Mining
Tuesday, March 5th, 2024 3:24 pm EDT
Key Points
- Arizona Sonoran Copper Company acquires full title and rezoning for MainSpring property:
- Purchased the 523-acre MainSpring property and completed the rezoning process, allowing for future mining operations.
- This provides access to additional mineral resources not included in previous studies.
- MainSpring drilling and potential resource expansion:
- Arizona Sonoran Copper Company is drilling the near-surface mineralization at MainSpring.
- This drilling could expand the existing Parks/Salyer deposit and improve the overall project economics.
- Arizona Sonoran Copper Company seeks to acquire surface rights for Section 2 property:
- Currently rents the surface rights for Section 2 property for potential mine infrastructure.
- Has submitted an application to purchase the surface rights outright.
Arizona Sonoran Copper Company Inc. has provided an update on positive land developments, including MainSpring and a new special land use permit to the east of the Cactus project, connecting the project.
Travis Snider, Arizona Sonoran’s vice-president of external relations and sustainability, commented: “Each step we make continues to demonstrate our intent and support to develop the Cactus mine. By rezoning and consolidating this land around Cactus, we are able to improve operational flexibility of our project and gain access to mineralization excluded from our recent prefeasibility study. MainSpring’s mineralized zone may now be used within future technical reports once drilled to the appropriate resource classification, with the potential for operation and economic optimization. Most importantly however, we are thankful for the continued support from our surrounding communities and the regulating bodies as we continue along our path to a production decision.”
MainSpring update
Land title for the 523-acre MainSpring property was transferred to Arizona Sonoran, following a payment to the former landowner of $5-million, as per the purchase and sale agreement signed last year (see news release dated Feb. 28, 2023). Additionally, rezoning of MainSpring Pad III, the southern parcel of the MainSpring property, is now complete. MainSpring is now completely rezoned to industrial use, mining, with no further zoning amendments required.
The company is currently infill drilling the near-surface mineralization at MainSpring, extending immediately south of the 2.9-billion-pound at 1-per-cent-cut measured and indicated (M&I) Parks/Salyer deposit.
Section 2 special land use permit
The Section 2 special land use permit allows Arizona Sonoran the ability to use the surface of the 339-acre property to accommodate future mine infrastructure. The permit is rented by ASLD to Arizona Sonoran, although Arizona Sonoran has submitted a purchase application to the ASLD to own the surface rights 100%.
About Arizona Sonoran Copper Company ( www.arizonasonoran.com | www.cactusmine.com )
Arizona Sonoran’s objective is to become a mid-tier copper producer with low operating costs and to develop the Cactus Mine Projects that could generate robust returns for investors and provide a long term sustainable and responsible operation for the community and all stakeholders. The Company’s principal asset is a 100% interest in the Cactus Mine Project (former ASARCO, Sacaton mine) with a PFS outlining a 55kpta operation over 21 years. The Project is situated on private land in an infrastructure-rich area of Arizona. 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.
We seek Safe Harbor.
