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Azucar Minerals Suspends Mining and Exploration

Mining News - Published on Thu, 02 Apr 2020

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Azucar Minerals Ltd. announced that the Mexican federal government has mandated that all non-essential businesses, including mining and exploration, temporarily suspend operations until April 30 due to the COVID-19 virus. Azucar has been working to raise awareness of COVID-19 amongst its workforce for several weeks now. In mid-March the Company arranged for a briefing by a medical professional for all employees, and the Company provided written material and products to all employees to help them limit the spread of the virus. Operations since early 2020 have been limited to one drill rig, and last week Azucar terminated its field activities and asked all remaining employees to take paid leave at home until April 15th. Given this government decree, Azucar will now ask employees to remain at home until April 30, pending further information from Mexican government health authorities.

In terms of the technical program at El Cobre, the Company has now completed its current drill program, and is compiling or awaiting assay results from the final three holes drilled as part of the program. As noted in the Company’s March 4, 2020, press release, the Company had an external consultancy with expertise in porphyry systems on site in March to provide a third-party review of the drill data, alteration and structural information collected to date to complement the company’s internal geologic efforts to define and refine the exploration program. Assay results from the last three holes in the current program will be released once they are all received and compiled.

Azucar is an exploration company with a mandate to thoroughly explore the El Cobre project in Veracruz, Mexico, which covers multiple gold-rich porphyry targets, as demonstrated by recent drilling. Azucar is permitted and funded for an active drill campaign in 2020. Azucar holds a 100% interest in the El Cobre project, subject to net smelter returns royalty interests, assuming production from the property exceeds 10,001 tonnes per day of ore, totaling 2.25% which can be reduced to 2.0% though the payment of US$3.0 million.

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Posted By : Rabi Wangkhem on Thu, 02 Apr 2020
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