ARIZONA SONORAN COPPER CO - ASCUF STOCK NEWS

Arizona Sonoran Copper Company (TSX: ASCU | OTCQX: ASCUF) continues its promising drilling at the Parks/Salyer Project, showcasing grades and thicknesses favorable for an underground operation. Recent assays from nine infill drill holes indicate significant mineralization, with 45 of the planned 46 infill holes completed. Key highlights include notable grades such as 546.5 ft at 1.14% CuT and 2.31% CuT over 89.9 ft. The pre-feasibility study is expected by Q1 2024, with plans for further drilling to upgrade resources to measured categories. This strategic advancement comes just two years after initial drill results, marking significant progress in resource declaration.

Arizona Sonoran Copper Company (TSX:ASCU | OTCQX:ASCUF) reported successful exploration drilling at the NE Extension, confirming 990.7 ft (302 m) of continuous copper mineralization with an average of 0.42% CuT. This drilling is part of a broader project targeting the Cactus Mine Trend, with a budget of $0.9 million for 2023 specifically for the Gap Zone and NE Extension. Notable infill drilling at Cactus East also yielded high-grade copper results. The company expresses confidence in the potential of these zones, identifying them as excellent targets for further exploration.

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.