Arizona Sonoran Copper Company Inc. [ASCU-TSX; ASCUF-OTCQX] reported assays from three drill holes from its 105,000-foot (32,000-metre) infill to indicated drilling program at the 100%-owned Parks/Salyer (P/S) project, Pinal County, Arizona, located approximately 1.3 miles (2 km) southwest of the company’s Cactus mine project. Infill drilling continues to intersect thick high-grade mineralization which supports the currently modelled inferred mineral resource at P/S.
Additionally, assay results from the final four exploration drill holes from Parks/Salyer’s western extents are also being reported. Results from these drill holes were included in the 2.9-billion-pound inferred mineral resource estimate (MRE) reported September 28, 2022.
Highlights: Infill drilling to 250-foot drill spacing, in support of an initial Preliminary Feasibility Study (PFS) within 11-17 months. ECP-098 returned 714.1 feet (217.7 m) at 1.01% TCu, 0.90% Cu TSol, 0.024% Mo (enriched), including 298.0 feet (90.8 m) at 1.39% TCu, 1.35% Cu TSol, 0.019% Mo.
ECP-097 returned 746.2 feet (227.4 m) of continuous mineralization; 294.4 feet (89.7 m) at 0.68% TCu, 0.65% Cu TSol, 0.018% Mo (oxide); 451.8 feet (137.7 m) at 1.17% TCu, 1.10% Cu TSol, 0.026% Mo (enriched), including 82.6 feet (25.2 m) at 2.30% TCu, 2.24% Cu TSol, 0.035% Mo.
ECP-099 returned 552.0 feet (168.2 m) at 1.10% TCu, 0.85% Cu TSol, 0.030% Mo (enriched); 150.0 feet (45.7 m) at 1.48% TCu, 1.29% Cu TSol, 0.033% Mo.
George Ogilvie, president and CEO commented, “We continue to move forward at our Cactus and Parks/Salyer projects concurrently, with the intent of issuing a combined Prefeasibility Study in the next 11-17 months. The recently issued maiden mineral resource estimate for Parks/Salyer combined with the resource estimate at Cactus has now catapulted the combined projects to a size that would make it the 4th largest independent copper deposit in the USA with a total copper resource of 4.9 Billion lbs Inferred and 1.6 Billion lbs Indicated.
“At P/S the infill drilling to 250 ft centres is now well underway with all drilling and assaying expected to be completed in 2Q23. Further metallurgical columns on the P/S leachable mineralization is underway and are expected to run throughout 2023. Additionally, geotechnical and hydrological studies on P/S have now been initiated.
“At Cactus new metallurgical columns have begun, purposely designed for a future Bankable Feasibility Study.”
The final 4 holes from the expanded exploration drill program are now complete and successfully extended mineralization along the western extents of the deposit. The deposit spans an area of 3,500 feet (1,067 m) by 2,200 feet (671 m). The extents of the main high-grade core at Parks/Salyer have been defined by the completed exploration program; however, exploration potential remains along the NE oriented mine trend corridor towards the Cactus West deposit.
A total of 31 exploration holes spaced at ~500-foot drill spacings were included into the MRE and calculated an inferred copper resource of 2.9 billion pounds at 1.015% total Copper. The total leachable resource totals 2.45 billion pounds at 1.065% total Copper.
The current 105,000-foot (32,000 m) drilling program is reducing drill spacings to 250 feet, aimed at upgrading the mineral resource category to indicated in support of the potential definition of maiden reserves in the upcoming PFS.
A third rig has begun drilling a 3-hole metallurgical program at Parks/Salyer in October to support a column leach test program for P/S material ahead of the PFS. Additional updates will be provided on the metallurgical, geotechnical and hydrological programs as information is available.
ASCU’s objective is to become a mid-tier copper producer with low operating costs and to develop the Cactus and Parks/Salyer. 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 100%-owned Parks/Salyer deposit that could allow for a phased expansion of the Cactus Mine once it becomes a producing asset.