Axo Copper Uses Fresh IPO Funds for 15,000 Meters of Follow-up Drilling on La Huerta

Immediately following its successful IPO, which raised C$11.5 million for Axo Copper Corp. (TSXV:AXO) , the company is launching a 15,000 meter drill program at its La Huerta copper project in Jalisco, Mexico. This is the most extensive drilling on the project to date. In the past, a total of 11,441 meters were drilled in diamond drilling at La Huerta. The previous concession holder completed 7,232 meters (61 holes) of drilling in 2020.

The drill cores from this program were recovered and re-assayed for verification. Axo Copper itself commenced Phase I drilling in late 2023 and completed 4,209 meters (28 holes). A drill rig is currently on site and is commencing initial drill holes targeting the main La Huerta Trend (“LHT”) around the Las Marias Zone.

Jonathan Egilo, President and CEO, commented, “The upcoming drill program will be the largest and most ambitious to date at La Huerta as we look to build on the excellent high-grade results from previous programs while exploring for new discoveries in our largely unexplored land package in the region.”

Axo Copper Aims to Build on Previous Drilling Successes

Axo Copper’s current Phase II drill program is designed to build on and expand the success of previous drilling. Selected results from the historic 2020 program include hole C-001 with an intercept of 13.7 meters grading 5.03% copper and G-008 with an intercept of 9.50 meters grading 6.63% copper. Results from Axo’s Phase I program included LHCC-23-023, which intersected 15.4 metres grading 3.86% copper, including 7.6 metres grading 7.37% copper, and LHCC-23-022, which intersected 8.9 metres grading 5.87% copper, including 3.7 metres grading 13.45% copper.

The projection drawing shows a 1,000-meter section of the La Huerta Trend with traces of historical small-scale mining at Las Marias by Axo Copper — Figure 1: The projection drawing shows a 1,000-meter section of the La Huerta Trend with traces of historical small-scale mining at Las Marias. The red dashed lines indicate the zones that will be the focus of drilling in the current campaign.

Surface soil sampling has so far explored a 5-kilometer section of the mineralized trend. Source: Axo Copper — *Figure 2: Surface soil sampling has so far explored a 5-kilometer section of the mineralized trend.*

Axo Copper’s Phase II Drilling Program

The new drilling is planned to test an area of approximately 1 km of strike length to the northeast-southwest from Las Marias and north along strike towards the Cornelio target. The first hole is expected to be completed in approximately two weeks and assay results will be released in the first half of July.

The initial drill holes are designed to intersect the La Huerta trend at relatively shallow depths, within 100 meters below surface, and then extend sequentially to the north towards Punto 3 and Punto 4. While drilling continues to the north, the Company also plans to explore the system at depth, as mineralization has not yet been tested at depths below 200 metres below surface. Testing the depth potential below Las Marias is of particular interest to the Company as the IP geophysical anomaly generated by Las Marias and the surrounding area increases in intensity with depth.

The La Huerta Copper Project is located in southern Jalisco State, Mexico and comprises two concessions totaling 11,331 hectares. The site was active in small-scale mining until 2022, when Axo acquired the rights to the project. Mining was conducted at the surface, with mineralized rock being trucked approximately 30 miles from La Huerta to a nearby processing plant.

Keywords

Mentioned Companies

Disclaimer

I. Information Function and Disclaimer: GOLDINVEST Consulting GmbH offers editors, agencies, and companies the opportunity to publish comments, analyses, and news on www.goldinvest.de. The content serves exclusively for general information and does not replace individual, professional investment advice. It does not constitute financial analyses or sales offers, nor is it a solicitation to buy or sell securities. Decisions made based on the published information are entirely at your own risk. No contractual relationship arises between GOLDINVEST Consulting GmbH and the readers or users, as our information relates exclusively to the company and not to personal investment decisions.

II. Risk Disclosure: The acquisition of securities involves high risks, which can lead to the total loss of the capital invested. Despite careful research, GOLDINVEST Consulting GmbH and its authors assume no liability for financial losses or for the content’s guarantee regarding timeliness, accuracy, appropriateness, and completeness of the published information. Please also note our further terms of use.

III. Conflicts of Interest: In accordance with §34b WpHG and §48f para. 5 BörseG (Austria), we point out that GOLDINVEST Consulting GmbH, as well as its partners, clients, or employees, hold shares in the aforementioned companies. Furthermore, a consulting or other service agreement exists between these companies and GOLDINVEST Consulting GmbH, and it is possible that GOLDINVEST Consulting GmbH may buy or sell shares of these companies at any time. These circumstances can lead to conflicts of interest, as the aforementioned companies compensate GOLDINVEST Consulting GmbH for its reporting.