Mr. George Ogilvie reports

ARIZONA SONORAN DRILLS 1,209.7 FT (368.7 M) AT 0.70 % CUT OF CONTINUOUS MINERALIZATION, INCLUDING 477 FT (145.4 M) OF 1.25% CUT IN ENRICHED

Arizona Sonoran Copper Company Inc. has released six infill holes from the Parks/Salyer PFS-level (prefeasibility study) drilling program. The infill to indicated drilling program was completed on time and within the budget, with the remaining assays from 10 drill holes expected by the middle of May. This program will be used to generate an updated resource model and mine plan to support the declaration of first reserves in the pending PFS by Q1 2024. As announced March 6, 2023, the PFS is exploring an integrated operation for Parks/Salyer and Cactus targeting 50,000-tonne-per-annum production.

PFS-level drilling at Parks/Salyer included geotechnical (HQ), hydrological (HQ) and metallurgical (PQ) holes, in addition to the infill drilling (HQ). Having completed the programs, the three drill rigs are now focused on the following drilling programs:

1. Feasibility study-level (expected in late 2024) drilling to include:
   • Measured-level infill drilling, at 38-metre (125-foot) drilling centres at Parks/Salyer and Cactus West for 90,000 ft (27,430 m);
   • Additional geotechnical, metallurgical and hydrological holes as identified by Ausenco and consultants at Cactus East and Cactus West.
2. Exploration drilling to begin after completion of the Cactus West geotechnical drilling. Currently budgeted for 3,000 m (10,000 ft).

Drilling highlights:

• ECP-131: 1,209.7 ft (368.7 m) at 0.70 per cent CuT (total copper) of continuous mineralization:
  • Including 477 ft (145.4 m) at 1.25 per cent CuT, 1.15 per cent Cu TSol (total soluble copper), 0.018 per cent molybdenum (enriched);
  • 732.7 ft (223.3 m) at 0.34 per cent CuT, 0.009 per cent Mo (primary).
• ECP-127: 1,074.2 ft (327.4 m) at 0.56 per cent CuT of continuous mineralization:
  • Including 555.8 ft (169.5 m) at 0.80 per cent CuT, 0.76 per cent Cu TSol, 0.008 per cent Mo (enriched).
• ECP-126: 1,454 ft (443.2 m) at 0.68 per cent CuT of continuous mineralization:
  • Including 239.4 ft (73 m) at 1.38 per cent CuT, 1.03 per cent Cu TSol, 0.031 per cent Mo (enriched);
    • Including 80 ft (24.4 m) at 2.60 per cent CuT, 2.39 per cent Cu TSol, 0.017 per cent Mo;
  • 719 ft (219.2 m) at 0.52 per cent CuT, 0.017 per cent Mo (primary).
• ECP-133: 1,243 ft (378.9 m) at 0.43 per cent CuT of continuous mineralization:
  • Including 710.5 ft (216.6 m) at 0.55 per cent CuT, 0.47 per cent Cu TSol, 0.006 per cent Mo (enriched);
    • Including 159.5 ft (48.6 m) at 1.19 per cent CuT, 1.01 per cent Cu TSol, 0.007 per cent Mo.

Note: True widths are not known.

Doug Bowden, Arizona Sonoran vice-president, exploration, commented: "As we complete drill programs to finalize an indicated resource estimate (PFS), support engineering and mine planning, we note the drilling is performing as planned, and in instances, with better-than-expected grade thicknesses. Parks/Salyer intercepts indicate a continuous deposit with typically 100-to-300-metre enrichment thicknesses that could potentially support a bulk mining scenario. Infill drilling has continued to expand the high-grade core at Parks/Salyer within the inferred resource area defined by the original 500 ft (152 m) drill pattern."

Drilling recap

A total of three metallurgical holes (PQ -- 3.345-inch diameter) were completed to provide material for the column leach testing taking place on site at the TruStone facility. The columns are now 90 and 120 days complete, and preliminary results are expected shortly. Two metallurgical holes, along with one HQ (2.5-inch diameter) drill hole, were converted to hydrology monitoring holes. A total of five oriented core and geotechnical holes are being surveyed for fracture and directional analysis ahead of mine planning via acoustic televiewer survey.

The infill to indicated drilling program was planned to infill to 250 ft (76 m) drill centres, extending through the leachable oxides and enriched mineralization, or secondary sulphides, for inclusion as the company's base case mine plan. To ensure a complete view of the deposit, for Arizona Sonoran records and as it relates to the Nuton sulphide leaching technologies, Arizona Sonoran also drilled through the primary sulphides to the basement fault at Parks/Salyer defining a deposit that extends 2,900 ft (884 m) by 2,200 ft (670 m), at the southwestern end of the four-kilometre mine trend.

Infill drilling on the west side of the Parks/Salyer deposit continues to define the westward continuation of thick, higher-grade, enriched and primary mineralization (ECP-126 and ECP-131). Drill holes ECP-134, ECP-133 and ECP-127 demonstrate continuation of the enrichment blanket to the west, albeit with thinner, stacked layers of copper mineralization that have suffered leaching near the faults that define the edge of the orebody. Drill holes ECP-127, ECP-130 and ECP-133 show a similar definition of the enrichment blanket. A north-south cross-section through the area demonstrates the continuity of the enrichment zone on the western edge of Parks/Salyer and the effect of late oxidation on the enrichment blanket in the area of ECP-130.

The dacite dike shown in the cross-section is similar in width and continuity to dacite dikes seen in Cactus West on the southern edge of that orebody. These dikes are very late stage relative to the mineralizing event and acted as dams to the enrichment process, with very good enrichment and oxide grades ponding above them, as shown in ECP-131.

There are many occurrences of native copper around the deposit. While native copper does not represent a significant contribution to the oxide resource, it does indicate directional flow of the secondary copper fluids, sometimes pointing toward ponded enrichment areas as shown in ECP-131. The team is currently mapping instances of both native copper and cuprite as they typically exist within close proximity of each other.

Arizona Sonoran drilling has defined the edge of a potassic zone associated with lower grades in the primary mineralization in the northwest quadrant of the orebody. Higher primary grades are commonly associated with zones of phyllic alteration (commonly as an overprint), which at Parks/Salyer follows the general mine trend northeast orientation.

Quality assurance/quality control

Drilling completed on the project between 2020 and 2022 was supervised by on-site Arizona Sonoran personnel who prepared core samples for assay and implemented a full QA/QC program using blanks, standards and duplicates to monitor analytical accuracy and precision. The samples were sealed on site and shipped to Skyline Laboratories in Tucson, Ariz., for analysis. Skyline's quality control system complies with global certifications for quality ISO9001:2008.

Technical aspects of this news release have been reviewed and verified by Allan Schappert, CPG No. 11758, who is a qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

About Arizona Sonoran Copper Company Inc.

Arizona Sonoran's objective is to become a mid-tier copper producer with low operating costs and to develop the Cactus and Parks/Salyer projects that could generate robust returns for investors and provide a long-term sustainable and responsible operation for the community and all stakeholders. The company's principal asset is a 100-per-cent interest in the Cactus project (former ASARCO, Sacaton mine) which is situated on private land in an infrastructure-rich area of Arizona. Contiguous to the Cactus project is the company's 100-per-cent-owned Parks/Salyer deposit that could allow for a phased expansion of the Cactus mine once it becomes a producing asset. The company is led by an executive management team and board which have a long-standing record of successful project delivery in North America complemented by global capital markets expertise.

We seek Safe Harbor.