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Azarga Metals Samples Five Meters of 32.2g/t Silver and 0.69% Copper Among Other Samples in Near-Surface Trenching Results

February 28, 2017 Download PDF

AZARGA METALS CORP. ("Azarga Metals" or the "Company") (TSX-V:AZR) announces assay results from channel sampling of trenches at its Unkur Copper-Silver Project in the Zabaikalsky administrative region of eastern Russia. Samples are reported from two trenches that were excavated at the project. Two additional trenches were excavated on the basis of copper staining on surface but fell short of the target to intercept mineralization identified by historic trenching. The onset of winter conditions at camp precluded continuing undertaking additional trenching during the first phase field program.

Azarga Metals’ President and CEO Dorian (Dusty) Nicol said, "These trench samples, together with drill hole and samples announced earlier now define an area of silver-copper mineralization extending over 3,200 meters in strike length and up to 600 meters in width, which is still open in all directions. In addition, drilling results suggest the presence of multiple stacked zones of mineralization. These results of the first phase exploration program add to our confidence that with continued exploration, Unkur will develop into a significant and high grade silver-copper deposit."

The Company has now received all assays for its first phase exploration program. Interpretation of these results is ongoing. Azarga Metals has engaged SRK Consulting (Russia) Ltd. to prepare a maiden NI 43-101 Resource estimate at Unkur, which is expected to be completed late in Q1 or early in Q2 of 2017.

TRENCH CHANNEL SAMPLES OF OUTCROPPING MINERALIZATION

Channel samples are reported from each of two trenches located about 400 meters apart from each other and 200 to 400 meters up-dip to the south-west of the drilling area. Trench K-615 assayed nine meters at 14.0g/t silver and 0.30% copper (ie, 46.0g/t silver equivalent or 0.43% copper equivalent) including five meters at 20.2 g/t silver and 0.41% copper (ie. 64.0g/t silver equivalent or 0.60% copper equivalent). Trench K-616 assayed 11 meters at 16.8g/t silver and 0.41% copper (ie, 60.6g/t silver equivalent or 0.57% copper equivalent) including five meters at 32.2g/t silver and 0.69% copper (ie, 106.0g/t silver equivalent or 0.99% copper equivalent). These trenches add 200 to 400 meters to the identified width of the recognized mineralization at Unkur.

Note: copper and silver equivalencies have been calculated using US$17.89/oz silver price and US$2.79/lb copper price and assuming 100% recoveries.

Note: channel assays are reported as sampled and may not be representative of true widths. Channels have been sited to attempt to intersect mineralization as close to perpendicular as possible, but there is not sufficient information about geometry of the mineralization at this time to estimate true widths. A Quality Assurance / Quality Control program is part of the sampling program on the Unkur prospect. This program includes chain of custody protocols as well as systematic submittals of standards, duplicates and blank samples into the flow of samples produced by the sampling including check assays of approximately 10% of the samples by another certified laboratory. Samples were analyzed at SGS Vostok Limited in Chita, Russia. Check assays will be analyzed at ALS Geochemistry in Chita, Russia.

FIRST PHASE EXPLORATION UPDATE

The company has now received all assays from drill holes, outcrop and trench sampling conducted during its first phase exploration program at Unkur. Significant results are shown on the map.

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 province in eastern Russia.

AZARGA METALS CORP.

"Dusty Nicol"
Dorian L. (Dusty) Nicol, President and CEO

For further information please contact: Doris Meyer, at +1 604 536-2711 ext 6, or visit www.azargametals.com.

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 ore grade or recovery rates; accidents, labour 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 Corporation 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 guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.