Aguila Copper Signs Airborne Geophysical Contract for Cora Copper Project, Arizona
Vancouver, British Columbia--(Newsfile Corp. - March 25, 2022) - Aguila Copper Corp. (TSXV: AGL) (OTCQB: AGLAF) (WKN: A2DR6E) ("Aguila" or the "Company") is pleased to announce signing of a contract with Precision GeoSurveys Inc., ("Precision GeoSurveys") to undertake a high-resolution helicopter-borne magnetic and radiometric survey at the Cora Copper project. Cora lies 75km NNE of Tucson (see Figure 1), within the heart of the southern Arizona copper belt and surrounded by many of North America's largest copper mines and development projects. The project is 100% owned by Aguila, secured by 46 granted BLM lode mining claims covering a total of 3.84 sq km.
Precision GeoSurveys utilize a triple boom helicopter mounted sensor that enables both magnetic intensity and gradient to be measured with a low terrain clearance. The flight line spacing interval will be 50-meters with a total of 420 line kilometers flown. The survey will deliver detailed datasets in an area where prior magnetic and radiometric coverage is poor. Magnetic data will enable a better understanding of alteration, as magnetic minerals are enriched or destroyed depending on position within the porphyry system; while radiometric data will assist in delineating the core of the porphyry system (potassic alteration). When these data are combined with historic data, it will enable immediate drill targeting.
Mark Saxon, President & CEO of Aguila, commented, "Precision GeoSurvey's airborne geophysical survey should provide us with immediate drill targets at Cora. We are certain that the higher resolution and improved coverage will provide us with targets for drilling later this year, and we are looking forward to the upcoming field season."
Small scale copper mining began at the nearby North Star Mine in the 1949 and continued until 1970. Mining sparked local exploration activity, mainly in the form of ground geophysics and drilling, which was carried out by Asarco, Magma Copper and Phillips Petroleum in the 1960s and 1970s. A broad area of oxide copper mineralization of interpreted porphyry style was discovered under alluvial cover to the east of the North Star Mine, which is now secured by the Cora Copper project. Following the discovery, it appears the copper mineralization was not further assessed, and remains a largely untested, highly prospective target. The airborne geophysical survey aims to further delineate porphyry-associated features associated with copper mineralization and refine drill targets.
Original exploration company records held by the Geological Survey of Arizona indicate past drilling at Cora intersected oxide copper mineralization over widths in excess of 100 m, beneath shallow alluvial cover, over an area of at least 1km by 1km. Intervals include:
- DH5: 99.7m (327ft) @ 0.28% Cu*, below 10.7m of alluvial cover (California Steel Co., 1950s)
- DH4: 39.6m (130ft) @ 0.38% Cu*, below 47.2m of alluvial cover (California Steel Co., 1950s)
- DH1: 225.5m (740ft) @ 0.29% Cu*, below 42.7m of alluvial cover (California Steel Co., 1950s)
*Drilling results are historical in nature and have not been verified by a "qualified person" as defined by National Instrument 43-101. Drill locations are determined from maps with local grid coordinates of the day which cannot converted to modern coordinates with a high degree of accuracy. Results therefore should not be relied upon and should only be considered an indication of the mineral potential of the project.
A Notice of Exploration has been lodged with the Tucson Field Office of the Bureau of Land Management, BLM and the Airborne geophysical survey program at Cora is expected to start in March-April of 2022.
Aguila is focused on copper, nickel and lithium acquisition, exploration and development within the major mining belts of western North America. The Company continues to target under-explored areas, including the recently acquired Lida and Cora projects where post-mineralization cover masks areas of high geological prospectivity in the vicinity of major mines.
Figure 1: Location of the Cora Copper Project, Arizona
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Technical Background
Any references to the terms "ore minerals", "mineralization" or "mineralized zones" are purely for descriptive purposes and are not intended to be interpreted as or relied upon for any resource or economic evaluation of the project at this time. The Company has obtained historic exploration data for this press release from the Geological Survey of Arizona. Although historic exploration data was generated by reputable companies applying practice of the day, Aguila cannot verify the data or determine the quality assurance and quality control measures applied in generating the data. Furthermore, there is no guarantee that the exploration history is fully captured. Additional drilling may have been undertaken, however the Company has not been made aware of or obtained additional data. Accordingly, the Company cautions that the exploration data reported in this news release may not be reliable. Readers are cautioned that a "qualified person" as defined by National Instrument 43-101 has not completed sufficient work to be able to verify the historical information, and therefore the information should not be relied upon.
The qualified person for the Company's projects, Mr. Mark Saxon, the Company's Chief Executive Officer, a Fellow of the Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists, has reviewed and approved the contents of this release.
About Aguila Copper Corp (TSXV: AGL) (OTCQB: AGLAF) (WKN: A2DR6E)
Aguila Copper Corp is an emerging copper and precious metal company enhancing shareholder value through exploration and discovery. Aguila is focused on the Sherridon Project in Manitoba, the Lida Project in Nevada, and the Cora Project in Arizona.
ON BEHALF OF THE BOARD,
"Mark Saxon"
Mark Saxon
President & CEO
For further information, please contact:
1305 - 1090 West Georgia St., Vancouver, BC, V6E 3V7
info@aguilacopper.com
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.
Cautionary Note Regarding Forward-Looking Statements
Certain information set out in this news release constitutes forward-looking information. Forward looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "believe" and similar expressions. Forward-looking statements are based upon the opinions and expectations of management of the Company as at the effective date of such statements and, in certain cases, information provided or disseminated by third parties. Forward-looking statements in this news release include statements regarding the closing of the transactions contemplated in the Option Agreement, the exercise of the option and the Exchange approval of the Option Agreement. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. Readers are cautioned not to place undue reliance on forward-looking statements.
These forward-looking statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. Such risks include the ability of the Company to complete all payments, share issuances and expenditures required under the Option Agreement, the Exchange approval to the Option Agreement and uncertainties relating to exploration activities. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements, except as may be required by applicable securities laws.
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