Arizona Sonoran Parks/Salyer Drilling Intersects 714.1 ft of 1.01% TCu and 0.90% Cu TSol

Rhea-AI Summary

Arizona Sonoran Copper Company (ASCUF) has released promising assay results from 3 drill holes at its Parks/Salyer project, reinforcing its estimated mineral resources. Highlights include multiple high-grade intersections, with ECP-098 showing 714.1 ft at 1.01% total copper. The ongoing 105,000 ft infill drilling program aims to upgrade mineral resource categories ahead of a Preliminary Feasibility Study planned within 11-17 months. The combined copper resources at Parks/Salyer and Cactus now total 4.9 billion lbs inferred and 1.6 billion lbs indicated, positioning ASCU among the largest independent copper deposits in the U.S.

Positive

• High-grade mineralization confirmed in recent drill assays.
• Infill drilling supports a Preliminary Feasibility Study within 11-17 months.
• Combined copper resources at Parks/Salyer and Cactus estimated at 4.9 billion lbs inferred and 1.6 billion lbs indicated.

Negative

• None.

CASA GRANDE, Ariz. & TORONTO--(BUSINESS WIRE)-- Arizona Sonoran Copper Company Inc. (TSX:ASCU | OTCQX:ASCUF) (“ASCU” or the “Company”) today releases assays from 3 drill holes from its 105,000 ft (32,000 m) infill to indicated drilling program at Parks/Salyer (“P/S"), located ~1.3 mi (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 (see FIGURES 1-9).

Additionally, assay results from the final 4 exploration drill holes from Parks/Salyer’s western extents are also being reported. Results from these drill holes were included in the 2.9 B lb Inferred Mineral Resource Estimate (“MRE”) reported on September 28, 2022.

Highlights:

- Infill drilling to 250 ft drill spacing, in support of an initial Preliminary Feasibility Study (PFS) within 11-17 months

- ECP-098: 714.1 ft (217.7 m) @ 1.01% TCu, 0.90% Cu TSol, 0.024% Mo (enriched)

• Incl. 298.0 ft (90.8 m) @ 1.39% TCu, 1.35% Cu TSol, 0.019% Mo

- ECP-097: 746.2 ft (227.4 m) of continuous mineralization

• 294.4 ft (89.7 m) @ 0.68% TCu, 0.65% Cu TSol, 0.018% Mo (oxide)
• 451.8 ft (137.7 m) @ 1.17% TCu, 1.10% Cu TSol, 0.026% Mo (enriched)
  • Incl 82.6 ft (25.2 m) @ 2.30% TCu, 2.24% Cu TSol, 0.035% Mo

- ECP-099: 552.0 ft (168.2 m) @ 1.10% TCu, 0.85% Cu TSol, 0.030% Mo (enriched)

• and 150.0 ft (45.7 m) @ 1.48% TCu, 1.29% Cu TSol, 0.033% Mo

George Ogilvie, Arizona Sonoran 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 4^th 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.”

Mineral Resource and Exploration Drilling Program Recap

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 ft (1,067 m) by 2,200 ft (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 ft 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 (see PR dated Sept 28, 2022). The current 105,000 ft (32,000 m) drilling program is reducing drill spacings to 250 ft, 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.

TABLE 1: Parks/Salyer Drilling Highlights

HOLE		ZONE		Feet						Metres						TCu		Cu TSol		Mo
				from		to		length		from		to		length		%		%		%
ECP-099		oxide		1003.0		1054.5		51.5		305.7		321.4		15.7		0.27		0.24		0.010
		enriched		1094.3		1139.0		44.7		333.5		347.2		13.6		0.81		0.80		0.010
		enriched		1208.3		1218.0		9.7		368.3		371.2		3.0		2.25		2.24		0.012
		oxide		1317.0		1386.0		69.0		401.4		422.5		21.0		0.19		0.18		0.007
		enriched		1447.0		1999.0		552.0		441.0		609.3		168.2		1.10		0.85		0.030
		including		1447.0		1478.0		31.0		441.0		450.5		9.4		2.74		2.73		0.024
		and		1508.0		1533.5		25.5		459.6		467.4		7.8		1.38		1.34		0.023
		and		1746.0		1896.0		150.0		532.2		577.9		45.7		1.48		1.29		0.033
		primary		1999.0		2104.0		105.0		609.3		641.3		32.0		0.29		0.02		0.038
ECP-098		oxide		987.0		1053.7		66.7		300.8		321.2		20.3		0.60		0.59		0.019
		including		1029.0		1049.0		20.0		313.6		319.7		6.1		1.08		1.06		0.026
		enriched		1114.0		1124.0		10.0		339.5		342.6		3.0		1.24		1.20		0.030
		enriched		1166.1		1186.0		19.9		355.4		361.5		6.1		2.01		1.93		0.038
		enriched		1229.0		1943.1		714.1		374.6		592.3		217.7		1.01		0.90		0.024
		including		1229.0		1527.0		298.0		374.6		465.4		90.8		1.39		1.35		0.019
		primary		1943.1		2115.7		172.6		592.3		644.9		52.6		0.63		0.06		0.019
		including		2032.0		2072.0		40.0		619.4		631.5		12.2		1.20		0.12		0.045
ECP-097		oxide		1071.0		1365.4		294.4		326.4		416.2		89.7		0.68		0.65		0.018
		including		1191.5		1214.5		23.0		363.2		370.2		7.0		2.36		2.29		0.013
		and		1324.0		1365.4		41.4		403.6		416.2		12.6		1.73		1.69		0.046
		enriched		1365.4		1817.2		451.8		416.2		553.9		137.7		1.17		1.10		0.026
		including		1365.4		1448.0		82.6		416.2		441.4		25.2		2.30		2.24		0.035
		including		1404.8		1420.0		15.2		428.2		432.8		4.6		6.11		5.89		0.037
		primary		1817.2		2318.0		500.8		553.9		706.5		152.6		0.21		0.02		0.008
ECP-096		oxide		1355.5		1438.0		82.5		413.2		438.3		25.1		0.48		0.42		0.002
		including		1375.0		1399.8		24.8		419.1		426.7		7.6		0.82		0.78		0.003
		oxide		1478.0		1528.0		50.0		450.5		465.7		15.2		0.23		0.15		0.002
		oxide		1578.0		1622.0		44.0		481.0		494.4		13.4		0.20		0.16		0.007
		oxide		1728.1		1783.7		55.6		526.7		543.7		16.9		0.28		0.19		0.004
		enriched		1783.7		1817.0		33.3		543.7		553.8		10.1		0.30		0.27		0.002
ECP-095		enriched		1483.3		2055.0		571.7		452.1		626.4		174.3		0.39		0.35		0.005
		including		1483.3		1514.0		30.7		452.1		461.5		9.4		0.73		0.71		0.009
		and		1547.2		1585.2		38.0		471.6		483.2		11.6		1.03		1.02		0.007
		and		1608.4		1628.0		19.6		490.2		496.2		6.0		0.86		0.84		0.005
		and		1694.3		1792.0		97.7		516.4		546.2		29.8		0.59		0.54		0.007
		primary		2055.0		2501.1		446.1		626.4		762.3		136.0		0.13		0.02		0.002
ECP-094		oxide		1368.0		1405.0		37.0		417.0		428.2		11.3		0.52		0.44		0.001
		enriched		1451.0		1936.0		485.0		442.3		590.1		147.8		0.26		0.23		0.001
		including		1451.0		1507.0		56.0		442.3		459.3		17.1		0.46		0.45		0.002
		primary		1936.0		2467.7		531.7		590.1		752.2		162.1		0.30		0.03		0.005
		including		2332.0		2402.0		70.0		710.8		732.1		21.3		0.95		0.07		0.017
ECP-093		oxide		1178.0		1191.0		13.0		359.1		363.0		4.0		1.19		0.99		0.001
		enriched		1225.6		1615.0		389.4		373.6		492.3		118.7		0.38		0.36		0.002
		including		1225.6		1258.0		32.4		373.6		383.4		9.9		1.50		1.32		0.001
		including		1282.4		1335.0		52.6		390.9		406.9		16.0		1.21		1.15		0.003
		and		1543.0		1567.0		24.0		470.3		477.6		7.3		1.08		1.06		0.011
		enriched		1660.4		1680.0		19.6		506.1		512.1		6.0		0.55		0.52		0.003
		enriched		1731.4		1896.0		164.6		527.7		577.9		50.2		0.40		0.37		0.004
		including		1817.6		1848.3		30.7		554.0		563.4		9.4		1.01		0.98		0.006
		primary		1896.0		2208.0		312.0		577.9		673.0		95.1		0.17		0.02		0.009
		including		1926.0		1991.2		65.2		587.0		606.9		19.9		0.23		0.04		0.009

1. Intervals are presented in core length and are drilled with very near vertical dip angles.
2. Drill assays assume a mineralized cut-off grade of 0.5% CuT reflecting the potential for heap leaching of underground material in the case of Oxide and Enriched or in the case of Primary material to provide typical average grades. Holes were terminated below the basement fault.
3. Some intercepts in the western exploration holes assumed a mineralized cut-off grade of 0.1% CuT to provide typical average grades of the tenor of mineralization.
4. Assay results are not capped. Intercepts are aggregated within geological confines of major mineral zones.
5. True widths are not known.

Table 2: Drilling details

Hole		Easting (m)		Northing (m)		Elevation (ft)		TD (ft)		Azimuth		Dip
ECP-093		421382.4		3645094.0		1372.7		2463.3		0.0		-90.0
ECP-094		421309.5		3644981.3		1369.1		2498.0		0.0		-90.0
ECP-095		421285.0		3644857.9		1365.6		2545.5		0.0		-90.0
ECP-096		421312.0		3645256.8		1376.6		2652.1		0.0		-90.0
ECP-097		421843.7		3645268.8		1381.9		2344.5		0.0		-90.0
ECP-098		421842.5		3645184.3		1379.9		2332.4		0.0		-90.0
ECP-099		421921.1		3645148.0		1379.7		2244.0		0.0		-90.0

Quality Assurance / Quality Control

Drilling completed on the project between 2020 and 2022 was supervised by on-site ASCU personnel who prepared core samples for assay and implemented a full QA/QC program using blanks, standards, and duplicates to monitor analytical accuracy and precision. The samples were sealed on site and shipped to Skyline Laboratories in Tucson AZ for analysis. Skyline’s quality control system complies with global certifications for Quality ISO9001:2008.

Technical aspects of this news release have been reviewed and verified by Allan Schappert – CPG #11758, who is a qualified person as defined by National Instrument 43-101– Standards of Disclosure for Mineral Projects.

Links from the Press Release

Figures 1-9: https://arizonasonoran.com/projects/exploration/maps-and-figures/

Press Release dated, September 28, 2022: https://arizonasonoran.com/news-releases/arizona-sonoran-doubles-global-leachable-resource-inventory-and-declares-maiden-mineral-resources-at-parks-salyer-of-2.92/

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 and Parks/Salyer 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 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 Company’s 100%-owned Parks/Salyer deposit that could allow for a phased expansion of the Cactus Mine once it becomes a producing asset. 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.

For more information

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/20221102005249/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 are the recent assay results from Arizona Sonoran Copper Company (ASCUF)?

The recent assay results from the Parks/Salyer project include significant intersections, such as ECP-098 with 714.1 ft at 1.01% total copper.

When is the Preliminary Feasibility Study for Parks/Salyer expected?

The Preliminary Feasibility Study is expected to be issued within 11-17 months.

What is the total inferred copper resource at Parks/Salyer?

The inferred copper resource at Parks/Salyer is estimated at 2.9 billion lbs.

How much leachable resource does Arizona Sonoran Copper Company have?

The total leachable resource for the combined projects is 2.45 billion lbs.

What drilling program is currently underway at Arizona Sonoran Copper Company?

A 105,000 ft infill drilling program is currently underway to upgrade mineral resource categories.