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Azucar Completes Second Hole in New Porphyry Lithocap Target, El Cobre Project, Mexico, The Canadian Business Journal

VANCOUVER, British Columbia, October 6, 2022 (GLOBE NEWSWIRE) — Azucar Minerals Ltd. (“Azucar” or the “Company”) (TSX-V: AMZ; OTCQB: AXDDF) is pleased to have completed drilling will be announced at His second hole into a large lithocap target, described in the March 10, 2022 press release. Clay-dominant litcap alteration to phyllic alteration. Large intervals of horn clastics may intersect and may reflect diatrem-like bodies that may have disturbed previous porphyry alteration zoning in the region. Modified data were collected from the core using a Terraspec infrared spectrometer, containing samples for assay and fluid inclusion analysis. Future drilling in this area will be guided by the results and interpretation of these analyzes from both holes. Future drilling to test this lithocap target will need to be conducted at other accessible locations in this very large area, so the drilling rig will be dismantled from the pad where these two holes were drilled. I was.

JD Poliquin, Chairman of Azucar Minerals, said: It is important to remind shareholders that this zone is one of many porphyry targets and is central to the project. We have defined preliminary resources on the most explored Norte zones and will continue to explore this project to unlock more potential for multiple zones and targets that have not yet been fully tested. It’s a schedule. “

About the El Cobre Project
A detailed overview of the project is provided on the company’s website, but in a nutshell, the El Cobre project covers 5 km of trends in copper- and gold-related porphyry alteration and mineralization. I’m here. Figure 1). On September 29, 2020, the company announced the first mineral resource estimate for the project exclusively from the Norte Zone. The Norte Zone base case resource estimate (using a pure smelter return cutoff of USD 12/tonne) consists of: 1.2 Moz AuEq Indicated Resources (47.2 million tons, graded 0.49 g/t Au, 0.21% Cu, 1.4 g/t Ag) and estimated resource for 1.4 Moz AuEq (64.2 million tons with grading of 0.42 g/t Au, 0.18% Cu, and 1.3 g/t Ag). More information on resource estimation is provided below.

Past drilling campaigns have returned significant porphyry copper and gold analyzes from multiple targets. The high-grade intersections from these targets underscore the potential for significant mineral endowments and high-grade porphyry mineralization, including those tabulated below (see figure for locations). 1). Known targets include Vila Rica, Porvenir, Encinal, and Primo Zone. In the Villarrica Zone, located approximately 1.8 km south of the Norte Zone, the first drilling in 2017 (Raya Tembrillo target area) saw him intersect two styles of mineralization. Under-formed copper-golden porphyry mineralization (0.57 g/t gold and 0.27% copper in 115.00 m, see press release dated 28 November 2017) and near surface with clear tabular distribution of concentrated copper mineralization (94.00 m of 1.36% copper; see press release 13 December 2017). In the Encinal Zone, located 4.3 kilometers southeast of the Norte Zone, Azucar reported results of the first drilling in the Exposed Stockwork Zone (hole EC-17-025) (press release dated June 29, 2017). reference). 34.47 meters, grading 0.73 g/t Au and 0.20% Cu. We continue to review geology and past exploration results to plan future exploration programs.

norte zone

hole from (m) up to (m) Spacing (m) Gold (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
include 543.45 569.45 26.00 4.15 1.00
EC-17-029 204.15 314.15 110.00 1.87 0.48
include 208.15 240.15 32.00 2.57 0.57
When 264.15 300.15 36.00 2.02 0.51

Raya Tembrillo (1.1 mi south of Norte)

hole from (m) up to (m) Spacing (m) Gold (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) up to (m) Spacing (m) Gold (g/t) Cu (%)
EC-19-086 868.40 918.00 49.60 0.99 0.61
include 878.40 914.40 36.00 1.10 0.68

Porvenir Zone (2.5 km southeast of Norte and 1.0 km west of Primo)

hole from (m) up to (m) Spacing (m) Gold (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

For more information on El Cobre, visit the Azucar website at: http://www.azucarminerals.cometers.

Technical Details and El Cobre NI 43-101 Technical Report

For further details on the Mineral Resource estimates, including the key assumptions, parameters and methodologies used to estimate the Mineral Resources of El Cobre, the Canadian investor should submit a report titled “NI 43-101” dated November 13, 2020. should refer to the report of Available on the Azucar Minerals profile on SEDAR (www.sedar.com) and on his website for the company. Technical report written by Kris Raffle, P.Geo. of Moose Mountain Technical Services of APEX Geoscience Ltd. and Sue Bird, M.Sc., P.Eng. NSR and AuEq values ​​were obtained using 1,500 USD/oz gold, 3.00 USD/lb copper, and 18 USD/oz silver, using metallurgical recoveries of 88% for gold and copper and 70% for silver. Calculated.

Morgan Polikin, Ph.D., P.Eng. Qualified under NI 43-101, President and CEO, and Company Director, reviewed and approved other technical information. The porphyry mineralization and historical drilling results described and reviewed in this news release are associated with extensive alteration and veining of stockwork and sheet porphyry styles. The true width cannot be determined at this time. Reported analyzes were performed at his ALS Global Laboratories in North Vancouver using industry standard analytical techniques. For gold, the sample is first analyzed by combustion analysis and atomic absorption spectroscopy (“AAS”). Samples returning values ​​greater than 10 g/t gold using this technique are then re-analyzed by fire analysis, but with a gravimetric finish. For copper, the sample is first analyzed by Inductively Coupled Plasma-Atomic Emission Spectroscopy (“ICP-AES”) followed by four acid digestions. Samples returning values ​​greater than 10000 g/t copper using this technique are re-analyzed by HF-HNO3-HCLO4 decomposition with HCL leaching and ICP-AES finishing. Blanks, field duplicates, and certified standards were inserted into the sample stream as part of Azucar’s quality assurance and control program in compliance with National Instrument 43-101 requirements.

About Azcar

Azucar is an exploration company investigating the El Cobre project in Veracruz, Mexico. The project has multiple targets of gold-rich porphyry, as demonstrated by past drilling. Azucar holds his 100% interest in the El Cobre project and is eligible for Net Smelter Revenue (“NSR”) royalties. Payment of US$3 million.

On behalf of the Board of Directors,

“J. Duane Polikin”

J. Duane Poliquin, P. Eng.

Chairman

Azcar Minerals Co., Ltd.

Neither TSX Venture Exchange nor its regulated service providers (as those terms are defined in the TSX Venture Exchange Policy) are responsible for the adequacy or accuracy of this release.

This news release contains forward-looking statements that involve risks and uncertainties. All statements therein, except statements of historical fact, are considered forward-looking. Although we believe that 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 forward-looking statements. Factors that could cause actual results to differ materially from forward-looking statements include market prices, development and exploration successes, continued availability of capital and financing and the general economy, Includes market or business conditions. There can be no assurance that such statements are accurate and readers are advised to rely on their own assessment of such uncertainties. We undertake no obligation to update any forward-looking statements, except as required under applicable securities laws.

contact address:

Azcar Minerals Co., Ltd.
Phone number 604.689.7644
Email: [email protected]
http://www.azucarminerals.com/

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9d4645fd-52b1-4312-9943-ddd05523d976.


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Azucar Completes Second Hole in New Porphyry Lithocap Target, El Cobre Project, Mexico, The Canadian Business Journal

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