ARIZONA SONORAN COPPER CO - ASCUF STOCK NEWS

Arizona Sonoran Copper Company Inc. (TSX:ASCU | OTCQX:ASCUF) is hosting a live Town Hall Forum on March 21, 2023, at 11:00 am EDT. The event will feature an update from President and CEO George Ogilvie regarding strategic milestones and work programs, including advancements in metallurgy and initial reserve declarations for the Parks/Salyer and Cactus Mine Projects. A live Q&A session will follow the presentation, allowing shareholders to engage directly with management.

To register, please use the registration link.

Arizona Sonoran Copper Company (ASCUF) has appointed Ausenco as the lead engineering firm for the Cactus & Parks/Salyer Integrated Pre-Feasibility Study (PFS), expected by early 2024. The PFS aims to evaluate expanding copper production through heap leach and SXEW methods. Victor Moraila has been appointed as Chief Engineer, bringing 18 years of operational experience. The project, situated near Phoenix, focuses on a local procurement strategy. The PFS will analyze multiple mineral sources, aiming for a production target of 50,000 tons of LME Grade A Copper Cathode. The anticipated completion of this study is projected for the fourth quarter of 2023.

Arizona Sonoran Copper Company has signed a purchase and sale agreement for the 523-acre MainSpring Property, enhancing its Parks/Salyer project land position to 5,368 acres. This acquisition provides operational flexibility for the upcoming re-scoped pre-feasibility study due in Q4 2023 or early 2024. The total purchase price is US$14 million, with a structured payment plan including a US$1 million non-refundable deposit and a US$5 million payment set one year from the agreement's effective date. The property offers exploration potential and facilitates planning for production scenarios, significantly benefiting shareholder value.

Arizona Sonoran Copper Company Inc. reported the successful infill drilling results from its Parks/Salyer program, aimed at upgrading current inferred mineral resources to indicated. The program, comprising 105,000 ft of drilling, has seen 35 holes completed. Noteworthy assays include ECP-113 with 438.8 ft at 1.17% CuT and ECP-112 with 528.2 ft at 1.11% CuT. The company maintains a post-financing cash balance of US$31 million, supporting future developments. The results will contribute to the upcoming Preliminary Feasibility Study (PFS) for the Cactus Mine Project, with completion expected by March and all assays returned by Q2.

Arizona Sonoran Copper Company (TSX:ASCU | OTCQX:ASCUF) has successfully closed a bought deal financing, issuing 15 million common shares at C$2.00 each, totaling C$30 million. The underwriters led by Haywood Securities Inc. facilitated the transaction. The net proceeds will be allocated towards exploration and development of the Cactus Mine Project in Arizona and for general corporate purposes. Significant shareholder Tembo Capital acquired 2.83 million shares, reducing its stake from 34.5% to 32.3%. Additionally, Nuton LLC plans to maintain its 7.2% interest through a potential private placement.

Arizona Sonoran Copper Company (ASCU) has filed a preliminary short form prospectus for a bought deal offering of 15 million common shares at C$2.00 each, aiming for gross proceeds of C$30 million. The underwriting is led by Haywood Securities Inc., alongside several other firms. The offering awaits necessary regulatory approvals, including from the Toronto Stock Exchange. These securities will not be registered under U.S. Securities laws, hence cannot be sold in the United States. The company aims to become a mid-tier copper producer, focusing on its Cactus and Parks/Salyer projects, which are expected to provide robust returns for investors.

Arizona Sonoran Copper Company Inc. (ASCUF) reports 60% completion of its 105,000 ft infill drilling program at the Parks/Salyer deposit, near its Cactus Mine Project. A total of 27 holes have been drilled out of 46 planned, with assays for 15 holes confirming strong mineralization. Key results include ECP-108 with 872.5 ft at 1.64% CuT, and ECP-107 with 1,188.9 ft at 0.68% CuT. The drilling aims to upgrade the resource from inferred to indicated status, which will support future reserve definitions in the Preliminary Feasibility Study (PFS) expected late 2023 or early 2024.

Arizona Sonoran Copper Company (TSX:ASCU | OTCQX:ASCUF) has announced its 2023 work plan for the Cactus Property, incorporating the Cactus and Parks/Salyer Projects. Key activities include drilling, metallurgy, and technical studies, all feeding into a Prefeasibility Study (PFS) expected in 4Q23/1Q24. The drilling program aims for 195,000 ft of infill drilling, testing copper mineralization. Metallurgical programs are underway to optimize processes, while permitting efforts continue based on a 2021 Preliminary Economic Assessment.

Arizona Sonoran Copper Company (ASCU) announced updates on its metallurgical programs and key project management appointments. A new onsite metallurgical lab has been established to enhance testing efficiencies, with 8 of 12 columns currently testing leachability of enriched and oxide ore types. The company appointed Greg Phillips as Project Process Superintendent and Graeme Hendricks as Senior Mine Engineer to strengthen its project team. CEO George Ogilvie highlighted the increase in resource estimates to 1.6B lbs indicated and 4.9B lbs inferred, as ASCU focuses on advancing its Cactus Project towards feasibility studies.