Arizona Sonoran Copper Company Inc. (“ASCU” or the “Company”) today provides 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 (see FIGURE 1).
Map of the Cactus Project (Graphic: Business Wire)
Highlights
- MainSpring final rezoning complete and land title in hand
- A new special land use permit on the Southeast corner of Cactus has been granted from the Arizona State Lands Department (“ASLD”)
Travis Snider, ASCU VP 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 Pre-Feasibility 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 ASCU, following a payment to the former landowner of $5 million, as per the purchase and sale agreement signed last year. (see PR 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 @ 1.0% Cut M&I Parks/Salyer deposit.
Section 2 Special Land Use Permit
The Section 2 special land use permit allows ASCU the ability to use the surface of the 339 acre property to accommodate future mine infrastructure. The permit is rented by ASLD to ASCU, although ASCU has submitted a purchase application to the ASLD to own the surface rights 100%.