Arizona Sonoran Announces Acquisition of Land and Completes Rezoning MainSpring

Rhea-AI Summary

Arizona Sonoran Copper Company Inc. (ASCU) provides an update on positive land developments, including MainSpring and a new special land use permit. MainSpring's rezoning and consolidation around Cactus mine improve operational flexibility and access to mineralization. The company acquired the 523-acre MainSpring Property and completed rezoning to Industrial Use, Mining. ASCU also obtained a Section 2 special land use permit for future mine infrastructure. The press release highlights the company's progress and community support.

CASA GRANDE, Ariz. & TORONTO--(BUSINESS WIRE)-- Arizona Sonoran Copper Company Inc. (TSX:ASCU | OTCQX:ASCUF) (“ASCU” or the “Company”) today provides an update on positive land developments, including MainSpring and a new special land use permit to the east of the Cactus Project, connecting the Project (see FIGURE 1).

Map of the Cactus Project (Graphic: Business Wire)

Highlights

• MainSpring final rezoning complete and land title in hand
• A new special land use permit on the Southeast corner of Cactus has been granted from the Arizona State Lands Department (“ASLD”)

Travis Snider, ASCU VP External Relations and Sustainability commented, “Each step we make continues to demonstrate our intent and support to develop the Cactus mine. By rezoning and consolidating this land around Cactus, we are able to improve operational flexibility of our Project and gain access to mineralization excluded from our recent Pre-Feasibility Study. MainSpring’s mineralized zone may now be used within future technical reports once drilled to the appropriate resource classification, with the potential for operation and economic optimization. Most importantly however, we are thankful for the continued support from our surrounding communities and the regulating bodies as we continue along our path to a production decision.”

MainSpring Update

Land title for the 523-acre MainSpring Property was transferred to ASCU, following a payment to the former landowner of $5 million, as per the purchase and sale agreement signed last year. (see PR dated Feb 28, 2023). Additionally, rezoning of MainSpring PAD III, the southern parcel of the MainSpring property, is now complete. MainSpring is now completely rezoned to Industrial Use, Mining with no further zoning amendments required.

The Company is currently infill drilling the near surface mineralization at MainSpring, extending immediately south of the 2.9 billion pound @ 1.0% Cut M&I Parks/Salyer deposit.

Section 2 Special Land Use Permit

The Section 2 special land use permit allows ASCU the ability to use the surface of the 339 acre property to accommodate future mine infrastructure. The permit is rented by ASLD to ASCU, although ASCU has submitted a purchase application to the ASLD to own the surface rights 100%.

Links from the press release:

Figure 1: https://arizonasonoran.com/projects/cactus-mine-project/press-release-images/
February 28, 2023: https://arizonasonoran.com/news-releases/arizona-sonoran-purchases-contiguous-mainspring-property-providing-additional-planning-flexibility-for-the_pfs/

Neither the TSX nor the regulating authority has approved or disproved the information contained in this press release.

About Arizona Sonoran Copper Company (www.arizonasonoran.com | www.cactusmine.com)

ASCU’s objective is to become a mid-tier copper producer with low operating costs and to develop the Cactus Mine Projects that could generate robust returns for investors and provide a long term sustainable and responsible operation for the community and all stakeholders. The Company's principal asset is a 100% interest in the Cactus Mine Project (former ASARCO, Sacaton mine) with a PFS outlining a 55kpta operation over 21 years. The Project is situated on private land in an infrastructure-rich area of Arizona. The Company is led by an executive management team and Board which have a long-standing track record of successful project delivery in North America complemented by global capital markets expertise.

Forward-Looking Statements

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of ASCU to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could affect the outcome include, among others: future prices and the supply of metals; the results of drilling; inability to raise the money necessary to incur the expenditures required to retain and advance the properties; environmental liabilities (known and unknown); general business, economic, competitive, political and social uncertainties; results of exploration programs; accidents, labour disputes and other risks of the mining industry; political instability, terrorism, insurrection or war; or delays in obtaining governmental approvals, projected cash operating costs, failure to obtain regulatory or shareholder approvals.

Although ASCU has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and ASCU disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240305969133/en/

Alison Dwoskin, Director, Investor Relations

647-233-4348

adwoskin@arizonasonoran.com

George Ogilvie, President, CEO and Director

416-723-0458

gogilvie@arizonasonoran.com

Source: Arizona Sonoran Copper Company Inc.

FAQ

What updates did Arizona Sonoran Copper Company Inc. (ASCU) provide?

ASCU provided an update on positive land developments, including MainSpring and a new special land use permit.

What is the significance of MainSpring's rezoning and consolidation around Cactus mine?

MainSpring's rezoning and consolidation improve operational flexibility and access to mineralization for ASCU.

What property did the company acquire and complete rezoning for?

The company acquired the 523-acre MainSpring Property and completed rezoning to Industrial Use, Mining.

What special land use permit did ASCU obtain?

ASCU obtained a Section 2 special land use permit for future mine infrastructure.

What does the press release highlight about ASCU's progress?

The press release highlights ASCU's progress and community support in the development of the Cactus mine.