Azarga Starts Reconnaissance Geochemical Exploration at Unkur

October 15, 2020 Download PDF

AZARGA METALS CORP. ("Azarga Metals" or the "Company”) (TSX-V:AZR) reports that a reconnaissance geochemical exploration program has started on its 100% owned Unkur Copper-Silver Project (the "Project”) located in Eastern Russia. The object of the work is to identify additional areas of copper and silver mineralization outside of the current Mineral Resource and its extension, particularly on the eastern side of the 5,390 hectare property, which remains underexplored.

Michael Hopley, President and CEO said: "Azarga's recent work at Unkur has been focused on the western side of the property, on the western limb of the Unkur syncline. However, historical work, particularly historical trenching, showed the existence of copper and silver mineralization in the eastern half of the property on what could be an eastern limb of the Unkur syncline as can be seen in the map below. The field team will spend the next few weeks with a portable mineral (XRF) analyzer searching for evidence of copper and silver mineralization to develop additional targets for follow-up drilling.

Figure. A satellite image of Unkur, showing four prospects (Kemen, Kemen North, Unkur SW1 and Unkur SW2) selected for the 2020 geochemical program against the extent of moraine, drill-proven and interpreted copper-silver mineralization.

The work program is being conducted by Unkur Project Manager Viktor Adyrkhaev, under the supervision of VP Exploration Dr. Alexander Yakubchuk. Initial results of the reconnaissance program should be available by late-November.

In additional to the commencement of these geochemical and reconnaissance works, Azarga Metals' independent consultant continue to work on an updated NI43-101 Mineral Resource estimate for the Project. The updated Mineral Resource estimate will include data from the 15 drill-holes (5,572 meters) drilled in the 2019-2020 drilling program, which extended the known mineralized strike on the western side of the Project by approximately 90%. The results of the updated Mineral Resource estimate will be published when finalized.

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 FederationL" dated effective August 30, 2018 authored by Tetra Tech Mining & Minerals. The Resource remains open in both directions along strike and down-dip.


"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.