Azarga Metals Announces Mineral Resource Estimate FOR the Marg Project, Central Yukon
AZARGA METALS CORP.
UNIT 1 – 15782 MARINE DRIVE, WHITE ROCK, B.C. V4B 1E6, CANADA
www.azargametals.com
FOR IMMEDIATE RELEASE TSX-V: AZR
AZARGA METALS ANNOUNCES MINERAL RESOURCE ESTIMATE FOR THE MARG
PROJECT, CENTRAL YUKON
September 8, 2025 – Vancouver, B.C. – AZARGA METALS CORP. ("Azarga Metals" or the
“Company”) (TSX-V:AZR) is pleased to report an independent Mineral Resource estimate
prepared in accordance with National Instrument 43 -101 Standard of Disclosures for Mineral
Projects ( “NI 43 -101”) for its high-grade, copper rich Volcanogenic Massive Sulfide
(“V\MS”) Marg project (the “ Marg Project ”) located in Central Yukon, Canada.
Highlights of the Marg Project Mineral Resource include:
• 2025 Mineral Resource at 0.5% copper equivalent1 (“CuEq”) cut-off of:
Category Tonnage
Mt
Cu
%
Pb
%
Zn
%
Ag
g/t
Au
g/t
CuEq1
%
Indicated 4.3 1.3 1.7 3.2 42 0.66 2.9
Inferred 10.0 1.0 1.3 2.6 33 0.54 2.3
Significant opportunity to expand the scale of Marg Project with:
• Marg Project e xtension s: The Marg deposit remains open to the east , west and
down dip, indicating significant potential to expand the Mineral R esource.
• Additional VMS deposits: Geophysical surveys, surface mapping and additional
surface minerali zation occurrences at the Jane zone, indicat ing considerable
prospectivity for additional VMS minerali zation outside of the Marg deposit but within
the Marg property .
Gordon Tainton, President and CEO commented: “The results of the Marg Mineral Resource
estimate are highly encouraging. Not only do they validate the Marg Project as a high- grade,
copper rich VMS deposit, but the data review also highlights the significant potential to increase
the size of the Mineral Resource with additional drilling and sampling. We truly believe the Marg
Project has the potential to become a district scale asset. The deposit remains open to the east
and the west, as well as at depth down dip. In addition, the Jane Zone, located west of the Marg
deposit, indicates significant prospectivity for additional VMS mineralisation.
Further validating the district scale potential are the results of an induced polarization survey
previously completed by the Company that identified an additional zone of interest north of the
Marg deposit. With one fold hinge currently interpreted within the Marg deposit , there is also
potential for a further synclinal hinge deeper in the sequence. This presents potential for higher
grade and thicker zones that could be defined down dip of the Mineral Resource. These present
key exploration targets within the Marg deposit.
1 CuEq is defined in the “Mineral Resource Update” section of this press release.
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AZARGA METALS CORP.
UNIT 1 – 15782 MARINE DRIVE, WHITE ROCK, B.C. V4B 1E6, CANADA
www.azargametals.com
The Mineral Resource is a key milestone for the Company and will form the basis for further
geophysical & geotechnical exploration , including drilling . We look forward to advancing Marg
with the core objective to generate long-term value for our stakeholders.”
A Technical Report documenting the Mineral Resource will be filed on SEDAR+
(www.sedarplus.ca) and will also be available on the Company's website
(www.azargametals.com ). The following sections present a brief summary of the Mineral
Resource documentation along with some further comments on exploration prospectivity.
Mineral Resource Update
The 2025 Mineral Resource builds upon the h istoric Mineral Resource model, extending the
interpreted mineralised domain extent using a 0.5% CuEq cut -off grade and simplifying the
structural model by removing the previous use of dual cut-offs.
Table 1 presents the Mineral Resource at the selected 0.5% CuEq cut -off and Table 2 presents
further information at alternative cut-off thresholds.
Table 1 2025 Mineral Resource at 0.5% CuEq cut -off
Category Tonnage
Mt
Cu
%
Pb
%
Zn
%
Ag
g/t
Au
g/t
CuEq
%
Indicated 4.3 1.3 1.7 3.2 42 0.66 2.9
Inferred 10.0 1.0 1.3 2.6 33 0.54 2.3
Copper Equivalence (CuEq) has been used for interpretation and reporting purposes since the
deposit has five potentially economic elements of significance.
CuEq% is calculated as:
• CuEq% = Cu% + 0.1·Pb% + 0.25·Zn% + 0.62·Au (g/t) + 0.007·Ag (g/t)
Metal price and recovery assumptions include:
• Copper: US$9,100/t; 80% recovery, 96.5% payable
• Lead: US$1,900/t; 50% recovery, 75% payable
• Zinc: US$2,600/t; 80% recovery, 85% payable
• Gold: US$3,000/oz; 50% recovery, 90% payable
• Silver: US$32/oz; 50% recovery, 90% payable
• Metal prices are based on rounded three month average metal prices at April 2025
• Recovery and payability assumptions from the last metallurgical assessment in 2016
Previous economic assessments indicate that the Marg deposit has potential for both open pit
and underground development. However, the selective sampling practices used historically ,
focused primarily on visually high- grade material that limit the confidence in assessing near -
surface low-grade potential for open pit scenarios.
Metallurgical testwork suggests that the deposit is amenable to differential flotation, producing
copper, lead, and zinc concentrates, with gold and silver reporting to the sulphide concentrates.
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AZARGA METALS CORP.
UNIT 1 – 15782 MARINE DRIVE, WHITE ROCK, B.C. V4B 1E6, CANADA
www.azargametals.com
Table 2 Marg grade tonnages by variable copper equivalent cut -offs
Classification Cut-off
CuEq % Mt Cu
%
Zn
%
Pb
%
Ag
g/t
Density
t/m3
Indicated
0.00 4.3 1.3 3.2 1.7 42 3.5
0.25 4.3 1.3 3.2 1.7 42 3.5
0.50 4.3 1.3 3.2 1.7 42 3.5
0.75 4.3 1.3 3.2 1.7 42 3.5
1.00 4.2 1.3 3.2 1.7 42 3.5
1.50 3.8 1.4 3.4 1.8 44 3.6
2.00 3.0 1.5 3.8 2.0 48 3.7
2.50 2.5 1.7 4.1 2.2 51 3.7
3.00 2.1 1.8 4.3 2.3 54 3.8
Inferred
0.00 10.2 1.0 2.6 1.3 32 3.4
0.25 10.1 1.0 2.6 1.3 32 3.4
0.50 10.0 1.0 2.6 1.3 33 3.4
0.75 9.8 1.0 2.7 1.3 33 3.4
1.00 9.4 1.0 2.8 1.3 34 3.4
1.50 7.8 1.1 3.0 1.5 37 3.5
2.00 5.7 1.2 3.4 1.7 42 3.5
2.50 3.9 1.4 3.8 1.9 47 3.6
3.00 2.3 1.5 4.4 2.1 53 3.8
Previous Work
A historic Preliminary Economic Assessment was completed on the Marg Project in 2016 by
a previous operator . Though the NI43- 101 report was issued it is not publicly available on
Sedar Plus as the previous operator was a private entity. The historic work outlined potential
for both open pit development near surface and underground development target and is
further discussed in the updated technical report.
Introduction
The Mineral Resource for the Marg Property, is prepared for Azarga Metals Corp. (AMC) by
independent consultants at IMC Mining Pty Ltd (IMC) and is documented in the NI43 -101
technical report. This builds upon previous studies, including the 2016 Preliminary Economic
Assessment (PEA) and a 2015 JORC scoping study, both of which also involved IMC.
The Marg Property is a volcanogenic massive sulphide (VMS) deposit located in the Central
Yukon, approximately 40 km east of Keno City. According to the property's claims history, Azarga
acquired a 100% interest in the 400 mineral claims, which cover approximately 8,400 hectares,
in July 2025 (Figure 1).
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AZARGA METALS CORP.
UNIT 1 – 15782 MARINE DRIVE, WHITE ROCK, B.C. V4B 1E6, CANADA
www.azargametals.com
The deposit was first identified by the Geological Survey of Canada in 1965, with extensive
exploration, including 119 diamond drill holes, conducted by various companies between 1965
and 2008. This historical work is considered to be of good quality and meets industry standards.
Figure 1 Marg mineral claim outline and deposit location
Deposit Geology
The Marg deposit is located towards the northwestern part of the Marg property and is hosted
within a 12 km belt of felsic volcanic rocks belonging to the Devono- Mississippian Earn Group
(Figure 2).
The Marg deposit indicates a complex structural history involving several phases of folding that
has deformed the original massive sulphide layers into a series of sub -parallel lenses. These
sulphide layers reach up to 23 metres in thickness within the core fold hinge and have been
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AZARGA METALS CORP.
UNIT 1 – 15782 MARINE DRIVE, WHITE ROCK, B.C. V4B 1E6, CANADA
www.azargametals.com
defined by drilling over a strike length of 1.4 km and a down-dip distance of 700 m (see Figure 3
and 4).
Figure 2 Local geological plan of the Marg property (northern claim area)
The Marg property includes some other surface mineralisation showings, such as the Jane Zone
(Figure 2). Geophysical surveys and additional surface mineralisation occurrences indicates
considerable area of prospective geology for additional VMS minerali zation outside of the Marg
deposit but within the Marg property.
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AZARGA METALS CORP.
UNIT 1 – 15782 MARINE DRIVE, WHITE ROCK, B.C. V4B 1E6, CANADA
www.azargametals.com
Figure 3 Marg schematic geology and mineralisation in plan view
Figure 4 Marg schematic geology and mineralisation in cross section at 525900mE
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AZARGA METALS CORP.
UNIT 1 – 15782 MARINE DRIVE, WHITE ROCK, B.C. V4B 1E6, CANADA
www.azargametals.com
The most recent geophysical work completed by the company included an induced polarization
survey (Figure 5), which identified an additional zone of interest at the Marg Project. Zone A, lying
to the north of Zone B (the current Mineral Resource), and is interpreted as the probable “up-dip”,
near surface mineralized Marg horizon.
Figure 5 Marg deposit area induced polarization survey targets
Drilling
The Marg Property has been explored by nine diamond drilling programs in 1988, 1989, 1990,
1996, 1997, and 2005, 2006, 2007 and 2008 for a total of 119 completed drill holes. 115 of these
holes for 33,620 m define the Marg deposit with mineralisation over a 1.4 km trend distance, a
down dip distance of 700 m and across a stratigraphic thickness of approximately 100 m.
Data Verification
The four drilling programs completed in 2005, 2006, 2007 and 2008 included adequate QAQC
programs with acceptable results. Earlier drilling and processes were adequately documented and
statistically provided similar tenor results to later drilling.
Since the completion of drilling in 2008 there have been several NI 43-101 and JORC reports
completed for Marg, each included data review, site inspections and verification. They include:
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AZARGA METALS CORP.
UNIT 1 – 15782 MARINE DRIVE, WHITE ROCK, B.C. V4B 1E6, CANADA
www.azargametals.com
• Copper Ridge 2011 NI 43-101 report
• Redtail 2013 NI 43-101 report
• MinQuest 2015 JORC Scoping Study
• Revere Development Corporation 2016 PEA NI 43-101
This process has been revised for the current update. None of these reviews indicate significant
issues and concluded the data is suitable for resource evaluation purposes.
Independent verification sampling program for 25 drill intervals was completed in 2013 and
provided adequate repeatability.
For the current Mineral Resource technical report Ms Deborah James , P.Geo and Mr Gordon
Tainton visited the Marg Property on June 20, 2025. They reviewed the reports, drill core, flew
over the drill hole collars and noted visual corroboration of the drilling, drill orientation and
mineralisation. Two samples were collected from two different mineralised intervals to confirm the
tenor of mineralization. The samples are not duplicates. The samples were kept under the
supervision of Ms James and delivered to t he Bureau Veritas preparation lab facility in
Whitehorse. The results support the tenor of grades expected despite some evidence of oxidation.
Estimation Method
The Mineral Resource is based on an interpretation of structural folded stacked arrangement VMS
lenses. Interpretations were based on a 0.5% CuEq cut-off and a minimum 2 m downhole length.
A block model was constructed to represent the interpretation with sizes suitable for underground
or open pit assessed and grade as for Cu, Pb, Au, Ag and Zn were estimated using Ordinary
Kriging.
An increase in the amount of Inferred and Indicated Mineral Resource has been realized in due
to multiple factors.
• The previous approach undertaken in 2015 and 2016 interpret both a high-grade zone >2%
CuEq and an enclosing broad 0.5% CuEq. Simplifying the interpretation to a single 0.5% CuEq
removed some excessive dilution and simplified the structural interpretation.
• The previous broad low grade interpretations excluded many down dip extensions which are
now incorporated.
• Metal prices are now significantly higher than used in 2016 and more heavily weight Au, Ag
and Cu for the copper equivalence calculation.
Mineral Resource Classification
Classification approach remains unchanged from 2016 and uses a pragmatic and repeatable
approach. The blocks that were estimated in the first pass with 3 drill holes within a 90 m by 60 m
search pattern were used as a guide to defining the area of consistent drill coverage suitable for
Indicated Mineral Resource classification. This was applied, to only the eastern upper and eastern
lower outer high grade zones that demonstrate continuity, by digitising in the extent of the area
and applying it to blocks in the dominant domains (Figure 6).
The extension of the domains for the current estimate does include some areas where a wide drill
spacing is present. Hence for Inferred Mineral Resource a minimum spacing from any drill holes
was used to exclude a few minor internal widely drilled area from the Mineral Resource.