Sneak Peek: Junior Mining Monthly on Copper & Gold South of the Border

Today we're bringing you an interview by Junior Mining Monthly's Gerardo Del Real with Azucar Minerals... An Interview with Azucar Minerals CEO Morgan Poliquin. [Outsider Club logo] Sneak Peek: Junior Mining Monthly on Copper & Gold South of the Border [Adam English Photo] By [Adam English]( Written Mar. 20, 2020 Today we're bringing you an interview by Junior Mining Monthly's Gerardo Del Real with Azucar Minerals (TSX-V: AMZ) (OTCQB: AXDDF) CEO Morgan Poliquin. Azucar has a potential world-class copper and gold mine in its El Cobre project and is also bringing in a third-party consultancy to help identify drill targets in search of the deeper feeder zones that Azucar and 19.9% partner Newcrest believe exist on the property. 2020 is going to be a pivotal year for the best gold explorers, including Azucar. To find out the rest of Gerardo's short list of miners to buy while shares are cheap, [click here.]( Take care, Adam English Editor, Outsider Club --------------------------------------------------------------- --------------------------------------------------------------- [jmm-logo-600x200] Gerardo Del Real: This is Gerardo Del Real with Junior Mining Monthly. Joining me today is the president and CEO of Azucar Minerals (TSX-V: AMZ)(OTC: AXDDF), Dr. Morgan Poliquin. Morgan, it's been a bit since we had an update. I am ecstatic to catch up. How are you doing? Morgan Poliquin: I'm doing excellent. Thank you so much. And how are you? Gerardo Del Real: I am well, thank you for asking. You had some news. I'll read the headline and then let's get to the meat of it because there's a lot there. The headline reads, "Azucar Hits 158 Meters of 0.64 g/t Au and 0.26% Cu Including 19.6 Meters of 0.83 g/t Au and 0.28% Cu at the Norte Zone,” which is, of course, the most advanced target on the property. You also provided a drilling update for some of the other zones. There's a couple of other bullet points that I want to touch on, including the potential for a resource estimate at Norte. But let's start with the headline number and an update on the current status of exploration on the El Cobre project. Morgan Poliquin: Great. Thank you so much for the opportunity. Well, it's kind of a two-stage kind of a program, a two-focus program really. As you pointed out, Norte's the most advanced target on the project. And we've recognized that in order to understand the potential for a resource there, we have to do all the things necessary to see what the scale of it is, if it goes to surface, which people looking in detail at this news today will see the sections and see that we've been able to trace mineralization up to surface where we had a lack of drilling. We certainly didn't have the drilling in the past to density to be able to really understand the distribution of mineralization and the scale. So, the drilling has all gone into that and there are other details as well. Then on the other side, the other focus of the program is the regional exploration, I would call it. We've got a number of other targets to find, as well as Norte. And recently, last year, we announced the first hole into a new zone we called the Primo Zone, which doesn't have the same kind of surface manifestation as the Norte Zone and the Porvenir Zone and other zones. So, it's kind of a brand new zone for us, and it's between zones. And I must say, we don't understand where that mineralization — which was some of the highest grade we've intercepted so far in the program in terms of copper — we're not sure where that's going yet. While we advance Norte and have the density of drilling, we need to better understand it and its potential for being towards a resource as we stated. On the other hand, we're trying to figure out what else could be going on in this huge property because we got 5 kilometers along which we have multiple different zones of porphyry mineralization. For most of the other ones, apart from Norte, we really don't have a good handle on where they're going or what their size is or their potential. So, it's ongoing in both senses. Gerardo Del Real: The news release mentions that you will be bringing in a “highly experienced" — is how you worded it — external consultancy with expertise in porphyry systems on-site to provide a third-party review of the drill data alteration and structural information collected to date to help provide targeting for future drilling. That's pretty self-explanatory. Can you provide a little bit more context as to what this group will be doing and how that will assist moving forward, and what the plan is moving forward? I know right now there is one drill that's currently operating. Where is that drill, and what is this group going to help with as far as future drilling goes? Morgan Poliquin: Yeah, great. We found this project. We've defined its potential to host porphyry mineralization. And as I just said, we've got a ton of different areas over this big strike length where we've identified significant mineralization. Is it all coming from something, emanating from something as yet to unfound? We can't expect every zone in a porphyry system to be a mine. There's many porphyry systems where there's multiple different centers and one or two that are really highly economic. That's the case all over the world. We think having somebody come in and really sift through the tea leaves of everything that we've done to date and really looking at it in three dimensions and collating everything will be very helpful. Of course, we're doing that ourselves and we feel very confident with our targeting, but it's always good to have somebody who's really experienced in these kinds of systems think about the geometry. And new ideas are always welcome. So, that's what we're doing right now. We're doing kind of a review of all the drilling. We think it's a great time in the program, particularly because we've got some new zones in the making, like the Primo Zone I just mentioned. We would be very happy if there's something that we've overlooked or if there's new insight in terms of targeting and geologic ideas. Let's see what these guys come up with and it's a great time to do it. Gerardo Del Real: Excellent. The news release also makes note of the fact that you are looking to advance the Norte Zone towards the potential definition of a resource. Can you speak to that, and do you have an internal timeline in a best-case scenario for that resource? Morgan Poliquin: We've done some drilling. Obviously, you can't really report a resource if you don't have the appropriate density of drilling or if there's huge gaps. I can't give a timeline right now, but we're assessing all the drilling that we've done with the intention of trying to fill in the gaps that we saw. We'll just see if there's any more that's needed in terms of drilling and that sort of thing. There's other considerations, of course. Hopefully we'll be able to update the market on timing fairly soon. That's the intention obviously of all this drilling, tracing mineralization at surface as I mentioned, is to potentially report a resource when you have the appropriate information and all the factors are considered. Gerardo Del Real: It's been a tough go as far as the share price goes, right? Let's be frank. I mean, here a couple of years ago, you were trading near the $1.60 level Canadian. Newcrest is in, I believe, at almost 10 times the current share price, and yet you have excellent exploration upside. You have the potential for a very economic zone at the Norte Zone which would serve as a great starter pit and potentially great economics. And yet here you are with a market cap of approximately $10 million Canadian. What does the cash position look like? And for those that are new to the resource space that are saying, "Gerardo, why is this stock still in the portfolio? What is there to hang around for?" It's a rhetorical question. I know the answer to it, but I would love for you to articulate it from someone that's made multiple discoveries and understands the process that is exploration. Morgan Poliquin: Well, yeah. Thanks for asking because it's a great opportunity to be able to speak to that. In terms of our cash position, at the last quarter we reported it was $9.7 million Canadian. Of course, we'll be updating the financials here soon. We're pretty cheap explorers and we got plenty of cash here to continue with what we're doing, first off the bat. Newcrest is a 19.9% shareholder, and obviously they became a shareholder of that size because — I'm not putting words in their mouth, but it should be obvious to everyone that they think that there's something. They're looking for what they call Tier One assets, and they'll take on Tier Two assets, they call it, if they think geologically they can become a Tier One asset. So, they're looking for something big is what they're saying. They're not looking for small things. As I pointed out to people, camps that have revealed over time large Tier One porphyry deposits usually take some time to get there. Sometimes, the porphyries are just simply exposed at surface and you just drill off a billion tonnes, but those days are long over. There's not porphyries that crop out in the world anywhere like that. It's exploration. It's deeper exploration. It's looking for parts of the system that aren't exposed. And so while we have something at Norte that was exposed, and as we've been speaking, has the potential for a resource, obviously Newcrest thinks that there's – and ourselves and I think everyone should look at this as an exploration project with the potential to host something really significant. But that takes time. I think it was hole 158 at Oyu Tolgoi before they really got into the high-grade part of the deposit that ultimately became a world-class Tier One deposit. So, I wish there was an X marks the spot, and I understand that people, while you're doing that necessary exploration work to explore the project, that it doesn't happen necessarily in the timeline everyone would like, and interest wanes when exploration results don't immediately produce that discovery. Everyone should know the risk that it is exploration and there's no certainty that what we're looking for is there. That's the nature of it. Otherwise, everyone would do it. But we truly believe that there's the potential for something really significant here, and that's a process. If the deposit that we're looking for is there, it could happen. There's no guarantees about your abilities or the timeframe to find it. So, it's a process, but with every hole you drill, you get closer and closer to that better understanding of how to approach it. Leading back to the comments about the consultants and everything we're doing, we think the last year of drilling that, as you point out, hasn't provided those spectacular results perhaps that people were hoping for, it's all important in terms of where we go next. Gerardo Del Real: Excellent. So, just to summarize, as of the latest reporting period, 95% of your market cap is backed by cash. Morgan Poliquin: Well, yeah. Well, I guess that's interesting. Isn't it? They're pretty interesting times out there. It's been a tough market, but this is exploration and we're doing it with all the best technical inputs we can, our best ideas in an incredibly careful and judicious manner with respect to the funds that we have. We think if you were to look around the world for a porphyry prospect at the same stage of development as El Cobre, you'd be hard pressed to find one as exciting as El Cobre is. We're very excited about the opportunity we have here. Gerardo Del Real: Agreed. You have one drill currently operating. Is that drill at the Norte Zone for a potential resource or is it at some of the regional targets that you continue to identify? Morgan Poliquin: Right now, it's doing regional work. As I mentioned, we're going to review the drilling at the Norte Zone at this stage to see if any more is necessary for, as we were speaking, a potential resource in the future. The drill operating at the current time is kind of working on all the regional targets and will continue to do so for a little while yet, we think. Gerardo Del Real: Morgan, thank you so much for the update. I know that we're expecting Almaden news sometime. I won't press you on that right now. I believe that we're probably close to some sort of update there, so I look forward hopefully to having you back on soon to chat Almaden as well. Morgan Poliquin: Well, thank you for that. We look forward to being back on. When we next have an update, we'll look forward to that. Thank you so much for the opportunity. Gerardo Del Real: Thank you for your time, Morgan. As always, appreciate it. Morgan Poliquin: Cheers. Bye. To your wealth, [gerardo-sig] Gerardo Del Real Editor, Junior Mining Monthly --------------------------------------------------------------- --------------------------------------------------------------- To get more insights and full issues from Gerardo, check out this [special presentation from Junior Mining Monthly.]( Enjoy reading this article? [Click here]( to like it and receive similar articles to read! Browse Our Archives [Federal Reserve and Government Bazookas Not Enough to Stave Off Market Reset]( [Who Is Winning? The Robots.]( [A Coronavirus Video Update from the Founder]( [The Four-Letter Word Behind All of This]( [Take Advantage of This Chaotic Market]( --------------------------------------------------------------- This email was sent to {EMAIL}. It is not our intention to send email to anyone who doesn't want it. 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