HIGHLIGHTS

2019-2020 phase 2 drilling results to date demonstrate:

• Copper-silver mineralization is now consistently drill-confirmed over a strike length of 5.5 kilometers – an extension of 2.1 kilometers over the previous strike

• Oxide copper-silver mineralization extends over a 4.5-kilometer strike length and to 180-190 meters depth

• Sulphide copper-silver mineralization remains open at a depth below 500 meters and along strike

AZARGA METALS CORP. ("Azarga Metals" or the "Company") (TSX-V:AZR) reports that the worldwide coronavirus pandemic has not affected exploration activities on its Unkur Copper-Silver Project in Eastern Russia. The 2019-2020 Phase 2 drilling program has recently been finished after completion of the 15th drill hole for a total of 5,572 cumulative meters of new drilling. Complete assay results have now been received for seven more drill-holes in addition to the previously reported four holes (see press release February 11, 2020). Assays remain pending for four additional holes.

Dr. Alexander Yakubchuk, VP Exploration observed the core from these drill-holes and said: "All reported drill-holes intercepted stratabound copper-silver mineralization within the clastic rocks sequence between the rocks with calcareous cement (above) and non-calcareous cement (beneath). In this drilling program we have defined the extent of oxide mineralization to a downhole depth of approximately 180-190 meters and a strike length of approximately 4.5 kilometers. Sulphide mineralization was consistently intercepted below the base of the oxide."

Figure 1. Drill-hole location map and position of copper-silver mineralization on reduced-to-pole grey-scale magnetic image of Unkur.  

AM19-005 and 006 are infill drill-holes which aimed to test a higher-grade domain in the north of the current Resource envelope (see Figure 1 above) as well as collecting unoxidized material for metallurgical test work. Together with other drill holes in the area (e.g., AM19-004 and 2016 drill-holes AM001, AM003, AM004, AM017, and AM020), these new drill-hole results (Table 1) outline a +0.5% Cu envelope, which is more than 1,200 meters long and some 400 meters deep (see Figure 2 below). This envelope remains open to the north and the Company has tested this area with subsequent drill holes although results are not yet available.

Drill-holes AM19-008, AM19-009, AM19-010 and AM19-011 were drilled to test the southeast and down dip extension of the current resource envelope following the results of a magnetic survey conducted on the property in September 2019. Results of these drill holes (Table 1) along with drill holes AM19-002 and AM19-003b (see press release February 11, 2020) show that copper-silver mineralization appears to extend for at least 2 km to the southeast of the current resource envelope. Azarga has drilled this extension in drill fences some 420 to 450 m apart during the completed exploration program. The total strike length of the drill-confirmed mineralized envelope has now reached 5.5 km (Figure 2). Within this envelope, oxide mineralization was intercepted along the strike length of 4.5 km to a depth of 180-190 m. Copper and silver grades appear to be similar in oxide and sulphide material.

Table 1 SUMMARY OF NEW AASAYS FROM RECENT DRILLING

Notes to Table: *Partial assays were reported on February 11, 2020 for these drill holes; the results above are now updated to include all final assays. There was only weak mineralization logged and assayed in drillhole AM19-007. All assays presented are uncapped.

Figure 2. Position of +0.5% Cu domains within the NI 43-101 and extended Cu-Ag mineralized envelopes at Unkur. TOS is top of sulphide.

Important Notes to News Release

1. A Quality Assurance/Quality Control program was part of the drilling program on the Unkur Project. 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 drilling.

2. Samples were prepared and analyzed at SGS Vostok Limited and ALS Chita laboratories, both in Chita, Russia.

3. True thickness is estimated to be 80 to 90% of the reported drill intervals.

4. The results of the Unkur Project drilling program have been reviewed by Michael J. Hopley the Qualified Person for Azarga Metals Corp. Mr. Hopley is President and Chief Executive Officer of Azarga Metals Corp. and is a Qualified Person as defined by NI 43-101, verifies 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. The Resource remains open in both directions along strike and down-dip.  

AZARGA METALS CORP.

"Michael Hopley"

Michael Hopley,
President and Chief Executive Officer

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