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Azarga Metals Signs Term Sheet to Acquire Marg Copper-Rich VMS Project in Yukon
VANCOUVER, BC / ACCESSWIRE / July 14, 2021 / AZARGA METALS CORP. (" Azarga Metals " or the "...
About this update from Azarga Metals Corp.
[{"type":"text","content":"Azarga Metals Signs Term Sheet to Acquire Marg Copper-Rich VMS Project in YukonVANCOUVER, BC / ACCESSWIRE / July 14, 2021 / AZARGA METALS CORP. (\"Azarga Metals\" or the \"Company\") (TSXV:AZR) is pleased to announce that it has entered into a Term Sheet with Golden Predator Mining Corp. (\"Golden Predator\") to enable it to undertake due diligence and negotiate formal agreements to pursue an acquisition of the Marg copper-rich VMS project (the \"Marg Project\"), located in Central Yukon (the \"Transaction\").President, CEO and Director, Gordon Tainton, said: \"We're very excited about the agreement to acquire the Marg Project. Marg is a high-grade copper-rich VMS project with significant gold and silver credits. The project has a NI43-101 resource and a PEA report that was completed in 2016. The positive outlook for base metals and the exploration upside associated with the Project make it a compelling value creating opportunity for Azarga Metals.\"ABOUT THE MARG PROJECTThe Marg Project is an undeveloped volcanogenic massive sulphide (\"VMS\") deposit located in the Mayo Mining District in Central Yukon, approximately 40 kilometers east of Keno City (which itself is approximately 465 kilometers by road north of Whitehorse) (See Figures 1 and 2).The Project consists of 402 Mineral Claims covering an area of approximately 8,403 hectares (~84 square kilometers).The most recent NI43-101 Mineral Resource estimate for Marg (see Table 1) was completed by Mining Plus Canada Consulting Ltd. (\"Mining Plus\") in 2016 and incorporated into a Preliminary Economic Assessment (\"PEA\") for the Project (note: the PEA title is \"Revere Development Corp, Marg Project Preliminary Economic Assessment, Technical Report, Yukon Canada\" and dated 31 August 2016).Table 1 - 31 August 2016 NI43-101 total Mineral Resource estimate for Marg Project at a 0.5% copper equivalent cut-off (combining high-grade and low-grade zones)1CategoryTonnage (mt)Cu%Pb%Zn%Ag g/tAu g/tIndicated3.71.52.03.8480.76Inferred6.11.21.73.4440.74Note: 1. Where CuEq% was calculated = Cu% + 0.28 Pb% + 0.32 Zn% + 0.39 Au g/t + 0.0055 Ag g/t, which was assessed based on the following metal price and recovery assumptions: Cu price of 2.5 US$/lb and recovery of 80% (96.5% payable); Pb price of 0.8 US$/lb and recovery of 70% (95% payable); Zn price of 0.8 US$/lb and recovery of 90% (85% p...