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Unkur Copper-Silver Project Update

May 25, 2021 Download PDF

AZARGA METALS CORP. ("Azarga Metals" or the "Company") (TSX-V:AZR) is pleased to announce that in direct follow-up to the 19th January 2021 news release, which highlighted  results from its recent reconnaissance geochemical exploration program at Unkur, a team of geologist's have been at site for the past week carrying out a GPS planning survey and other works to prepare site for the next phase of physical exploration activities.

The recent survey works at Unkur were focussed on the eastern side of the license area known as Unkur East, where the results of the channel sampling conducted in late-2020 showed significant zones of copper mineralization at surface on the east side of the Kemen River. The main aim of the works is to map drill-hole locations in preparation for a potential 2,000-3,000 meter drilling program at Unkur East, which has never previously been drilled.

Gordon Tainton, President and CEO commented: "Results of last year'sreconnaissance geochemical program confirmed the presence of extensive copper and silver mineralization at Unkur East and its highly prospective for drilling, particularly given the success we have had on the western side of Unkur. Any additional mineralization defined at Unkur East could be highly complementary to our mine planning efforts across Unkur."

As announced on 12th April 2021, the preparation of an updated Preliminary Economic Assessment (including an updated Mineral Resource estimate) for the Unkur West Copper-Silver Project incorporating the drilling results reported in 2020 continues to make progress, with results expected to be announced in coming weeks.

Qualified Person

Azarga Metals' VP of Exploration Dr. Alexander Yakubchuk , 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.

"Gordon Tainton "

Gordon Tainton,
President and Chief Executive Officer

For further information please contact: Doris Meyer, at +1 604 536-2711 ext. 6, or Gordon Tainton at + 1-604-248-8380, 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.