Arizona Sonoran Completes Partial Rezoning of MainSpring and Obtains New Mineral Exploration Permit for 2.5 Acres
Arizona Sonoran Copper Company Inc. (TSX:ASCU) ("ASCU" or the "Company"), an emerging US-based copper developer and near-term producer, announces that the City of Casa Grande has approved the rezoning for the northern parcel of the MainSpring Property ("Parks/Salyer South") to Industrial use. Rezoning the northern parcel allows ASCU to begin drilling and an exploration plan is being prepared. The southern parcel of Parks/Salyer South is still in process with the City of Casa Grande for rezoning and a General Plan Amendment. Additionally, the Company has acquired a 2.5 acre Mineral Exploration Permit ("MEP") within the Parks/Salyer deposit. By acquiring the MEP and Parks/Salyer South, ASCU gains a low-risk, high impact exploration target and operational flexibility for future operations.
As a recap, the Parks/Salyer mineral resource contains a total of 2.9 billion pounds at a grade of 1.015% Copper, inferred, (for mineral resource disclosures, please see PR dated Sept 28, 2022), and is currently bounded at the Parks/Salyer border (see FIGURE 1). The Company is expecting to issue an updated mineral resource update on the entire Cactus Project, inclusive of Parks/Salyer in Q4 2023.
The 2.5 acre MEP situated at the southern border of the Parks/Salyer deposit, was received from Arizona State Lands. The parcel is located at the intersection of Parks/Salyer, Bronco-Creek and the Parks/Salyer South properties (see FIGURE 2). The MEP also allows improved access to mineralized material and eliminates the potential of sterilization related to mine planning activities adjacent to this parcel.
Travis Snider, VP Sustainability and External Relations commented, "Our team is appreciative of the ongoing support from the city of Casa Grande and our Stakeholders in every step of redeveloping the Cactus Mine. Rezoning the north parcel continues to open up new land at Cactus for future operations, and adds the potential for incremental mineral resource growth."
Link from the press release:
FIGURES: https://arizonasonoran.com/projects/cactus-mine-project/press-release-images/
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.
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 intention or obligation to update or revise 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/20231003000175/en/
Contact
Alison Dwoskin, Director, Investor Relations
647-233-4348
adwoskin@arizonasonoran.com
George Ogilvie, President, CEO and Director
416-723-0458
gogilvie@arizonasonoran.com
