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Unkur Copper-Silver Project Update

April 12, 2021 Download PDF

AZARGA METALS CORP. ("Azarga Metals" or the “Company”) (TSX-V: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.

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 ww.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.