Person
The Company's President and Chief Executive Officer,
Dorian L. (Dusty) Nicol, B.Sc. Geo,
MA Geo, a Qualified Person as defined by NI 43-101, has reviewed
and approved the exploration information disclosures contained in
this Press Release.
About Azarga Metals Corp.
Azarga Metals is a mineral exploration and development company
that owns 60% of the Unkur Copper-Silver Project in the Zabaikalsky
administrative region in eastern Russia.
AZARGA METALS CORP.
"Dusty Nicol"
Dorian L.
(Dusty) Nicol, President and CEO
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Cautionary Statement:
This news release contains forward-looking statements that are
based on the Corporation's current expectations and estimates.
Forward-looking statements are frequently characterized by words
such as "plan", "expect", "project", "intend", "believe",
"anticipate", "estimate", "suggest", "indicate" and other similar
words or statements that certain events or conditions "may" or
"will" occur. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors that could cause
actual events or results to differ materially from estimated or
anticipated events or results implied or expressed in such
forward-looking statements. Such factors include, among others: the
actual results of current planned exploration activities;
conclusions of economic evaluations; changes in project parameters
as plans to continue to be refined; possible variations in ore
grade or recovery rates; accidents, labour disputes and other risks
of the mining industry; delays in obtaining governmental approvals
or financing; and fluctuations in metal prices. There may be other
factors that cause actions, events or results not to be as
anticipated, estimated or intended. Any forward-looking statement
speaks only as of the date on which it is made and, except as may
be required by applicable securities laws, the Corporation
disclaims any intent or obligation to update any forward-looking
statement, whether as a result of new information, future events or
results or otherwise. Forward-looking statements are not guarantees
of future performance and accordingly undue reliance should not be
put on such statements due to the inherent uncertainty therein.
SOURCE Azarga Metals Corp.
