Azucar hits 65.50 metres of 0.39 g/t Au and 0.22% Cu at the Porvenir Zone, El Cobre Project, Mexico

VANCOUVER, British Columbia, Feb. 04, 2021 (GLOBE NEWSWIRE) — Azucar Minerals Ltd. (“Azucar” or the “Company”) (TSX-V: AMZ; OTCQX: AXDDF) is pleased to provide an update from drilling conducted at the Porvenir Zone of the El Cobre porphyry copper-gold project in Veracruz State, Mexico. Past drilling at the Porvenir Zone has demonstrated porphyry copper-gold mineralisation beneath the surface exposure of the mineralized zone. The current drilling has been designed to better understand the distribution and extent of this mineralisation. Drilling planned for the Porvenir Zone has been completed and future drilling on the project will be planned based on a geologic review currently underway and the receipt of outstanding assay results. In the meantime a surface field work program is planned to better define several targets prior to drill testing. A plan diagram for the drilling results reported today is provided with this news release and highlights include the following intervals:
J. Duane Poliquin, Chairman of Azucar commented, “With the announcement of the initial resource at the Norte target in September last year, our exploration focus is now two-fold; to better understand other near surface zones of mineralisation, such as Porvenir, and to continue our search for additional porphyry centres at the project.”About the El Cobre ProjectTo date, Azucar has discovered five copper-gold porphyry zones within the El Cobre Project along an approximately 5km trend, stretching from Norte down to Encinal in the southeast (Figure 1). These zones are defined by distinct Cu-Au soil anomalies, discrete, positive magnetic features, a large IP chargeability anomaly, and drilling. A summary of the various zones is provided below.More information on El Cobre is available on the Azucar website at http://www.azucarminerals.com.El Cobre NI 43-101 Technical ReportOn September 29, 2020, the Company released an initial mineral resource estimate for the Norte Zone comprising an indicated resource containing 748,000 ounces of gold and 221Mlbs copper (47.2 million tonnes grading 0.49 g/t Au, 0.21% Cu 1.4 g/t Ag) and an inferred resource containing 860,000 ounces of gold and 254Mlbs copper (64.2 million tonnes grading 0.42 g/t Au, 0.18% Cu and 1.3 g/t Ag). A related technical report prepared in accordance with National Instrument 43-101 and titled “NI 43-101 Technical Report Mineral Resource Estimate on the El Cobre Copper-Gold-Silver Property Veracruz State, Mexico was filed under the Company’s profile on SEDAR on November 16, 2020 and can be obtained from www.sedar.com.Mr. Luis Alfonso Soto, B.Sc. Geology and a Certified Professional Geologist (AIPG, CPG-11938) is a Qualified Person as defined by National Instrument 43-101 (“NI 43-101”) and has reviewed and approved the contents of this news release. The porphyry mineralisation reported in this news release is associated with broad areas of alteration and stockwork veining. True widths cannot be determined at this time. The analyses reported were carried out at ALS Global Laboratories of North Vancouver using industry standard analytical techniques. For gold, samples are first analysed by fire assay and atomic absorption spectroscopy (“AAS”). Samples that return values greater than 10 g/t gold using this technique are then re-analysed by fire assay but with a gravimetric finish. For copper, samples are first analysed by Inductively Coupled Plasma – Atomic Emission Spectroscopy (“ICP-AES”), with four acid digestion. Samples that return values greater than 10000 g/t copper using this technique are then re-analysed by HF-HNO3-HCLO4 digestion with HCL leach and ICP-AES finish. Blanks, field duplicates and certified standards were inserted into the sample stream as part of Azucar’s quality assurance and control program which complies with National Instrument 43-101 requirements.About AzucarAzucar is an exploration company with a mandate to thoroughly explore the El Cobre project in Veracruz, Mexico, which covers multiple gold-rich porphyry targets, as demonstrated by recent drilling. Azucar holds a 100% interest in the El Cobre project, subject to net smelter returns (“NSR”) royalty interests, assuming production from the property exceeds 10,001 tonnes per day of ore, totaling 2.25% which can be reduced to 2.0% though the payment of US$3.0 million.On behalf of the Board of Directors,“J. Duane Poliquin”
J. Duane Poliquin, P.Eng.
Chairman
Azucar Minerals Ltd.Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within it, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements, other than as required pursuant to applicable securities laws.Contact Information:Azucar Minerals Ltd.
Tel. 604.689.7644
Email: info@azucarminerals.com
http://www.azucarminerals.com/Photos accompanying this announcement are available at:
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