Arizona Sonoran Copper Company Inc. (TSX:ASCU |
OTCQX:ASCUF) (“ASCU” or the “Company”) an emerging US-based
copper developer, is pleased to announce an amendment to the
Industrial Air Permit has been received from the Pinal County Air
Quality Division. The amended Aquifer Protection permit has been
applied for and is currently under review by the Arizona Department
of Environment and Quality, ADEQ.
The amended Industrial Air permit pertains to a February 2024
Pre-Feasibility Study (“2024 PFS”) configuration, which excluded
the MainSpring deposit. A subsequent Preliminary Economic
Assessment (“2024 PEA”), incorporating MainSpring, was issued in
August 2024 and supersedes the 2024 PFS. The 2024 PEA contemplates
an operation expected to produce 116,000 short tons of copper
cathode per year over the first 20 years of a 31-year mine
life.
Through regular communication and involvement within the
community, the Company’s transparent approach has contributed to
permitting success. Additionally, as part of the continuing
community engagement strategy, the Company recently completed an
updated polling survey demonstrating support for the Cactus Project
of 87% within Casa Grande and surrounding areas.
ASCU President and CEO, George Ogilvie commented, “The
issuance of the amended Industrial Air permit is yet another key
milestone in the advancement of Cactus, a standalone operation
requiring only permits from the State and local government as the
Cactus Project sits entirely on private land with no Federal
permitting nexus. Cactus is a standout lower risk copper asset
based on its tier 1 location, the permitting process, onsite
infrastructure, including rail, road, power and water, the sizeable
copper resource estimate, associated mine plan, related economics
and first quartile capital intensity. Our team has done a
tremendous job advancing the asset and navigating the streamlined
State‑led permitting process. We look forward to continuing to
advance towards PFS in H2 2025, and subsequently submitting final
amendments ahead of a final Definitive Feasibility Study (“DFS”) in
2026, project financing, and the construction and development
decision. Additionally, we would like to thank Pinal County Air
Quality Division, and the local communities for their ongoing
support for the Cactus Project.”
LOCAL POLLING
In October, the Company commissioned a poll of 500 frequent
voters in Casa Grande and surrounding areas, based on the 2024 PEA
mine plan. Polling determined that 86.6% of the survey respondents
supported the Cactus Project, up from 82.6% in 2021. Notably,
Republicans, Democrats, Independents and others, indicated a range
of support from 76.1% to 93.2%, with an uptick in Democratic
support from 67.1% to 76.1%; a testament to the Company’s
consistent and proactive approach to being a good neighbor. The
positive polling numbers indicate overwhelming support from the
community and an affirmation of strong ASCU’s social license.
Travis Snider, ASCU VP Sustainability and External Relations,
commented, “Given the recent issuance of the 2024 PEA detailing
copper cathode production of 116,000 short tons per annum (“stpa”)
over the first 21 years of a 31-year mine life predominantly via
open-pit mining, it was important to gauge the local communities
support for this larger and generational mine plan. Therefore, the
updated Perception Survey was undertaken two months following the
release of the 2024 PEA, allowing prior dissemination of the
results into the community. The results showed continued strong
support for the Project, and, specifically, an increase in support
to restart production at the Project. This is a testament to the
great work our Project team is doing in Casa Grande and surrounding
areas, in keeping the local community informed of our business
plans.”
PERMITTING BACKGROUND
Following the Initial Public Offering in late-2021, the Company
received its initial Industrial Air and Aquifer Protection and
Mined Land Reclamation Permits, for a Mine Plan envisaging 28,000
stpa of copper cathode with an 18-year Mine Life, in 2023. Three
years later, the scale of the deposit and conceptual production
profile grew in the 2024 PFS, largely due to the discovery of the
Parks/Salyer deposit. Being awarded an amended Industrial Air
Permit pertaining to the 2024 PFS, which contemplated 55,000 stpa
of copper cathode production with a 21-year mine life, within 4
months of having the application administratively accepted is
another positive step forward. Although the permit is not for a
final mine plan related to a construction and development decision,
it is a positive affirmation that being on private land presents a
significantly more efficient State permitting regime.
The recent growth reflected in the 2024 mineral resource
estimate and Project expansion in the 2024 PEA was largely due to
the acquisition of the MainSpring property with near surface
mineralization, and ultimate rescoping of Parks/Salyer to an open
pit from underground mining. Building off the 2024 PEA, a
standalone Cactus PFS is expected to be issued in H2 2025, based on
which the Company intends to re-apply for amended permits that
should be well in hand ahead of a standalone DFS, planned for
delivery in 2026. Assuming the final DFS has robust project
economics, and project financing has been secured, the Project
would also be fully-permitted for a construction and development
decision at that time.
Neither the Toronto Stock Exchange nor the regulating authority
has approved or disproved the information contained in this press
release.
About Arizona Sonoran Copper Company (www.arizonasonoran.com |
www.cactusmine.com)
ASCU is a copper exploration and development company with a 100%
interest in the brownfield Cactus Project. The Project, on
privately held land, contains a large-scale porphyry copper
resource and a recent 2024 PEA proposes a generational open pit
copper mine with robust economic returns. Cactus is a lower risk
copper developer benefitting from a State-led permitting process,
in place infrastructure, highways and rail lines at its doorstep
and onsite permitted water access. The Company objective is to
develop Cactus and become a mid-tier copper producer with low
operating costs, that could generate robust returns and provide a
long-term sustainable and responsible operation for the community,
investors and all stakeholders. The Company is led by an executive
management team and Board which have a long-standing track record
of successful project delivery in North America complemented by
global capital markets expertise.
Cautionary Statements regarding Forward-Looking Statements
and Other Matters
Forward-Looking Statements
All statements, other than statements of historical fact,
contained or incorporated by reference in this press release
constitute “forward-looking statements” and "forward-looking
information" (collectively, “forward-looking statements”) within
the meaning of applicable Canadian and United States securities
legislation. Generally, these forward-looking statements can be
identified by the use of forward-looking terminology such as
“accretive”, “advancement”, “assuming”, “become”, “building”,
“capability”, “conceptual”, “contemplates”, “continuing”,
“decision”, “deliver”, “develop”, “DFS”, “emerging”, “envisaging”,
“estimate”, “expected”, “exploration”, “feasibility”, “forward”,
“generational”, “growth”, “intend”, “long-term”, “looking”,
“milestone”, “objective”, “offers”, “ongoing”, “PEA”, “permit”,
“PFS”, “plan”, “polling”, “potential”, “pre”, “preliminary”,
“proactive”, “process”, “profile”, “project”, “proposes”,
“rescoping”, “resource”, “restart”, “risk”, “study”, “survey”,
“subject to”, “test”, “towards”, “under review”, “working”, and
“workstreams”, or variations of such words, and similar such words,
expressions or statements that certain actions, events or results
can, could, may, should, would, will (or not) be achieved, occur,
provide, result or support in the future, or which, by their
nature, refer to future events. In some cases, forward-looking
information may be stated in the present tense, such as in respect
of current matters that may be continuing, or that may have a
future impact or effect. Forward-looking statements include
statements regarding the Preliminary Economic Assessment (or 2024
PEA) on the Cactus Project (including returns, risk, production,
mine life or life of mine, operation, costs, capital intensity, or
other details of the Project, conclusions or results, implications
and implementation thereof); permitting applications in process and
any future such applications and resulting permits; mineral
resources or MRE (which includes copper resources); Company
objectives and operations; and the future plans or prospects of the
Company (including future Pre-Feasibility Study (or PFS) or
Definitive Feasibility Study (or DFS) on the Project, and any
project financing, construction and development decision and/or
restart, and related assumptions or resulting decisions and the
timing and returns, other economics or other conclusions and
outcomes thereof). Although the Company believes that such
statements are reasonable, there can be no assurance that those
forward-looking statements will prove to be correct, and any
forward-looking statements by the Company are not guarantees of
future actions, results or performance. Forward-looking statements
are based on assumptions, estimates, expectations and opinions,
which are considered reasonable and represent best judgment based
on available facts, as of the date such statements are made. If
such assumptions, estimates, expectations and opinions prove to be
incorrect, actual and future results may be materially different
than expressed or implied in the forward-looking statements. The
assumptions, estimates, expectations and opinions referenced,
contained or incorporated by reference in this press release which
may prove to be incorrect include those set forth or referenced in
this press release, as well as those stated in the Company’s press
release dated August 7, 2024, the technical report for the Project
filed on August 27, 2024 (the “2024 PEA Technical Report”), the
Company’s Annual Information Form dated April 1, 2024 (the “AIF),
Management’s Discussion and Analysis (together with the
accompanying financial statements) for the year ended December 31,
2023 and the quarters already ended in 2024 (collectively, the
“2023-24 Financial Disclosure”) and the Company’s other applicable
public disclosure (collectively, “Company Disclosure”), all
available on the Company’s website at www.arizonasonoran.com and
under its issuer profile at www.sedarplus.ca. Forward-looking
statements are inherently subject to known and unknown risks,
uncertainties, contingencies and other factors which may cause the
actual results, performance or achievements of ASCU to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. Such risks, uncertainties, contingencies and other
factors include, among others, the “Risk Factors” in the AIF, and
the risks, uncertainties, contingencies and other factors
identified in the 2024 PEA Technical Report and the 2023-24
Financial Disclosure, as well as market conditions, future prices
and the supply of metals; the results of drilling; inability to
secure the funding required for necessary or planned expenditures
(including to acquire and retain required land and/or mineral
title); general business, economic, competitive, political and
social uncertainties; results of exploration programs; accidents;
delays in obtaining, or failure to receive and maintain, necessary
permits and other regulatory approvals. The foregoing list of
risks, uncertainties, contingencies and other factors is not
exhaustive; readers should consult the more complete discussion of
the Company’s business, financial condition and prospects that is
provided in the AIF, the 2023-24 Financial Disclosure and other
Company Disclosure. Although ASCU has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results to differ from those anticipated,
estimated or intended. Forward-looking statements contained herein
are made as of the date of this press release (or as otherwise
expressly specified) and ASCU disclaims any intention or obligation
to update or revise any forward-looking statements, whether as a
result of new information, future events or results or otherwise,
except as required by applicable securities laws. There can be no
assurance that such information will prove to be accurate, as
actual results and future events could differ materially from
forward-looking statements. Accordingly, readers should not place
undue reliance on forward-looking statements. The forward-looking
statements referenced or contained in this press release are
expressly qualified by these Cautionary Statements as well as the
Cautionary Statements in the AIF, the 2024 PEA Technical Report,
the 2023-24 Financial Disclosure and other Company Disclosure.
Preliminary Economic Assessments
The 2024 Preliminary Economic Assessment (or 2024 PEA)
referenced in this press release and summarized in the 2024 PEA
Technical Report is only a conceptual study of the potential
viability of the Cactus Copper Project and the economic and
technical viability of the Project has not been demonstrated. The
2024 PEA is preliminary in nature and provides only an initial,
high-level review of the Project’s potential and design options;
there is no certainty that the 2024 PEA will be realized. For
further detail on the Project and the 2024 PEA, including
applicable technical notes and cautionary statements, please refer
to the Company’s press release dated August 7, 2024 and the 2024
PEA Technical Report, both available on the Company’s website at
www.arizonasonoran.com and under its issuer profile at
www.sedarplus.ca.
Mineral Resource Estimates
Until mineral deposits are actually mined and processed, copper
and other mineral resources must be considered as estimates only.
Mineral resource estimates that are not classified as mineral
reserves do not have demonstrated economic viability. The
estimation of mineral resources is inherently uncertain, involves
subjective judgement about many relevant factors and may be
materially affected by, among other things, environmental,
permitting, legal, title, taxation, socio-political, marketing, or
other known and unknown risks, uncertainties, contingencies and
other factors described in the foregoing Cautionary Statements on
Forward-Looking Statements. The quantity and grade of reported
“inferred” mineral resource estimates are uncertain in nature and
there has been insufficient exploration to define “inferred”
mineral resource estimates as an “indicated” or “measured” mineral
resource and it is uncertain if further exploration will result in
upgrading “inferred” mineral resource estimates to an “indicated”
or “measured” mineral resource category. Inferred mineral resource
estimates may not form the basis of feasibility or pre-feasibility
studies or economic studies except for preliminary economic
assessments. The accuracy of any mineral resource estimate is a
function of the quantity and quality of available data, and of the
assumptions made and judgments used in engineering and geological
interpretation, which may prove to be unreliable and depend, to a
certain extent, upon the analysis of drilling results and
statistical inferences that may ultimately prove to be inaccurate.
It cannot be assumed that all or any part of a “inferred”,
“indicated” or “measured” mineral resource estimate will ever be
upgraded to a higher category including a mineral reserve. The
mineral resource estimates declared by the Company were estimated,
categorized and reported using standards and definitions in
accordance with the Canadian Institute of Mining, Metallurgy and
Petroleum Definition Standards for Mineral Resources and Mineral
Reserves (the “CIM Standards”) in accordance with National
Instrument 43-101 of the Canadian Securities Administrators (“NI
43-101”), which governs the public disclosure of scientific and
technical information concerning mineral projects.
U.S. Readers
The terms “mineral resource”, “measured mineral resource”,
“indicated mineral resource” and “inferred mineral resource” as
disclosed by the Company are Canadian mining terms defined in the
CIM Standards (collectively, the “CIM Definitions”) in accordance
with NI 43-101. NI 43-101 establishes standards for all public
disclosure that a Canadian issuer makes of scientific and technical
information concerning mineral projects. These Canadian standards
differ from the requirements of the United States Securities and
Exchange Commission (the “SEC”) applicable to United States
domestic and certain foreign reporting companies under Subpart 1300
of Regulation S-K (“S-K 1300”). Accordingly, information describing
mineral resource estimates for the Cactus Copper Project may not be
comparable to similar information publicly reported in accordance
with the applicable requirements of the SEC, and so there can be no
assurance that any mineral resource estimate for the Project would
be the same had the estimates been prepared per the SEC’s reporting
and disclosure requirements under applicable United States federal
securities laws, and the rules and regulations thereunder,
including but not limited to S-K 1300. Further, there is no
assurance that any mineral resource or mineral reserve estimate
that the Company may report under NI 43-101 would be the same had
the Company prepared such estimates under S-K 1300.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241203765821/en/
For more information Alison Dwoskin, Director, Investor
Relations 647-233-4348 adwoskin@arizonasonoran.com
George Ogilvie, President, CEO and Director 416-723-0458
gogilvie@arizonasonoran.com
Arizona Sonoran Copper (TSX:ASCU)
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