Vancouver, British Columbia – July 15, 2021: Aguila American Gold Limited (“Aguila” or the “Company”) (TSX-V: AGL) (OTCQB: AGLAF) (WKN: A2DR6E) is pleased to announce it has acquired 100% ownership through staking, the Cora copper project, located in Pinal County, Arizona. The project was identified during an extensive and ongoing project generation program targeting copper deposits within mining supportive jurisdictions of North America.
Aguila is focused on copper and precious metal exploration and development within the major mining belts of the Western USA. The Company targets under-explored districts where post-mineralization cover masks areas of high geological prospectivity in the vicinity of major mines.
The Cora project lies 75km NNE of Tucson, within the heart of the southern Arizona copper belt. The project is 100% owned by Aguila, secured by 46 granted BLM lode mining claims covering a total of 3.84 sq km. Many of North America’s largest copper mines and development projects lie within 100km of Cora, including Ray, Miami, Resolution, Florence and Silver Bell (see Figure 1). Drilling at Cora was last recorded over 40 years ago, when significant widths of oxidized copper were intersected beneath shallow alluvial cover over an area exceeding 1 square kilometer.
- The Cora copper project lies centrally within the Arizona copper belt, in the vicinity by world class porphyry, VHMS and skarn type copper projects.
- The project is centered 2km east of the North Star copper mine under shallow cover. North Star was a producer of copper ore for Miami Copper Co., and ASARCO at Hayden (Arizona) in the mid 1900’s.
- Original exploration company records held by the Geological Survey of Arizona indicate past drilling at Cora intersected oxide copper mineralization over widths in excess of 100m, beneath shallow alluvial cover, over an area of at least 1km by 1km. Intervals include:
- DH5: 99.7m (327ft) @ 0.28% Cu, below 10.7m of alluvial cover (California Steel Co., 1950s)
- DH4: 39.6m (130ft) @ 0.38% Cu, below 47.2m of alluvial cover (California Steel Co., 1950s)
- DH1*: 225.5m (740ft) @ 0.29% Cu, below 42.7m of alluvial cover(California Steel Co., 1950s)
Drilling results are historical in nature and have not been verified by a "qualified person" as defined by National Instrument 43-101. Drill locations are determined from maps with local grid coordinates of the day which cannot converted to modern coordinates with a high degree of accuracy. Results therefore should not be relied upon and should only be considered an indication of the mineral potential of the project.
* The location of DH1 is inconsistently recorded, placing it within or immediately adjacent to Aguila claims. Results therefore should not be relied upon and should only be considered an indication of the mineral potential of the project.
- Exploration in the vicinity of Cora was undertaken from the 1950’s until the 1970’s, with drilling completed by California Steel Co., Southwest Mining Co, Magma Copper Co, Essex International Inc and Asarco LLC. No record of drilling has been located since 1976 with a vast majority of historical exploration focused on outcropping mineralization at the adjacent North Star mine.
- Geological logs from holes drilled by Magma Copper Co. immediately west of Cora, indicate copper mineralization may be associated with highly altered, possible Laramide aged intrusions, consistent with a potential porphyry copper setting and analogous to many large copper deposits in Arizona.
- Mapping by Magma Copper Co. identified propylitic, argillic and potassic alteration within Laramide-aged granite and monzonite intrusive rocks to the south of the North Star Mine and west of Cora, along with regular copper occurrences.
- Geophysical surveys (gravity, CSAMT) were completed in the vicinity of the North Star mine by Equinox Exploration Corp in 2010 to map the thickness of cover. Based on this information, thickness of cover is expected to range between 50m and 100m at Cora.
- Aguila is now compiling historical data and preparing for geochemical sampling and geophysics prior to drilling. Historical drilling intercepts suggest the project is drill ready.
- Aguila continues to progress its project generation and acquisition strategy for copper and precious metals in highly prospective mineral belts. The rapidly growing demand for copper due to the accelerating uptake of electric vehicles and the supporting infrastructure, aligned with the growing uncertainty of sustainable ethical supply, makes US targets a high priority.
“The newly staked Cora project represents an exciting first step for Aguila into copper exploration in the Western US”, commented Mark Saxon, President & CEO of Aguila American Gold Limited. “We have been progressively and patiently assessing projects, and Cora stands out as a significant copper prospect in one of the world’s premier copper producing regions. The timing could not be better, as secure global copper supplies are tightening, coinciding with strong demand growth as a result of a global infrastructure, electrification and renewable energy boom. We look forward to applying modern exploration techniques to this under explored district.”
The Cora copper project is located in Pinal County, Arizona, approximately 20km southwest of Florence and 75 km NNW of Tucson. Pinal County is a prolific copper producing region and is host to several large, world class copper mines and deposits including Ray, San Manuel, Silver Bell, Mission, Resolution and Miami (1.6 Bt @ 0.63% Cu). The project is accessible by Interstate 10 to the West and highway 79 to the East with power and railway access nearby.
Figure 1: Regional location map for the Cora copper project with major copper deposits.
The claims held by Aguila cover the flat lying pediment to the east of and adjoining the historic North Star copper mine. Widely spaced scout drilling during the 1950’s within the area secured by Aguila is reported to have intersected significant widths of oxide copper mineralization beneath shallow cover (11m to 70m). Mineralization was encountered across an area of approximately 1km by 1km.
Past exploration was predominantly focused on the fault-hosted North Star copper mine. Drilling identified a significant zone of structurally controlled copper oxide mineralization that extends below cover into the ground held by Aguila. Early explorers interpreted mineralization to be associated within detachment faults, however, a review of all available historical data by Aguila indicates a possible porphyry copper-molybdenum association.
The Aguila review noted:
- Diamond drill logs from Magma Copper Co. describe altered intrusive rocks (monzonite, diorite, latite porphyry) throughout several drill holes, with alteration described as argillic in nature, more consistent with a porphyry copper setting;
- The lack of reported specular hematite associated with mineralization is inconsistent with a detachment fault model as this is a very common accessory mineral in detachment fault hosted deposits in Arizona and Nevada;
- The local presence of Laramide aged intrusions, which are associated with all major porphyry copper deposits in Arizona; and
- The structural association with local porphyry deposits and intrusions;
Porphyry copper systems within Arizona are often subjected to significant post-mineral faulting and dismembering with characteristic re-mobilization of copper fluids along post-mineral faults. In this context, the structurally controlled North Star mine adjacent to the widespread copper oxide mineralization and altered intrusive rocks of the Cora project are suggestive of a shallow buried porphyry copper target.
The Company has obtained historic exploration data for this press release from the Geological Survey of Arizona. 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 verified the contents of this release.
About Aguila American Gold Ltd (TSX.v: AGL) (OTC: AGLAF) (WKN: A2DR6E)
Aguila American Gold is an emerging copper and precious metal company enhancing shareholder value through exploration and discovery.
ON BEHALF OF THE BOARD,
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