ZACAPA RESOURCES IDENTIFIES NEW PORPHYRY MINERALIZATION WITH FIRST DRILL HOLE AT RED TOP IN ARIZONA

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VANCOUVER, BC, Jan. 26, 2022 /CNW/ - Zacapa Resources Ltd. (TSXV: ZACA) ("Zacapa") is pleased to announce that drill hole RT-21-001 has been completed to a depth of 1,042 meters at its 100% owned Red Top porphyry copper project in the Superior Mining District, Arizona. Drill hole RT-21-001 was designed to test for porphyry copper mineralization beneath a large (>3.5 kilometre by 1.5 kilometer) outcropping zone of quartz-sericite-pyrite alteration with a core of advanced argillic alteration (pyrophyllite-illite-sericite) (Figure 1). RT-21-001 encountered hydrothermal alteration and veining from surface to end of hole at 1,042 meters, including numerous intervals containing visible sphalerite, galena, chalcopyrite, bornite, and locally molybdenite (Figure 2)1. Assays are expected in the coming weeks.

HIGHLIGHTS

  • Porphyry style alteration and veining throughout RT-21-001 confirms the presence of a new copper and molybdenum bearing porphyry system in Arizona's Superior Mining District only 8 kilometres northwest of Rio Tinto/BHP's Resolution mine development project (1.8 Bt @ 1.5% Cu)2,4.

  • First diamond drill hole completed at the Red Top porphyry copper project to a depth of 1,042 metres, including visible copper minerals throughout most of the hole. Second hole underway 500 metres to the east-southeast.

"The alteration and mineralization observed in RT-21-001 is consistent with the alteration footprint of a porphyry copper intrusive center and suggests that we have drilled the periphery of a new porphyry copper system only 8 kilometers from Rio Tinto/BHP's Resolution Copper-Molybdenum Deposit," comments CEO & Director Adam Melnik. "The presence of chalcopyrite and bornite in the distal porphyry copper environment indicates that the core of the system has potential for high-grade copper sulphide mineralization."

RT-21-001 encountered copper sulfide mineralization and previously unknown porphyritic intrusions that are not present at surface. The original planned depth for the hole was 800 metres, but it was continued to 1,042 metres, based on recurring copper mineralization in the drill core. The drill hole demonstrates that much of the hydrothermal system is hosted in favourable rock units (porphyry intrusions) and that the observed alteration (dominantly sericite and chlorite with variable pyrite), and vein styles (sericite ± chlorite ± quartz) are consistent with the periphery of a typical porphyry copper deposit footprint (see description below).

Figure 1.  The Red Top Property and location of the 2022 diamond drill holes.  Red Top is in the Superior-Pioneer District, near Superior, Arizona. Additional permitted drill pads are shown in grey. (CNW Group/Zacapa Resources)
Figure 1. The Red Top Property and location of the 2022 diamond drill holes. Red Top is in the Superior-Pioneer District, near Superior, Arizona. Additional permitted drill pads are shown in grey. (CNW Group/Zacapa Resources)
Figure 2. A) Quartz-chalcopyrite-bornite vein cutting sericite altered porphyry1, 637.6 m; B) Chalcopyrite-rich vuggy quartz vein, 672.5 m C) Hand lens view of vein hosted chalcopyrite rimmed by bornite, 970.5 m; D) Sericite-chlorite veins with bleached vein margins hosted in biotite quartz-feldspar porphyry intrusion; E) Core box from 680.8-683.6 meters displaying intensely veined quartz-feldspar porphyry with vein hosted chalcopyrite and bornite; HQ core diameter 6.3 cm. (CNW Group/Zacapa Resources)
Figure 2. A) Quartz-chalcopyrite-bornite vein cutting sericite altered porphyry1, 637.6 m; B) Chalcopyrite-rich vuggy quartz vein, 672.5 m C) Hand lens view of vein hosted chalcopyrite rimmed by bornite, 970.5 m; D) Sericite-chlorite veins with bleached vein margins hosted in biotite quartz-feldspar porphyry intrusion; E) Core box from 680.8-683.6 meters displaying intensely veined quartz-feldspar porphyry with vein hosted chalcopyrite and bornite; HQ core diameter 6.3 cm. (CNW Group/Zacapa Resources)

RT-21-001 Drill Hole Summary

Drill hole RT-21-001 collared in Precambrian Pinal Schist and transitioned into felsic porphyry at 275 metres. From 275 metres to 1,042 metres the hole intersected multiple phases of quartz-eye biotite granite porphyry containing primary sphene and magnetite1. Additionally, the final 112 meters contain veined dioritic xenoliths and clasts within intrusion related breccias.

Alteration is dominantly sericite (muscovite-illite) of varying intensity, with chlorite occurring locally in vein selvages and as rims on biotite phenocrysts1. Quartz-sulfide-sericite veining containing varying amounts of pyrite, chalcopyrite, sphalerite, galena, bornite, molybdenite, tetrahedrite, and associated hydrothermal breccias, are observed throughout RT-21-0011. The average vein volume over the full 1042 metres drilled is visually estimated at 2.5%.

Pyrite occurs throughout the drill hole, with iron-oxide pseudomorphs in the upper 20 meters where the rock is weathered1. Chalcopyrite was first observed at 52 meters and occurs to the end of the drill hole (941 metre interval) but decreases in abundance below about 993 metres. Bornite is first observed at 633 metres and continues to the end of the hole (409 metre interval) but decreases in abundance below 978 metres.

Drill hole RT-22-002 has commenced, collared 500 metres east-southeast of RT-21-001, to expand the technical team's understanding of alteration and mineral zonation within the newly identified hydrothermal system and assist in vectoring toward the associated porphyry center. Drill hole collar, orientation, and depth information for the first two drill holes is shown in Table 1.

DRILL HOLE ID

EASTING

NORTHING

ELEVATION (m)

AZIMUTH (°)

INCLINATION (°)

PLANNED DEPTH (m)

FINAL DEPTH (m)

RT-21-001

489107

3692695

1063

60

-60

800

1,042

RT-22-002

489588

3692518

1098

60

-75

800

In progress

Table 1. Red Top drill hole collar information.

About the Red Top Porphyry Copper Project

The Red Top porphyry copper project is located in the Superior Mining District, 8 kilometres northwest of the Rio Tinto and BHP's Resolution mine development project and approximately 11 kilometres from the Carlota and Pinto Valley mining operations. Red Top is comprised of 192 unpatented mining claims covering 3,583 acres. The Red Top project area exhibits widespread porphyry style alteration with locally intense alteration spanning approximately 3.5 kilometres by 1.5 kilometres near Red Top hill. These intensely altered areas of quartz-sericite, as well as zones of pyrophyllite and illite are analogous to assemblages associated with mineralization at the upper levels of the Resolution deposit2,3. This 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.

Qualified Person

Daniel MacNeil, MSc., P. Geo., is the "Qualified Person" under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.

References

1 Alteration and sulphide mineralogy has been determined visually from drill core and confirmed where possible using Portable XRF ("pXRF") and short-wave infrared (SWIR) analytical devices. Petrographic samples have been collected and will be used expand upon visual observations.

2 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.

3 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.

4 Rio Tinto, 2018, Annual Report: www.riotinto.com/documents/RT_2018_annual_report.pdf.https://www.resolutioncopper.com/about-us.html

For more information, please visit www.zacaparesources.com. All documents are available on Zacapa's profile page on SEDAR at www.sedar.com.

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. This news release includes forward-looking statements that are subject to 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. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions and regulatory and administrative approvals, processes and filing requirements. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements.

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