CASA GRANDE, Ariz. & TORONTO, January 30, 2024–(BUSINESS WIRE)–Arizona Sonoran Copper Company Inc. (TSX:ASCU | OTCQX:ASCUF) (“ASCU” or the “Company”) today announces its 2024 work plan and 2023 achievements. The ensuing year’s activities relate to the continued advancement of the Cactus Property, through Feasibility studies while concurrently completing Nuton-related work programs.2023 Achievementsc. $74 million CAD FinancingC$30M (February) via bought deal financingUS$33M (December) via initial option to JV payment (PR – Dec 14, 2023)Option to JV with Nuton LLC, a Rio Tinto VentureMineral ResourcesStrengthened the Owner/Operator TeamAppointed Bernie Loyer as SVP Projects, Steve Dixon, Senior Metallurgist, Chris White, Chief Mine Geologist, and Victor Moraila, Chief Mine Engineer and Alan Hernandez, Senior Project EngineerDrilling – Completed 150,561 ft (45,891 m) of drilling, including infill and exploration. Discovered MainSpring near surface mineralization south of Parks/Salyer and confirmed mineralization in the Gap Zone and NE ExtensionLand – purchased an option to acquire the MainSpring Property (543 acres) and began its rezoning from Residential to Industrial with the City of Casa Grande.Metallurgy – completed ASCU PFS metallurgyPermitting – successfully completed all major permits related to the Cactus PEA. Modified water rights through ADWR to include MainSpring and ASLD Lands2024 ASCU Work Plan HighlightsTechnical Studies – Complete ASCU’s Standalone PFS and initiate the Amended PFS which will incorporate Mainspring. The Amended PFS will be compared to the subsequent Nuton case Integrated PFS. Assuming the economics meet the required thresholds, and Nuton chooses to exercise its option, it will make the option payment based on a 0.65x multiple of the NPV included in the Amended PFS including Mainspring thereby obtaining up to 40% of the project.Standalone ASCU PFS expected in 1Q24Amended PFS including Mainspring, estimated for completion by October 2024Standalone DFS estimated completion June 2025Drilling Programs – Infill to inferred and indicated programs totaling 180,000 ft (54,860 m) at MainSpring and Cactus West required for future technical studies. Drilling will target oxide, enriched and primary mineralizationMetallurgy – Begin evaluating MainSpring and Parks/Salyer heap leach amenability in 20 ft (6m) columns in a commercial laboratoryPermitting will include amending permits (SWPP, Aquifer Protection Permit and Industrial Air) related to the Cactus PFSStory continues2024 Nuton Work Plan HighlightsGeorge Ogilvie, ASCU President and CEO commented, “I am extremely proud of the team’s efforts in 2023. Within a tough overall market, we raised C$30 million at the beginning of the year funding a transformational year in terms of becoming one of the lowest risk advanced exploration copper companies. Our strengthened owner-operator team permitted our Cactus project, significantly grew the mineral resources to become a top tier project in a tier one location, advanced our metallurgical work and continued to demonstrate the support from the local community for the reactivation of the Cactus Mine, for which we are thankful.He continued, “Most significant to the development of Cactus, is our exciting new partnership with Nuton and Rio Tinto, bringing long-term accretive value to the ASCU shareholders. Having signed the Option to Joint Venture Agreement with Nu …
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