Base Metals

AZARGA METALS CORP. ("Azarga Metals" or the "Company") (TSXV:AZR) is pleased to announce that the Preliminary Economic Assessment ("PEA"), incorporating an updated Mineral Resource estimate for Azarga Metals 100% owned Unkur Copper-Silver Project in Eastern Russia being completed by consultants Wardell Armstrong International ("WAI") continues to progress

The PEA study will now consider various operating scenarios at Unkur including a low capital and operating cost heap-leaching scenario. Because of this WAI recommended additional metallurgical test work with the aim of demonstrating lower reagent consumption for Unkur ore in the leach cycle. This took time to initiate and complete. However, the tests are scheduled to complete in the next 2-3 weeks and the PEA incorporating these results should be available in the coming 6-8 weeks.

Michael Hopley, President and CEO commented: "Heap-leaching to extract both the copper and silver at Unkur is an important option to consider because it creates the potential for lower capital expenditure and a shorter timeline to production. As such, the results of the additional metallurgical test work are essential to the outcome of the PEA."

Azarga Metals is also currently planning a physical exploration program in the eastern part of the Unkur Copper-Silver Project ("Unkur East") to start in August 2021. As reported on January 19 this year, results of a reconnaissance geochemical program confirmed the presence of extensive copper and silver mineralization at Unkur East, likely representing an eastern limb of the Unkur syncline. Unkur East remains relatively under-explored and the exploration program planned for later this year proposes to drill the area for the first time.

Qualified Person

Azarga Metals' President and CEO Michael Hopley, a Qualified Person as defined by NI 43-101, verified the data disclosed and has reviewed and approved the disclosure contained in this Press Release.

About Azarga Metals Corp.

Azarga Metals is a mineral exploration and development company that owns 100% of the Unkur Copper-Silver Project in the Zabaikalsky administrative region in eastern Russia. On completion of a first phase physical exploration program in 2016-2018, the Company estimated an Inferred Resource of 62 million tonnes at 0.53% copper and 38.6g/t silver for the project in the report entitled "Technical Report and Preliminary Economic Assessment for the Unkur Copper-Silver Project, Kodar-Udokan, Russian Federation" dated effective 30, August 2018 authored by Tetra Tech Mining & Minerals.


"Michael Hopley"

Michael Hopley,
President and Chief Executive Officer

For further information please contact: Doris Meyer, at +1 604 536-2711 ext. 6, visit or follow us on Twitter @AzargaMetals. The address of the head office of Azarga Metals is Unit 1 - 15782 Marine Drive, White Rock, BC V4B 1E6, British Columbia, Canada.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement:

This news release contains forward-looking statements that are based on the Corporation's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current planned exploration activities; conclusions of economic evaluations; changes in project parameters as plans to continue to be refined; possible variations in mineralization grade or recovery rates; accidents, labor disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not a guarantee of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

SOURCE: Azarga Metals Corp.

View source version on

News Provided by ACCESSWIRE via QuoteMedia

Azarga Metals

Azarga Metals


Russia is not only known for its vibrant cities, rich cultural history and brilliant architecture. It’s also home to some of the most prolific mining districts in the world. According to a report issued by the Fraser Institute for Mining, the country ranks amongst the top 25 jurisdictions in mining attractiveness. That same report revealed that the country boasts an investment attractiveness rating above 70 percent, outranking notable European countries like Sweden, Norway and Spain.

Russia seeks to benefit from Europe’s green energy plans as a major contributor to the world’s precious and base metals, like silver and copper. With several high-quality mines and mineral deposits scattered near the country’s eastern border, active investors could see significant gains and economic success by investing in this European giant.

Azarga Metals Corp. (TSXV:AZR) is a mineral exploration and development company focused on its 100 percent owned Unkur copper-silver project in the Zabaikalsky province in eastern Russia. The project sits in a geographically advantageous region that shares a border with China and Mongolia.

Unkur leverages strategic positioning in a mining-friendly jurisdiction home to Udokan, the third-largest undeveloped copper deposit in the world. The flagship project’s similar geological structure has the possibility to mimic Udokan’s mineralization and copper-silver yield.

Azarga Metals acquired the Unkur copper-silver project in 2016 and quickly began its extensive exploration program. To date, Azarga has comprised mapping, sampling and ground magnetic campaigns. The company has also conducted two diamond drilling programs across 16 drill holes and 186 meters of channel sampling.

Unkur boasts excellent terrain and infrastructure with rich resource networks, like water, high-voltage substations and accessible highway and railway transportation lines. The 5,390-hectare land position has a relatively flat geological profile, which aids in mining and open-pit conditions.

In April 2021, Azarga released positive updates on the flagship project, announcing its Preliminary Economic Assessment (PEA) study will consider various operating scenarios at Unkur, including a low capital and operating cost heap-leaching scenario. Consideration of these new methods creates the opportunity for lower capital expenditure and shorter timeline production for the company.


The following steps for the company include planning its physical exploration program in the eastern part of Unkur, which it expects to commence in August 2021. The confirmed presence of extensive copper and silver mineralization at Unkur East in January 2021 from a geochemical surveying program demonstrates justification for further exciting exploration and development.

Azarga Metals Corp. has a proven board and management team with experience in Russian mining, capital markets and low-cost exploration. This leadership and its technical team prime the company for outstanding discoveries across Unkur’s potentially vast copper-silver resource.

Azarga Metals’ Company Highlights

  • Azarga Metals Corp is a mineral exploration and development company focused on its 100 percent owned flagship Unkur copper-silver project in the Chara-Aldan area in eastern Russia.
  • Unkur is a sediment-hosted stratiform copper-silver deposit with world-class discovery potential. Its current inferred resources hover 62 million tonnes at 0.53 percent copper and 38.6g/t silver grades.
  • The flagship project leverages excellent infrastructure with power and water on-site and advantageous positioning less than 30 kilometers from the world’s third-largest undeveloped Copper project known as Udokan.
  • Unkur East is relatively undeveloped and has limited exploration history, which gives Azarga an exceptional first-mover advantage in this mineral-rich region.
  • The company has a solid and well-versed management team of top mining and finance professionals with proven track records of success.
  • The neighboring Udokan Copper Project holds copper resources of 26.7 million tonnes (Mt) and is the 3rd largest undeveloped copper deposit globally.

Azarga Metals’ Key Projects

Unkur Copper-Silver Project

The flagship Unkur copper-silver project is a sediment-hosted stratiform copper-silver deposit located in the Zabaikalsky province in eastern Russia. The asset has a 25-year mineral exploitation license across 5,390 hectares and leverages access highways and railway transportation. Mining at Unkur is an open-pit conventional truck and excavator operation.

To date, work has comprised surface geologic mapping and geochemical sampling, approximately 130 line kilometers of ground magnetics geophysics, 4,580 meters of diamond drilling across 16 drill holes and 186 meters of channel sampling from four trenches. The initial results of this 2017 program revealed a maiden NI 43-101 resource estimate of 42 million inferred tonnes at 0.52 percent copper and 38g/t silver, containing 220,000 tonnes of copper and 52 million ounces of silver.

2020 exploration programs completed extensive drilling, metallurgy testing and geological modeling of mineralized envelopes. Recoveries reported up to 96.4 percent copper and 96.7 percent silver with leaching. Azarga remains very excited for new resource estimations and further development of this high-grade prospect.

Azarga Metals’ Management Team

Alexander Molyneux — Non-Executive Chair

Alexander Molyneux has over 20 years of metals and mining industry executive and financier experience. Since 2018, he has been the managing director and CEO of Galena Mining Ltd. Prior he was the CEO of Paladin Energy Limited, one of the world’s largest uranium companies, where he optimized its operating business and completed a US$700M successful recapitalization of the company and a re-listing on the ASX. Molyneux serves on several public company boards, including Ivanhoe Mines Group and Ivanhoe Energy, Argosy Minerals Ltd., Metalla Royalty & Streaming Ltd., Tempus Resources Ltd., Comet Resources Ltd. and AMWolf Capital Corp.

Gordon Tainton — President & CEO

Gordon Tainton is an experienced, successful business leader who, since the early 2000s, has held senior management and board positions in both public and private companies within the mining and extractive industries and physical commodity marketing. His project experience includes involvement with studies and development plans, trading, logistics, off-take agreements and project financing. Tainton also has significant expertise in project generation in the junior mining sector.

Tainton currently serves as a non-executive independent director on the board of Vancouver-based Northern Lights Resources Corp. and Metallum Resources Inc. He holds a BA from Simon Fraser University.

Dr. Alexander Yakubchuk — VP of Exploration

Dr. Alexander Yakubchuk has over 30 years of operational and executive experience in the Former Soviet Union, including Russia, Kazakhstan, Kyrgyzstan, Uzbekistan, Australia, Mongolia, China, Canada and several other European countries. He has been the director of Exploration of Orsu Metals Corporation since 2008.

Dr. Yakubchuk previously worked with and consulted companies such as BHP-Billiton, Norilsk Nickel, Goldcorp, Rio Tinto, World Bank and Inco and previously lectured as an Associate Professor Lomonosov Moscow State University for five years.

Dan O’Brien — CFO

Dan O’Brien is the CFO for several publicly listed exploration companies trading on the TSX and TSX Venture exchanges. He has over 15 years of experience in financial reporting for publicly traded mineral exploration companies and has held CPA & CA certification since 2007. O’Brien was previously a senior manager at a leading Canadian accounting firm specializing in the audit of public companies in the mining and resource sector.

Keep reading...Show less

Cyprium Metals Ltd AUD50M Secured Offtake Prepayment Facility for Nifty Copper

Perth, Australia (ABN Newswire) - Cyprium Metals Limited (ASX:CYM) is pleased to announce that it has entered into an exclusive Letter of Intent with Glencore International AG ("GLN" or "Glencore") for AUD50 million in respect of a Copper Cathode Offtake Secured Prepayment Facility which will be used for funding the Nifty Copper , as part of the debt financing for the restart of the Nifty Copper Project, which includes capital expenditure, contingencies, working capital, and financing costs.


- An exclusive Letter of Intent for a Secured Copper Cathode Prepayment Facility has been signed with Glencore, under which:

o Offtake arrangement for 100% of the Copper Cathode produced during Phase 1 of the Nifty Copper Project restart
o AUD50M Secured Offtake Prepayment Facility

- The Secured Offtake Prepayment Project Funding from Glencore is part of a total debt funding package for the Nifty Copper Project restart

- Advanced discussions are continuing with Senior Debt counterparties, who are undertaking due diligence activities and reviewing financing documentation

Managing Director Barry Cahill commented:

"We are very pleased to enter into an exclusive Letter of Intent for a Copper Cathode Offtake Secured Prepayment Facility with Glencore. This is part of a fully funded finance package for the restart of the Nifty Copper Project.

The restart project economics are very robust, and we have continued to make further improvements to the Nifty Copper Project during the financing process.

We are looking forward to completing our total funding package so that we can commence executing our Nifty Copper Project restart development plans."

This exclusive Letter of Intent includes a non-binding term sheet for both offtake arrangement and project funding. This is part of the targeted AUD240 million to AUD260 million debt funding package to finance the restart of the Nifty Copper Project, which is expected to include senior secured financing and secured offtake financing.

Under the terms of the exclusive Letter of Intent, CYM and GLN will work towards finalising outstanding due diligence activities, and documentation for the project funding for execution, which is being done in conjunction with ongoing advanced discussions with the potential secured senior debt providers.

Key Terms of the Copper Cathode Prepayment Facility

Indicative terms - Offtake

- 100% of Copper Cathode produced at the Nifty Copper Project, up to a maximum of 120,000 tonnes

- Offtake pricing of copper cathode shipments determined by reference to average market rates

Indicative terms - Prepayment Facility

- Facility amount: AUD50 million

- Facility term: 60 months

About Cyprium Metals Ltd:

Cyprium Metals Limited (ASX:CYM) is poised to grow to a mid-tier mining business and manage a portfolio of Australian copper projects to deliver vital natural resources, strong shareholder returns and sustainable value for our stakeholders. We pursue this aim, in genuine partnerships with employees, customers, shareholders, local communities and other stakeholders, which is based on integrity, co-operation, transparency and mutual value creation.

Cyprium Metals Ltd

News Provided by ABN Newswire via QuoteMedia

[subscribe_company_profile use_post="101691698"]

Keep reading...Show less

Northern Dynasty Reports Annual General Meeting Results

Northern Dynasty Minerals Ltd. (TSX:NDM)(NYSE MKT:NAK) ("Northern Dynasty" or the "Company") announces the voting results from its 2022 Annual General Meeting held on June 23, 2022 in Vancouver, British Columbia (the "Meeting

At the Meeting, a total of 215,554,654 common shares were voted, representing 40.69% of the votes attached to all outstanding common shares as of the record date. All nine nominees were elected to the Company's Board of Directors (the "Board"). The voting results were as follows:

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less

Ivanhoe Mines to Release Quarterly Production Results and Operations Update on July 5

Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) stated today that it is unaware of any company-specific reason that might be contributing to the recent decline in the company's share price other than general market volatility.

On July 5, 2022, Ivanhoe will issue a second quarter production update on the Kamoa-Kakula Mining Complex, as well as a general operations update. In May, Kamoa Copper achieved record monthly copper production of 29,800 tonnes.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Lion Copper and Gold

Lion Copper and Gold Corp. Announces Proposed Shares for Debt Settlement

Lion Copper and Gold Corp. (TSXV: LEO) (OTCQB: LCGMF) ("Lion CG", or the "Company") announces that it has entered into a debt settlement agreement (the "Agreement") with a creditor dated June 22, 2022 whereby the Company has agreed to issue shares to settle debt in the amount of $100,000 owed to the creditor. The debt was incurred pursuant to an option Agreement between the Company and the creditor dated January 26, 2022. Pursuant to the Agreement the Company will issue 1,212,121 common shares of the Company at a deemed price of $0.0825 per share to the creditor.

The issuance of the common shares in connection with the debt settlement is subject to the approval of the TSX Venture Exchange and will be subject to a four-month hold period.

Keep reading...Show less
Getchell Gold Corp. Engages Apex Geoscience to Conduct a Resource Estimate for the Advanced Exploration Stage Fondaway Canyon Gold Project, NV

Getchell Gold Corp. Engages Apex Geoscience to Conduct a Resource Estimate for the Advanced Exploration Stage Fondaway Canyon Gold Project, NV

Getchell Gold Corp. (CSE: GTCH) (OTCQB: GGLDF) ("Getchell" or the "Company") is pleased to announce the engagement of Apex Geoscience Ltd. ("Apex") of Edmonton, AB, to conduct a resource estimation ("2022 Resource Estimate") for the Fondaway Canyon gold project in Nevada.

Key Highlights

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

Hudbay Announces Completion of Mining Activities at 777 after 18 years of Steady Production

Hudbay Minerals Inc. ("Hudbay" or the "company") ( TSX, NYSE: HBM) today announced that mining activities at the company's 777 mine in Flin Flon, Manitoba, have concluded after the reserves were depleted following 18 years of steady production. Closure activities at the 777 mine have commenced and employees and equipment are transitioning to the company's operations in Snow Lake, Manitoba.

"777 was a state-of-the-art mine that represented the pinnacle of a century of shared success for Hudbay and Flin Flon," said Peter Kukielski, Hudbay's President and Chief Executive Officer. "Though the closure of 777 marks the end of a mining era in Flin Flon, we will continue with exploration activities in the region. We care deeply about the community and creating a bright future for mining in northern Manitoba. Hudbay's transition to Snow Lake will help deliver that future and demonstrate our commitment to being a valued member of our communities."

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News