WHITE ROCK, BC, Jan. 18, 2017 /CNW/ - Azarga Metals Corp. ("Azarga Metals" or the "Company") (TSX-V:AZR) announces it has completed a ground magnetic survey at its Unkur Copper-Silver Project in the Zabaikalsky administrative region in eastern Russia, with successful results.
The ground magnetic survey was a key part of the Company's first phase exploration program at Unkur. Undertaken in parallel with the drilling and trenching works, it comprised approximately 130 line kilometers of detailed ground magnetics. While the data is still being interpreted and correlated with geology and drill results, the geophysical data confirms that the silver-copper mineralization at Unkur has a strong magnetic signature and that ground magnetics can be a useful targeting tool on the project. Significantly, the ground magnetic survey data has:
- been useful in identifying changes in direction of the mineralized horizon, which the Company believes are associated with increased thickness and grade; and
- identified targets for additional mineralization to the north of the first phase drilling area. The magnetic signatures of these targets remain open to the northeast and future surveys will aim to extend them.
Drilling results from Azarga Metals' first phase exploration program at Unkur intersected significant copper-silver mineralization over a strike length of approximately three kilometers and the mineralized area remains in open in all directions as well as down dip. The newly acquired ground magnetic survey data will be used to plan drilling in the second phase exploration program with the aim to expand the mineralized area and target zones which are indicated to be thicker and higher grade.
"We are very excited with the efficacy of ground magnetics at Unkur as this provides a fast and inexpensive tool to target drilling to expand the area of mineralization", said Dorian L. (Dusty) Nicol the Company's President and CEO. "I'm particularly excited by the ability of ground magnetics to identify changes in direction of the mineralized horizon and the possibility this opens to target thicker zones of high grade associated with attendant dilation zones because such zones are where our best drilling results so far have been attained."
Shares for Services
On January 16, 2017, the Company issued a total of 107,934 common shares for $22,666.66 services rendered to the Company by the non-executive directors for the period October 1, 2016 to December 31, 2016. The shares were issued at the closing price on December 31, 2016 of $0.21 per share and are subject to a four-month hold period expiring on May 17, 2017.
Unkur Copper-Silver Project
Azarga Metals owns 60% of the Unkur Copper-Silver Project along with the right to acquire the remaining 40% in the future.
Sediment-hosted copper and silver mineralization has been identified across the 5,390 hectare project license area, in outcrops, trenches and by historical diamond drilling. The prior exploration outlined a large area of high-grade shallow stratiform sediment hosted copper-silver 20 to 50 meters thick over an area four to six kilometers long.
Further details concerning Unkur Copper-Silver Project are contained in a technical report filed by the Company as per its news release of 5 April 2016.
Qualified Person
The Company's President and Chief Executive Officer, Dorian L. (Dusty) Nicol, B.Sc. Geo, MA Geo, a Qualified Person as defined by NI 43-101, has reviewed and approved the exploration information disclosures contained in this Press Release.
About Azarga Metals Corp.
Azarga Metals is a mineral exploration and development company that owns 60% of the Unkur Copper-Silver Project in the Zabaikalsky administrative region in eastern Russia.
