Azucar Completes First Hole at New Porphyry Lithocap Target at the El Cobre Project, Mexico

VANCOUVER, B.C. Azucar Minerals Ltd. (“Azucar” or the “Company”) (TSX-V: AMZ; OTCQB: AXDDF) is pleased to announce that it has completed drilling the first hole into the large lithocap target discussed in its press release of April 6, 2022. The first hole initially passed through typical clay dominant lithocap alteration into phyllic alteration, then continued to propylitic alteration and at depth intense biotitic potassic alteration. Some high temperature zones of pyrophyllite and diaspore alteration were intersected confirming the in-situ interpretation for the lithocap, derived from deep porphyry fluids. The hole was drilled to 1280 metres, near vertically at -80 degrees, and only tested a small area of the large lithocap footprint at surface and is interpreted to have intersected a peripheral part of a porphyry system beneath the lithocap, providing a vertical alteration profile. At this time the potassic alteration intersected at depth is considered to be similar to the broad zones of barren or low grade potassic alteration found peripheral to some of the known mineralized zones on the El Cobre project. Zones of high pyrite were intersected and minor veining with sulphides and chalcopyrite were noted. The hole did not transect the deep IP anomaly located further to the north. This first hole helps guide the next hole of the program which will drill at a shallower angle to the north from the same pad and is intended to intersect the high chargeability anomaly at depth as well as a zone of circular concentric fracturing interpreted to represent an intrusive centre. The drill team will start the second hole after a short crew break.

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