Vancouver, British Columbia – May 5th, 2022: Aguila Copper Corp. (“Aguila” or the “Company”) (TSX-V: AGL) (OTCQB: AGLAF) (WKN: A2DR6E) is pleased to announce the start of an induced polarization (“IP”) survey at the Lida copper-silver project in south-central Esmeralda County, Nevada.
The survey is being undertaken by Abitibi Geophysics using their OreVision® IP survey system. The OreVision® system is a high resolution and deep penetrating proprietary geophysical method that can penetrate to a depth of 400 meters. The survey is planned for a 200-meter line spacing, covering a total of approximately 30 line-kilometers across the Company’s BLM lode mining claims. Subject to survey results, the Company proposes drilling at Lida during the second half of 2022, targeting geophysical and recent high-grade rock chip sampling results.
“Our 100% owned Lida project has progressed rapidly through targeting, staking and surface sampling stages to now being ready for geophysical surveying” said Mark Saxon, CEO of Aguila Copper Corp. “We are excited to see the IP results, with the deep penetrating system giving an excellent chance to identify new and undrilled copper porphyry or skarn systems. Results will be shared as they become available.”
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 (see press release dated March 1st, 2022). Additional field mapping completed by company geologists in preparation for geophysics discovered that previously reported extensive copper carbonate and copper oxide mineralization and hydrothermal alteration zones extends into the western parts of the claim block significantly increasing the target footprint. Propylitic and argillitic alteration within quartzite and shale of the Campito Formation were observed in workings and outcrops throughout the area, suggesting potential zonation of a larger buried porphyry system.
A total of 57 samples were taken by Aguila from dump and pit material across a 2km x 2km area. 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.
Abitibi Geophysics field crew at the Lida Cu-Ag Project, Nevada
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.
About Aguila Copper Corp (TSX.v: AGL) (OTC: 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
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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.