February 22, 2022 – Zacapa Resources (TSXV: ZACA, DE: BH0) announces that it has staked an additional 239 mining claims (approximately 19.4 km2) at the 100% owned Red Top project following the discovery of porphyry-style mineralization with the inaugural drill hole on the property. The new staking more than doubles the land position of the Red Top project north of Superior, Arizona (Figure 1). Drill hole RT-21-001 was completed in January to a depth of 1,042 meters encountering extensive porphyry-style alteration and mineralization (see news release “Zacapa Resources Identifies New Porphyry Mineralization with First Drill Hole at Red Top in Arizona,” dated January 26, 2022).
“The remarkable success of our early drilling at the Red Top porphyry copper project has generated considerable interest and our team acted quickly to secure additional prospective ground in the area,” comments CEO & Director Adam Melnik. “Our land position provides ample room for our current and future exploration plans and the major mining companies exploring next door are a testament to the highly prospective ground in this part of the Superior Mining District.”
The Red Top porphyry copper project now includes 431 claims over an area of 33.9 km2 with drilling underway on drill hole RT-22-003.
About the Red Top Porphyry Copper Project
The Red Top porphyry copper project is located in the Superior Mining District, 8 kilometres northwest of Rio Tinto and BHP’s Resolution mine development project and approximately 11 kilometres from the Carlota and Pinto Valley mining operations (Figure 2). Red Top is comprised of 431 unpatented mining claims covering 8,377 acres. The Red Top project area exhibits widespread porphyry-style alteration over an area of more than 3.5 by 1.5 kilometres with locally intense alteration near Red Top hill. These quartz-sericite altered areas, as well as intensely altered zones of pyrophyllite and illite are analogous to assemblages associated with mineralization at the upper levels of the Resolution deposit1,2,3. The alteration and mineralization at Red Top are interpreted as the expression of the upper levels of a now moderately tilted porphyry system that has only seen limited historical exploration and no previous drilling within the target area. Red Top will continue to be drill tested in 2022.
About Zacapa Resources
Zacapa is a copper and gold focused mineral exploration company engaged in responsible exploration for the new energy economy. Its projects are concentrated in world class jurisdictions in the southwest U.S., including Arizona, Nevada, and Idaho. The portfolio includes porphyry copper projects at Red Top, Pearl, and Dewdrop Moon, and epithermal gold projects at South Bullfrog and Miller Mountain. These assets are being advanced by a highly disciplined and seasoned professional team with successful track records of discovery, resource development and mine permitting.
1 References to other mines and deposits made in this news release provide context for the Red Top Project, which occurs in a similar geologic setting, but this is not necessarily indicative that Red Top hosts similar grades and tonnages of mineralization.
2 Manske, S.L., and Paul, A.H., 2002, Geology of a major new porphyry copper center in the Superior (Pioneer) district, Arizona: Economic Geology, v. 97, no. 2, p. 197-220.
3 Rio Tinto, 2020, Annual Report
4 Paul, A.H., and Manske, S.L., 2005, History of exploration at the magma Mine, Superior, Arizona, in Rhoden, H.N., Steininger, R.C., and Vikre, P.G., eds., Geological Society of Nevada Symposium 2005: Window to the World, Reno, Nevada, p. 629-638.
5 Singer, D.A., Berger, V.I., and Moring, B.C., 2008, Porphyry copper deposits of the world: database and grade and tonnage models, 2008: U.S. Geological Survey, Open-file report 2008-1155.
6 Dicken, C.L., Dunlap, P., Parks, H.L., Hammarstrom, J.M., and Zientek, M.L., 2016, Spatial database for a global assessment of undiscovered copper resources: U.S. Geological Survey Scientific Investigations Report 2010–5090–Z, 29 p., and GIS data.
On behalf of the Board of Directors,
Chief Executive Officer & Director
+1 604 227 5987
All scientific and technical information contained in this press release was prepared under the supervision of Daniel MacNeil, MSc., P. Geo., and a “Qualified Person” as defined by National Instrument 43-101.
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.
Forward Looking Statements – Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although Zacapa believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Zacapa cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond Zacapa’s control. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Readers are advised to rely on their own evaluation of such uncertainties. Except as required under applicable securities legislation, Zacapa undertakes no obligation to publicly update or revise forward-looking information.