Aguila Copper Expands Landholding at the Lida Copper-Silver Project, Nevada in Preparation for Drilling
Vancouver, British Columbia--(Newsfile Corp. - September 22, 2022) - Aguila Copper Corp. (TSXV: AGL) (OTCQB: AGLAF) (WKN: A2DR6E) ("Aguila" or the "Company") is pleased to report granting of an additional 25 BLM lode mining claims at the Lida copper-silver project on the Walker Lane Belt in south-central Esmeralda County, Nevada. The additional claims were staked in response to the identification of a highly prospective sub-surface induced polarization ("IP") chargeability anomaly. The area under claim now totals 4.83 sq km and secures the strike extent of the IP anomaly.
The Lida project is now secured by 58 granted BLM lode mining claims that cover three recently identified high chargeability anomalies, each approximately 500m in length (see press release dated 23/08/22) (Figure 1). The high chargeability zone corresponds to an area of high-grade oxide copper sampled at surface. In 57 samples taken from dump and pit material, copper ranged from 26.20% Cu to 12 ppm Cu averaging 1.80% Cu. Twenty samples exceeded 1% Cu including 14 that exceeded 2% Cu.
Three large discrete upright/steeply dipping chargeability anomalies of high IP were discovered within an elevated chargeable zone (Figure 2). The anomalies are each approximately 500m in strike length with a chargeability exceeding >40mV/V in a background of <10mV/V. Values above 10mV/V are typically considered anomalous. While there is typically a direct correlation between chargeability and sulphide content, it may not correlate to economic mineralization.
"As preliminary results from the IP survey became available from the contactor, we identified the tenor and significance of the buried chargeability anomalies. In response, we extended both the survey area and our claims to ensure we own 100% of the target," said Mark Saxon, President and CEO. "The southern Walker Lane is re-emerging as a premier exploration district in Nevada, with Nevada Sunrise drilling for lithium immediately south of our Lida claims, and AngloGold Ashanti having recently consolidated the Beatty District with a US$150m acquisition from Coeur Mining."
The Company is currently acquiring necessary land use permits and drilling contracts for a program to begin in Q4 of 2022.
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 Nevada Bureau of Mines and Geology and other public archives. 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.
Figure 1: IP Chargeability Map for Lida project, Nevada. Chargeability image from 1400m ASL shown, with copper mineralized sample sites (orange), copper-silver mineralized shaft site, and location of pseudosections if Fig 2 (blue lines).
To view an enhanced version of Figure 1, please visit:
Figure 2: IP Chargeability Pseudosections for Lida project, Nevada corresponding to N-S blue lines marked on Figure 1, each approximately 1.5km in length. High chargeability anomalies indicated by warmest colours (red-white).
To view an enhanced version of Figure 2, please visit:
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,
President & CEO
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/137992