04:30 PM EDT, 07/16/2024 (MT Newswires) -- Arizona Sonoran Copper Company ( ASCUF ) , on Tuesday released an updated Mineral Resource Estimate (MRE) for the Cactus brownfield copper project in Arizona.

The company's new estimate for the site pegs the measured and indicated copper resource at 7.3-billion pounds, with an inferred resource of 3.8-billion pounds.

The company also noted drilling confirmed the Parks/Salyer and MainSpring deposits are a single ore body and is now referring to it only as Parks/Salyer.

"The new Parks/Salyer deposit, inclusive of MainSpring could be transformational for the Company as we foresee the opportunity to right size a larger operation and rescope Parks/Salyer to an open pit mine. The pending result would lead to reduced mining execution risks and lowered operating costs which could manifest themselves in improved Project economics," chief executive George Ogilvie said in a release.

The company's shares closed up $0.10 to $1.47 on the Toronto Stock Exchange.