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Azucar Minerals Announces Initial Resource Estimate for the Norte Zone at the El Cobre Project, Mexico
VANCOUVER, British Columbia, Sept. 29, 2020 (GLOBE NEWSWIRE) -- Azucar Minerals Ltd. ("Azucar" or the "Company") (TSX-V: AMZ; OTCQX: AXDDF) is pleased to announ
About this update from Mustang Minerals Limited
[{"type":"text","content":" VANCOUVER, British Columbia, Sept. 29, 2020 (GLOBE NEWSWIRE) -- Azucar Minerals Ltd. (\"Azucar\" or the \"Company\") (TSX-V: AMZ; OTCQX: AXDDF) is pleased to announce completion of its initial mineral resource estimate (MRE) with respect to the Norte Zone of the El Cobre porphyry copper-gold project (“El Cobre Project”, or the “Project”) in Veracruz State, Mexico. The Norte Zone is one of five copper-gold porphyry zones identified to date within the El Cobre Project and has been the focus of the majority of exploration work conducted at the El Cobre Project since 2016 (see Figure 1, Exploration Targets). Highlights: Indicated Mineral Resource of 1.2Moz AuEq (million ounce gold equivalent) using the base case NSR (net smelter return) cutoff of US$12/tonne, comprised of 47.2 million tonnes grading at 0.77 g/t AuEq (0.49 g/t Au, 0.21% Cu and 1.4 g/t Ag); Inferred Mineral Resource of 1.4 Moz AuEq using the base case NSR cutoff of US$12/tonne, comprised of 64.2 million tonnes grading at 0.66 g/t AuEq (0.42 g/t Au, 0.18% Cu and 1.3 g/t Ag); Amenable to an open pit mining method; Potential for resource expansion at depth within the Norte Zone as well as at other significant porphyry bodies identified across 5km strike length at the Project. The El Cobre Project has a total area of approximately 7,000 hectares and is located adjacent to the Gulf of Mexico, about 75 kilometres northwest of the major port city of Veracruz, Mexico in an area of excellent infrastructure. The Project is situated 200 metres above sea level with extensive road access and is located less than 10 kilometres from a power plant, highway, gas line and other major infrastructure. Major power lines cross the Project area (see Figure 2, Infrastructure). The Mineral Resource Estimate (MRE) and NSR cut-off sensitivities are presented in Table 1 with the base case cutoff at $US12.00 NSR highlighted. The favorable infrastructure at the El Cobre Project suggests that the threshold for economic mineralization will be low relative to many other deposits. Copper and gold mineralization at the Norte Zone is associated with a multiphase variably potassic-phyllic altered porphyritic diorite intrusive complex that is cut by late mafic and intermediate dykes and post mineral feldspar porphyry. The Norte Zone is approximately 0.6 km x 0.4 km along an E-W strike. Sulphide mineraliz...