Aguila Copper Signs Geophysical (IP) Contract for Lida Copper-Silver Project, Nevada
Vancouver, March 9, 2022 - Aguila Copper Corp. (TSXV: AGL) (OTCQB: AGLAF) (WKN: A2DR6E) ("Aguila" or the "Company") is pleased to announce signing of a contract with Abitibi Geophysics Inc., ("Abitibi") to perform an induced polarization ("IP") survey using Abitibi's proprietary OreVision® 2D IP system at the Lida copper-silver project in south-central Esmeralda County, Nevada.
OreVision® is a high resolution and deep penetrating proprietary geophysical method that can penetrate to a depth of 400 meters. The line spacing interval will be 200 meters and cover a total of 25 line kilometers across the Company's BLM lode mining claims. The survey will help to identify immediate drill targets at Lida, in support of recent high grade sampling results, a buried porphyry/skarn geological model and historic geophysical data.
A recent mapping and sampling program (see press release dated March 1st, 2022) reported widespread copper carbonate and oxide mineralization within hydrothermal alteration zones in workings and outcrops in the northern and eastern parts of the claim block. Propylitic and argillitic alteration within quartzite and shale of the Campito Formation were observed in workings and outcrops throughout the area, suggesting potential zonation of a larger buried porphyry system. A regional IP survey performed by Conoco in the 1970s indicated the presence of a buried high chargeability, low resistivity anomaly, characteristic of disseminated sulfide.
A total of 57 samples were taken by Aguila from dump and pit material across a 2km x 2km area. Copper ranged from 26.20% Cu to 12 ppm Cu averaging 1.80% Cu. Twenty samples exceeded 1% Cu including 14 that exceeded 2% Cu. Silver ranged from 436 g/t Ag to 0.03 g/t Ag, averaging 11.8 g/t Ag. Twelve samples exceeded 5 g/t Ag including 4 that exceeded 20 g/t.
"Our 100% owned Lida project has progressed rapidly through concept, staking and sampling stages to now being ready for geophysics," said Mark Saxon, CEO of Aguila Copper Corp. "Abitibi's OreVision IP survey should provide us with immediate drill targets with much higher detail and resolution than an earlier survey run 50 years ago."
A Notice of Exploration has been lodged with the Tonopah Field Office of the Bureau of Land Management, BLM and the IP survey program at Lida is expected to start in Q1 or Q2 of 2022.
Furthermore, Aguila advises that the Company has elected not to complete the annual payment required to maintain an interest in the WUSA gold project in Oregon. While drilling encountered gold, pathfinder elements and epithermal vein textures over 2km of strike length, results were not sufficiently rewarding to continue investment. Aguila has exited the project in full and returned data and core to the freehold Landholder.
Technical Background
Any references to the terms "ore minerals," "mineralization" or "mineralized zones" are purely for descriptive purposes and are not intended to be interpreted as or relied upon for any resource or economic evaluation of the project at this time. The Company has obtained historic exploration data for this press release from the Nevada Bureau of Mines and Geology and other public archives. Although historic exploration data was generated by reputable companies applying practice of the day, Aguila cannot verify the data or determine the quality assurance and quality control measures applied in generating the data. Furthermore, there is no guarantee that the exploration history is fully captured. Additional drilling may have been undertaken, however the Company has not been made aware of or obtained additional data. Accordingly, the Company cautions that the exploration data reported in this news release may not be reliable. Readers are cautioned that a "qualified person" as defined by National Instrument 43-101 has not completed sufficient work to be able to verify the historical information, and therefore the information should not be relied upon.
The qualified person for the Company's projects, Mr. Mark Saxon, the Company's Chief Executive Officer, a Fellow of the Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists, has reviewed and approved the contents of this release.
About Aguila Copper Corp (TSXV: AGL) (OTCQB: AGLAF) (WKN: A2DR6E)
Aguila Copper Corp. is an emerging copper and precious metal company enhancing shareholder value through exploration and discovery. Aguila is focused on the Sherridon Project in Manitoba, the Lida Project in Nevada, and the Cora Project in Arizona.
ON BEHALF OF THE BOARD,
"Mark Saxon"
Mark Saxon
President & CEO
For further information, please contact:
aguilacopper.com
1305 - 1090 West Georgia St., Vancouver, BC, V6E 3V7
info@aguilacopper.com
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.
Cautionary Note Regarding Forward-Looking Statements
Certain information set out in this news release constitutes forward-looking information. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "believe" and similar expressions. Forward-looking statements are based upon the opinions and expectations of management of the Company as at the effective date of such statements and, in certain cases, information provided or disseminated by third parties. Forward-looking statements in this news release include statements regarding the closing of the transactions contemplated in the Option Agreement, the exercise of the option and the Exchange approval of the Option Agreement. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. Readers are cautioned not to place undue reliance on forward-looking statements.
These forward-looking statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. Such risks include the ability of the Company to complete all payments, share issuances and expenditures required under the Option Agreement, the Exchange approval to the Option Agreement and uncertainties relating to exploration activities. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements, except as may be required by applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/116013
