Aguila Copper is identifying three high chargeability anomalies in a geophysical (IP) survey completed at the Lida Copper-Silver Project in Nevada
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Vancouver, British Columbia, August 23, 2022 (Newsfile Corp via COMTEX) — Vancouver, British Columbia–(Newsfile Corp. – August 23, 2022) – Aguila Copper Corp. (TSXV: AGL) (OTCQB: AGLAF) (WKN: A2DR6E) (“Aguila” or the “Company”) is pleased to announce the results of an Induced Polarization (“IP”) survey recently completed on the Company’s 100% owned Lida Copper-Silver Project in the Walker Lane Belt in south-central Esmeralda County, Nevada.
Three new high chargeability anomalies identified at Lida, each approximately 500m long;
The high chargeability correlates well with the area of high oxide copper sampled at surface;
Copper grades in 57 tailings and pit samples ranged from 26.20% Cu to 12 ppm Cu for an average copper grade of 1.80%. Twenty samples exceeded 1% Cu, including 14 that exceeded 2% Cu;
Permitting and drilling planning for a program proposed for Q3/Q4 2022 is now progressing
Geophysical survey results are very encouraging as they have identified a broad northeast-southwest trending zone of enhanced chargeability that extends across the Lida project. Within this elevated chargeable zone, three large single upright/steep-dipping high IP chargeability anomalies were discovered (Figures 1 and 2). The anomalies each have a strike length of approximately 500m with a chargeability in excess of >40mV/V against a background of
The footprint of the three IP anomalies closely matches the area of oxide copper in the outcrop and historical workings at surface. There is no evidence of previous drilling that has tested the high chargeability areas and Aguila believes the target is drill-ready immediately. The Company is currently acquiring the necessary land use permits and drilling contracts for a program scheduled to begin in Q3 or Q4 2022.
“Lida’s IP survey results are as promising as we had hoped,” said Mark Saxon, President and CEO. “The three high chargeability features are of reasonable size to potentially result from sulphide mineralization and their association with high-grade copper at surface is a compelling target. We know there are carbonate rocks within the sequence, supporting either a porphyry or skarn mineralization model. Our 100% owned Lida project has progressed rapidly through the concept, staking and sampling phases and is now ready for drilling.“
Abitibi Geophysics (“Abitibi”) was contracted by Aguila to conduct a combined resistivity and induced polarization survey on the copper mineralized area at Lida in Q2 2022 (see news release dated March 1, 2022). The survey was conducted using Abitibi’s proprietary OreVision® IP survey system, which allows for depth penetration of over 300 meters below the surface.
The survey was completed at 200 meter line spacing and covered a total of 27.5 line kilometers across the Company’s BLM vein mining claims.
A recent mapping and sampling program reported widespread copper carbonate and oxide mineralization within hydrothermal alteration zones in workings and outcrops in the northern and eastern parts of the claim block. Additional field mapping completed by Company geologists during the geophysical survey revealed that previously reported extensive carbonate and oxide copper mineralization and hydrothermal alteration zones extend into the western portions of the claim block and significantly enlarge the target area.
Propylitic and argillic alteration, a significant distal indicator of a possible larger buried porphyry system, has been observed in workings and outcrops throughout the area within quartzite and shale of the Campito Formation.
A total of 57 samples were collected from Aguila from dump and pit material over an area 2 km x 2 km. 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. Silver ranged from 436 g/t Ag to 0.03 g/t Ag averaging 11.8 g/t Ag. Twelve samples exceeded 5 g/t Ag, including 4 that exceeded 20 g/t.
Figure 1: IP chargeability map for the Lida Project, Nevada. 1400m ASL chargeability image shown, with copper mineralized sample locations (orange), copper-silver mineralized pit location and location of pseudo-intercepts in Figure 2 (blue lines).
To view an expanded version of Figure 1, please visit:
Figure 2: IP chargeability pseudointercepts for the Lida Project, Nevada corresponding to the blue NS lines marked in Figure 1, each approximately 1.5 km long. High chargeability anomalies indicated by the warmest colors (red-white).
To view an expanded version of Figure 2, please visit:
Any reference to the terms “ore minerals”, “mineralization” or “mineralized zones” is for descriptive purposes only and is not intended to be interpreted or relied upon as a resource or economic evaluation of the project at this time. The Company received historical exploration data for this news release from the Nevada Bureau of Mines and Geology and other public records. Although historical exploration data was generated by reputable companies in accordance with current practice, Aguila cannot verify the data or determine the quality assurance and quality control measures employed in generating the data. In addition, there is no guarantee that the exploration history will be fully recorded. Additional drilling may have been completed but the Company was not made aware of it or received any 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 performed sufficient work to verify the historical information and, as such, the information should not be relied upon.
The Qualified Person for the Company’s projects, Mr. Mark Saxon, Chief Executive Officer of the Company, Fellow of the Australasian Institute of Mining and Metallurgy and Member of the Australian Institute of Geoscientists, has reviewed and approved the contents of this news release.
About Aguila Copper Corp (TSXV: AGL) (OTCQB: AGLAF) (WKN: A2DR6E)
Aguila Copper Corp is an emerging copper and precious metals company creating 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 OF DIRECTORS,
President and CEO
For more information please contact:
1305 – 1090 West Georgia St., Vancouver, BC, V6E 3V7
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 contained in this press release is 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”, “could”, “should”, “believe” and similar expressions. Forward-looking statements are based on the opinions and expectations of the Company’s management as of the date such statements are effective and, in certain cases, on information provided or disseminated by third parties. Forward-looking statements in this press release include statements regarding the completion of the transactions contemplated by the option agreement, the exercise of the option and the exchange’s approval of the option agreement. Although the Company believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions and that information obtained from third party sources is reliable, it cannot guarantee that these expectations will prove to be correct. Readers are cautioned not to place undue reliance on any forward-looking statements.
These forward-looking statements are subject to a number of risks and uncertainties. Actual results could differ materially from those contemplated in the forward-looking statements. Accordingly, actual events could differ materially from those projected in the forward-looking statements. These risks include the Company’s ability to make all payments, stock issues and expenditures required under the option agreement, stock exchange approval of the option agreement and uncertainties related to exploration activities. If you rely on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and not place undue reliance on such forward-looking statements. The Company undertakes no obligation to update any forward-looking statement, except as required by applicable securities laws.
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