Azarga Metals Grants Stock Options and Director Resignation

Rhea-AI Summary

Azarga Metals Corp. (TSXV:AZR) announced it granted 4,500,000 stock options to directors and officers, exercisable for five years at an exercise price of $0.05. Vladimir Pakhomov has resigned from the board, with the company thanking him for his contributions. The Company owns the high-grade copper-rich VMS Marg project in the Yukon Territory and is refining its drilling targets for the upcoming exploration program planned for 2022. Drilling will focus on the Marg deposit extensions and the prospective Jane Zone, with a goal to define 14 to 15 million tonnes of mineralized material.

Positive

• Issuance of 4,500,000 stock options may align management incentives with shareholder interests.
• Refining drilling targets could improve exploration outcomes for the Marg project.

Negative

• Resignation of Vladimir Pakhomov raises concerns regarding board continuity and experience.

VANCOUVER, BC / ACCESSWIRE / April 21, 2022 / AZARGA METALS CORP. ("Azarga Metals" or the "Company") (TSXV:AZR) reports that the board of directors of Azarga Metals granted a total of 4,500,000 incentive stock options of the capital stock of the Company to directors and officers exercisable for up to a five year period at an exercise price of $0.05, being the closing share price on April 20, 2022, pursuant to the Azarga Metals shareholder approved stock option plan.

Vladimir Pakhomov has resigned from the Board of Directors with immediate effect. The Board wishes to thank Mr. Pakhomov for his many valuable contributions to the Company during his tenure as a director and wish him well in the future.

About Azarga Metals

The Company owns 100% of the high-grade copper-rich VMS Marg project within the Keno Hill Silver District of the Yukon Territory. As previously announced, the Company is reviewing and re-interpreting the historic VTEM database of the airborne geophysical program to be used to refine the drill targets for the Company's planned 2022 exploration program. Drilling is expected to focus on the Marg deposit extensions and the highly prospective Jane Zone, which has the potential for another Marg-style deposit. Mineralization at the Marg project remains open along strike, down-dip and down plunge and drilling will be aimed at defining 14 to 15 million tonnes of mineralized material.

Planning for the 2022 exploration program has commenced. The program will begin with rebuilding the exploration camp and mobilizing equipment in June, drilling from July to September and disseminating drill results as available from September to November. An experienced geologist in VMS deposits and a full-service contractor has been engaged to execute and oversee this plan.

AZARGA METALS CORP.

"Gordon Tainton"

Gordon Tainton,
President and CEO

For further information please contact: Doris Meyer, at +1 604 536-2711 ext. 3 or visit www.azargametals.com. The address of the head office of Azarga Metals is Unit 1 - 15782 Marine Drive, White Rock, BC V4B 1E6, British Columbia, Canada.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains forward looking statements within the meaning of applicable securities laws. The use of any of the words "ambition", "estimate", "concluded", "offers", "objective", "may", "will", "should", "potential" and similar expressions are intended to identify forward looking statements. In particular, this news release contains forward looking statements concerning the funding of the planned 2022 exploration program for the Marg project and the results of the 2022 exploration program meeting expectations. Although the Company believes that the expectations and assumptions on which the forward looking statements are based are reasonable, undue reliance should not be placed on the forward looking statements because the Company cannot give any assurance that they will prove correct. Since forward looking statements address future events and conditions, they involve inherent assumptions, risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of assumptions, factors and risks. These assumptions and risks include, but are not limited to, assumptions and risks associated with funding of the planned 2022 exploration program for the Marg project and the results of the 2022 exploration program meeting expectations. Management has provided the above summary of risks and assumptions related to forward looking statements in this news release in order to provide readers with a more comprehensive perspective on the Company's future operations. The Company's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive from them. These forward looking statements are made as of the date of this news release, and, other than as required by applicable securities laws, the Company disclaims any intent or obligation to update publicly any forward looking statements, whether as a result of new information, future events or results or otherwise.

SOURCE: Azarga Metals Corp.

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https://www.accesswire.com/698268/Azarga-Metals-Grants-Stock-Options-and-Director-Resignation

FAQ

What stock options were granted by Azarga Metals?

Azarga Metals granted 4,500,000 stock options to directors and officers, exercisable for five years at an exercise price of $0.05.

Who resigned from the Azarga Metals board?

Vladimir Pakhomov resigned from the board of directors effective immediately.

What is the focus of Azarga Metals' 2022 exploration program?

The 2022 exploration program will focus on the Marg deposit extensions and the highly prospective Jane Zone.

What is the goal for mineralized material at the Marg project?

The goal is to define 14 to 15 million tonnes of mineralized material.

When will Azarga Metals begin drilling for 2022?

Drilling is expected to begin from July to September 2022.