TSX-V: AZR
VANCOUVER, May 17, 2017
/CNW/ - AZARGA METALS CORP. ("Azarga Metals" or the
"Company") (TSX-V:AZR) has filed a technical report
regarding its Unkur Copper-Silver Project in Russia ("Unkur Report") to support the
maiden Mineral Resource estimate announced on April 4, 2017. The Unkur Report was authored by
Robin Simpson, MAIG, of SRK
Consulting (Russia) Ltd.
("SRK") an independent Qualified Person as defined by NI
43-101.
The estimate is an Inferred Mineral Resource of 42 million
tonnes at 0.52% copper and 38g/t silver, containing 220,000 tonnes
(ie, 480 million pounds) of copper and 52 million ounces of
silver. This equates to approximately 380,000 tonnes (ie, 840
million pounds) of copper equivalent at 0.90% or approximately 124
million ounces of silver equivalent at 91g/t, assuming a copper
price of US$3.00/lb, silver price of
US$20/oz and 100% recovery.
"SRK notes that the Resource remains open in both direction
along strike as well as down-dip", said Dorian L. (Dusty) Nicol, the Company's president
and CEO. "This validates our belief that there is excellent
potential for discovery of additional copper-silver mineralization
at Unkur", and "We are looking forward to announcing our next phase
of exploration on the property, which will be based on the
recommendations made by SRK in their Technical Report".
The Unkur Report titled "Technical Report for the Unkur
Copper-Silver Deposit, Kodar-Udokan Area, Russian Federation", dated effective
March 31, 2017, is filed on the
Company's profile on www.sedar.com and is also available on the
Company's website.
Azarga Metals considers that there is strong potential to grow
the Mineral Resource at the Unkur Copper-Silver Project beyond that
identified in this maiden Mineral Resource estimate. The
mineralization is open in both directions along strike and further
exploration drilling will aim to extend mineralization along strike
as well as to extend Zone 2 and test for a potential third zone of
mineralization stratigraphically below Zone 2, as suggested by
interpretation of trench and geologic data. Of key interest for
growth potential is the zone of thicker and higher grade
mineralization in the northern part of the Inferred Mineral
Resource area. The next phase of work will focus on using geologic
and geophysical exploration to target potential extensions of this
higher grade zone. The mineralization also remains open down-dip.
In addition to this Unkur Copper-Silver Project Inferred Mineral
Resource area and its potential extensions, there are numerous
additional occurrences of copper-silver mineralization and
geochemical / geophysical anomalies within the Company's 5,390
hectare Unkur License.
The Company is currently finalizing plans and budgets for the
second phase of exploration at Unkur and will release these plans
in due course.
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
province 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.