Arizona Sonoran Copper Company Inc. (TSX:ASCU | OTCQX:ASCUF) (“ASCU” or the “Company”) today announces the advancement of an updated Mineral Resource model on the Parks/Salyer deposit, reflecting partial results from the completed first phase of the planned Feasibility Study infill drilling program (the “FS Drill Program”). The target of the updated model is to define Proven Mineral Reserves within the Pre-feasibility Study starter pit representing the first 2-2.5 years of planned copper cathode production. Based on returned drill assays and initial modelling to date, the Company expects modelling results to be consistent with those reflected in the Project’s currently defined Mineral Resource and Mineral Reserve estimates in the same southern zone of Parks/Salyer. The Mineral Resource model will be further updated with additional infill drill holes at Parks/Salyer following condemnation drilling planned for Q1 2026. See FIGURES 1-4, TABLE 1 and TABLE2 for drilling maps, assay results and collar locations, respectively.
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George Ogilvie, Arizona Sonoran President and CEO commented, “The initial update to our internal model is demonstrating a high Mineral Resource conversion rate at the Cactus Project with the tighter space drilling, providing a basis for the targeted declaration of Proven Mineral Reserves within the Parks/Salyer starter pit to be defined in the upcoming Feasibility Study. As a result, we anticipate a further derisking of the Project for potential project financiers in our continuing debt project financing process. Parks/Salyer grades in the starter pit are expected to remain consistent, at approximately 0.3% Total Copper (CuT), before an anticipated increase to 0.51% Total Copper in year three of the mine plan and an eventual estimated high of 1.03% Total Copper in year 12 in the deeper higher-grade zones. Following the completion of the FS Drill Program and an updated Mineral Resource model for the pending Feasibility Study, we are eager to have the geology team transition to preparations for operational readiness later this year.”
Parks/Salyer Starter-pit Drill Highlights
- ECM-480 – 0.55% CuT over 483 ft (147 m) from 231 ft (70 m) depth (enriched)
- ECM-477 – 1.72% CuT over 93 ft (28 m) from 267 ft (109 m) depth (enriched)
- ECM-413 – 0.49% CuT over 269 ft (82 m) from 810 ft (247 m) depth (enriched)
- ECM-416 – 0.77% CuT over 185 ft (56 m) from 628 ft (191 m) depth (enriched)
- ECM-424 – 0.33% CuT over 406 ft (124 m) from 559 ft (171 m) depth (enriched)
Geology and Drilling Recap
The FS Drill Program is comprised of approximately 92,000 ft (28,000 m) over the southern Parks/Salyer “starter pit” zone, at 125 ft (38 m) drill spacing. With tighter drill spacing, drilling is expected to upgrade the starter pit mineralized zone to the Measured Mineral Resource category based on the mine plan phases as outlined in the Pre‑feasibility Study (see Technical Study). As such, drill holes terminate at predetermined depths to only target mineralization within the first two pit phases of the mine plan as contemplated in the Pre-feasibility Study. Mineralized zones within which holes were terminated are planned for infill drilling at a later date from within the pit, in line with the eventual mine plan schedule defined by the Feasibility Study.
Drill assay results have been received from approximately 62% of the FS Drill Program completed to date, with results consistent with expectations. Overall, approximately 70% of the FS Drill Program has been completed, with the focus now on condemnation drilling. The remainder of the FS Drill Program is planned to re-start upon completion of the condemnation drilling and will further support an updated Mineral Resource model, in addition to future production geology planning, for the pending Feasibility Study. Following the recommendations from the Prefeasibility Study, geotechnical and hydrogeological drilling for the Feasibility Study have also been initiated and are advancing as per schedule.
Quality Assurance / Quality Control
Drilling completed between 2020 and 2026 was supervised by on-site Cactus Project personnel who prepared core samples for assay and implemented a full QA/QC program using blanks, standards, and duplicates to monitor analytical accuracy and precision. The samples were sealed on site and shipped to Skyline Laboratories in Tucson, AZ for analysis. Skyline’s sample prep, analytical methodologies, and quality control system complies with global certifications for Quality ISO9001:2008.
The scientific and technical information in this press release has been reviewed and verified by Allan Schappert – CPG #11758, who is independent of the Company and a qualified person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators.
Links from the Press Release
Technical Report:https://arizonasonoran.com/projects/technical-reports/
Figures 1-4: https://arizonasonoran.com/projects/cactus-mine-project/press-release-images/
Table 1: https://arizonasonoran.com/site/assets/files/6602/2026-02-11_table_1_assays.pdf
Table 2:http://arizonasonoran.com/site/assets/files/6602/2026-02-11_table_2_collars.pdf
Neither the TSX 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 2025 PFS 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’s 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 “advance”, “anticipate”, “assumption”, “basis”, “become”, “believes”, “contemplated”, “contingencies”, “continuing”, “could”, “decision”, “define”, “develop”, “estimates”, “expects”, “eventual”, “factors”, “feasibility”, “focus”, “following”, “forward”, “further”, “future”, “goal”, “intent”, “later”, “long”, “looking”, “modelling”, “objectives”, “ongoing”, “opportunities”, “optimization”, “option”, “outlined”, “pending”, “phase”, “planned”, “potential”, “program”, “project”, “provide”, “readiness”, “risk”, “schedule”, “stage”, “study”, “subject to”, “to be”, “target”, “transition”, “upcoming”, and “will”, 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 those relating to future drilling and other work programs or work plans or workstreams (including the remaining FS Drill Program and other future drilling programs (including condemnation, geological, geotechnical, and hydrogeological drilling programs), the Feasibility Study, early development activities and operational readiness preparations) and the details, funding, timing, completion and results thereof (including any conversion or other definition of Mineral Resources resulting from the PFS Drill Program or any other drilling); Mineral Resources and Mineral Reserves generally which are estimates only (including Total Copper (or CuT) or other grade estimates), and any conversion, expansion or growth of such estimates, and any definition or realization thereof; results of the Pre-Feasibility Study (or PFS) and other ongoing and future technical studies for the Cactus Project (including any Feasibility Study or FS), and the continuation, completion, execution, results and the evaluation thereof, and opportunities, and implications of such studies (including any implementation thereof), and timing thereof; de-risking of the Cactus Project (including in respect of project financing and potential such financiers); mine plans; project financing and the advancement thereof (including related risk); and the Company’s objectives (including development of the Cactus Project, becoming 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, and any other continuing or future successes). 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 Annual Information Form dated March 27, 2025 (the “AIF”), Management’s Discussion and Analysis (together with the accompanying financial statements) for the year ended December 31, 2024 and the quarters already ended and reported in 2025 (collectively, the “2024-25 Financial Disclosure”), and the Company’s other applicable public disclosure (including the PFS Technical Report and the Company’s press releases linked and/or referenced in this press release, 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 the Company 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 accuracy of the Pre-Feasibility Study (or PFS) and any other ongoing and future technical studies (including any Feasibility Study (or FS)), and results and implications thereof (including Project scope, plans and economics) not being consistent with prior studies or any eventual actual results, or otherwise not meeting expectations; the FS Drill Program and other drilling programs not being delivering results consistent with prior programs, modelling or expectations, or being completed as planned; the accuracy of the Mineral Resource estimates including Mineral Reserve estimates for the Cactus Project (including related modelling) and the Company’s analysis thereof, and such estimates, modelling and analysis, not being consistent with prior or eventual actual results or otherwise not meeting expectations (including Total Copper or CuT grade or tonnages), and future Mineral Resource estimates and Mineral Reserve estimates (including related modelling) for the Cactus Project not being consistent with the Mineral Resource estimates and Mineral Reserve estimates (including related modelling) reported in and relied upon in the PFS (see also further cautionary statements below under the heading “Mineral Resource Estimates”) and/or new Mineral Resources or Mineral Reserves being defined consistent with the Company’s expectations or at all; the Company not having sufficient funds to complete the drilling or other work programs or work plans or workstreams as described in this press release, on time or at all; necessary financing (including project financing) not being available or secured on time and/or terms amenable to the Company or at all; having insufficient funds to execute drilling programs or other work programs or work plans or workstreams (including any early development activities or operational readiness preparations) as contemplated or at all, and such activities not delivering the results expected by the Company (including not achieving operational readiness as expected or at all); the negotiations between the Company and Nuton LLC, a Rio Tinto venture, regarding an early termination of the option to joint venture (or OTJV) between the parties being unsuccessful (including that any such termination and/or resulting definitive agreement (including the terms thereof) cannot be mutually agreed on an amicable and/or otherwise mutually satisfactory basis, or at all), and/or with no other certainty of outcome, and the potential negative implications thereof, associated costs and a negative outcome for the Company and its subsidiaries from any dispute and/or litigation relating to the OTJV, and resulting negative impacts on the Company’s share price and/or successful advancement of the Cactus Project on the currently anticipated timeline through to Feasibility Study (standalone or otherwise), project financing (on amenable terms or at all) and any eventual final investment decision for and construction of the Cactus Project, and the failure to realize any such objectives, on a basis consistent with the Company’s expectations or at all); and opportunities or objectives of the Company not being realized consistent with the Company’s expectations or at all, among other risks, uncertainties, contingencies and other factors, including the “Risk Factors” in the AIF, and the risks, uncertainties, contingencies and other factors identified in the 2024-25 Financial Disclosure and other Company Disclosure. 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 2024-25 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 2024-25 Financial Disclosure and other Company Disclosure.
Mineral Resource Estimates
Until mineral deposits are actually mined and processed, copper and other Mineral Resources (which include Mineral Reserves) 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 (including Mineral Reserves) 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 (including Mineral Reserves) 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 (including Mineral Reserves) 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 Reserve”, “Proven Mineral Reserve”, “Probable Mineral Reserve”, “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 (including Mineral Reserves) for the Cactus 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 (including Mineral Reserves) for the Cactus 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 Estimate 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.
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Contact details:
Alison Dwoskin, Vice President, Investor Relations
647-233-4348
[email protected]
George Ogilvie, President, CEO and Director
416-723-0458
[email protected]
