Azucar maps important porphyry lithocap in new definition


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VANCOUVER, British Columbia, Dec. 21 2021 (GLOBE NEWSWIRE) – Azucar Minerals Ltd. (“Azucar” or the “Company”) (TSX-V: AMZ; OTCQX: AXDDF) is pleased to announce the definition of a large lithocap alteration zone in the area of ​​interest identified in the recently announced porphyry vectorization study in mineral chemistry (see Azucar press release of November 4, 2021). Lithocaps are large areas of weathered rock that form above and alongside intrusive porphyry complexes around the world.

As reported in the company’s November 4, 2021 press release, the newly mapped lithocap alteration and mineral vector target zone both overlap with the location of a deep IP geophysical anomaly that does not appear, in a zone of moderate magnetic response. The deep IP anomaly is the deep core of the large near-surface anomaly that encompasses all of the outcrop porphyry targets known on the Project. The hole closest to this deep core PP anomaly, which did not test the anomaly, intersected an intense phyllic alteration of sericite pyrite quartz (QSP) which provides additional support for this new target representing a possible porphyry center. .

The new spectral mapping of minerals in this zone (see Figure 1) further defined a strong alteration signature with clear zoning comprising a shallow central diaspore-pyrophyllite-alunite / dickite and concentric halos of paragonitic white mica and muscovitique and an internal propylitic epidote halo. The crystallinity of illite observed shows high and constant crystallinity over the entire target. The iron oxide rock chip mapping shows an area of ​​hematite core and a goethite halo as well. The central zones of diaspore are associated with a large pyrophyllite anomaly of 700 meters (EO) x 550 meters (NS) with sporadic halos of dickite, minor alunite (shallow level) and a large halo (up to 900 meters) of paragonitic illite with a content of a circular muscovitic alteration halo bordering the propylitic alteration halo of the internal epidote. This alteration signature is interpreted to reflect the surface zoning of an underlying porphyry body with structures probably acting as high temperature fluid feeders (pyrophyllite> 250 ° C) and diaspores forming a partially eroded lithocap at the area.

Currently, a grid-based soil sampling program for spectral and geochemical analysis is nearing completion, from which it is hoped that a more robust weathering vector map can be developed to help better target a drilling program, now scheduled for the first half of 2022.

J. Duane Poliquin, President of Azucar, said: “The new alteration mineral data further enhances this new area of ​​interest for the El Cobre project. We are compiling all the data to design a 2022 drilling program to explore a deep porphyry target in this area of ​​the El Cobre project. “

About the El Cobre project
A detailed project summary is provided on the Company’s website, but in short, the El Cobre project covers a 5 km corridor of alteration and mineralization associated with copper and porphyry gold along which five distinct zones have now been identified and explored in previous drilling campaigns (see Figure 1). On September 29, 2020, the Company published a first estimate of the mineral resources of the project only in the Norte zone. The estimate of the reference scenario resources (using a net smelter return threshold of US $ 12 / tonne) for the Norte zone includes a indicated resource of 1.2 Moz AuEq (47.2 million tonnes grading 0.49 g / t Au, 0.21% Cu 1.4 g / t Ag) and an inferred resource of 1.4 Moz AuEq (64.2 million tonnes grading 0.42 g / t Au, 0.18% Cu and 1.3 g / t Ag). Further details on the resource estimate are provided below.

In the Villa Rica zone, located approximately 1.8 km south of the Norte zone, the Company plans to further explore the Raya Tembrillo target. Initial drilling in 2017 on the Raya Tembrillo target intersected two styles of mineralization; hypogenous porphyry copper-gold mineralization (115.00 meters of 0.57 g / t gold and 0.27% copper, see press release of November 28, 2017) and enriched copper mineralization near surface with a apparent tabular distribution (94.00 meters of 1.36% copper; see press release of December 13, 2017). In the Encinal Zone, located 4.3 kilometers southeast of the Norte Zone, the Company is conducting further examination of the geological, geochemical and geophysical datasets in order to design a future drilling program to track drilling results. past. On June 29, 2017, Azucar announced the results of initial drilling on this exposed stockwork (Hole EC-17-025) which returned results comprising 34.47 meters grading 0.73 g / t Au and 0.20% Cu.

Past drilling campaigns have returned large assays of porphyry copper and gold from several targets around this new mineral vector target area. Previously tested and known porphyry mineralization, including the Norte deposit on which the Company has developed a resource (see below), appears to envelop and surround this new target zone in a roughly arcuate zone of strong magnetic response. The high grade intersections of these targets demonstrate the potential for significant mineral endowment and higher grade porphyry mineralization, including the following (see Figure 1 for locations):

North Zone

Hole From (m) To M) Interval (m) Au (g / t) Cu (%)
EC-17-018 222.40 334.50 112.10 1.35 0.48
EC-17-026 543.45 609.90 66.45 2.41 0.61
Including 543.45 569.45 26.00 4.15 1.00
EC-17-029 204.15 314.15 110.00 1.87 0.48
Including 208.15 240.15 32.00 2.57 0.57
and 264.15 300.15 36.00 2.02 0.51

Raya Tembrillo (1.8 km south of Norte)

Hole From (m) To M) Interval (m) Au (g / t) Cu (%)
EC-17-037 302.00 320.00 6:00 p.m. 1.25 0.52

Primo Zone (1.4 km south of Raya Tembrillo)

Hole From (m) To M) Interval (m) Au (g / t) Cu (%)
EC-19-086 868.40 918.00 49.60 0.99 0.61
Including 878.40 914.40 36.00 1.10 0.68

Zone Porvenir (2.5 km SE of Norte, 1.0 km west of Primo

Hole From (m) To M) Interval (m) Au (g / t) Cu (%)
EC-17-040 243.00 255.00 12h00 2.43 0.82
EC-18-056 381.50 408.00 26.50 1.72 0.34

More information about El Cobre is available on the Azucar website at http://www.azucarminerals.com.

Technical details and technical report El Cobre NI 43-101

For further details on the mineral resource estimate, including the key assumptions, parameters and methods used to estimate the mineral resources of the El Cobre property, Canadian investors should refer to the report dated November 13, 2020 and entitled “NI 43-101 Technical Report Mineral Resource Estimate on El Cobre Copper-Gold-Silver Property, State of Veracruz, Mexico”, available under Azucar Minerals profile on SEDAR (www.sedar.com) and on the Company’s website. The technical report was written by Kris Raffle, P.Geo. from APEX Geoscience Ltd., and Sue Bird, M.Sc., P.Eng. of Moose Mountain Technical Services. NSR and AuEq values ​​were calculated using US $ 1,500 / oz gold, US $ 3.00 / lb copper and US $ 18 / oz silver, and using metallurgical recoveries of 88% for the ‘gold and copper and 70% for silver.

Morgan Poliquin, Ph.D., P.Eng. a qualified person under National Instrument 43-101, the President and Chief Executive Officer and a director of the Company have reviewed and approved the other technical information. Porphyry mineralization and past drill results discussed and reviewed in this press release are associated with large areas of alteration and stockwork veins. The true widths cannot be determined at this time. The reported analyzes were performed at ALS Global Laboratories in North Vancouver using industry standard analytical techniques. For gold, samples are first analyzed by fire assay and atomic absorption spectroscopy (“AAS”). Samples that return values ​​greater than 10 g / t gold using this technique are then reanalyzed by fire assay but with a gravimetric finish. For copper, the samples are first analyzed by inductively coupled plasma – atomic emission spectroscopy (“ICP-AES”), with four acid digestions. Samples that return values ​​greater than 10,000 g / t copper using this technique are then reanalyzed by HF-HNO3-HCLO4 digestion with HCL leach and ICP-AES finish. Blanks, field duplicates and certified standards have been inserted into the sample stream as part of Azucar’s quality assurance and control program which complies with the requirements of National Instrument 43-101.

Azucar OTC Trading to switch from OTCQX to OTCQB

As of January 1, 2022, Azucar will start trading on the OTCQB market rather than the OTCQX. Azucar’s trade symbol on the OTCQB will remain “AXDDF”.

About Azucar

Azucar is an exploration company exploring the El Cobre project in Veracruz, Mexico, which covers several gold-rich porphyry targets, as demonstrated by recent drilling. Azucar has a 100% interest in the El Cobre project, subject to Net Smelter Yields (“NSR”) royalty rights, assuming the property’s production exceeds 10,001 tonnes per day of ore, totaling 2 , 25% which can be reduced to 2.0% if the payment of 3.0 million US dollars.

On behalf of the Board of Directors,

“J. Duane Poliquin”
J. Duane Poliquin, ing.
President
Azucar Minerals Ltd.

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 press release contains forward-looking statements subject to risks and uncertainties. All statements it contains, other than statements of historical fact, should be considered forward-looking. Although the Company believes that the expectations expressed in these forward-looking statements are based on reasonable assumptions, these statements are not guarantees of future performance and actual results or developments may differ materially from those of forward-looking statements. Factors that could cause actual results to differ materially from those of forward-looking statements include market prices, operating and exploration successes, continued availability of capital and financing, and economic, market conditions. or general commercial. There can be no assurance that any such statement will prove to be correct and, therefore, readers are urged to rely on their own assessment of these uncertainties. We assume no obligation to update any forward-looking statements, except as required under applicable securities laws.

Contact details:

Azucar Minerals Ltd.
Phone. 604.689.7644
Email: [email protected]
http://www.azucarminerals.com/

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8a63b28a-96fa-4ab0-baaf-2340b1499dd0

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