AZURE ACQUIRES HIGH GRADE COPPER-GOLD-SILVER RESOURCES IN MEXICO
Azure Minerals Limited (ASX: AZS) is pleased to announce that it has reached agreement to purchase 100% ownership of the Promontorio Project, located in the state of Chihuahua, Mexico.
The project contains the high grade Promontorio copper-gold-silver deposit, the Cascada gold prospect, and other metal occurrences indicative of an extensive mineralisation system.
(*) ASX waiver granted for disclosure of non-JORC Code compliant resource. See Appendix A.
HIGHLIGHTS:
Drilling has intersected wide intervals of high grade copper, gold and silver mineralisation, with better intercepts including:
From the Promontorio deposit: • 19.8 metres @ 7.7% copper & 4.11g/t gold from 80.8 metres • 16.8 metres @ 7.9% copper, 3.36g/t gold & 121g/t silver from 100.3 metres • 12.8 metres @ 8.0% copper, 3.50g/t gold & 87g/t silver from 66.1 metres • 10.5 metres @ 9.4% copper, 6.96g/t gold & 154g/t silver from 115.0 metres
From the Cascada prospect: • 7.6 metres @ 19.8g/t gold from 56.4 metres • 48.4 metres @ 1.47g/t gold from 4.6 metres • 24.4 metres @ 1.86g/t gold from surface
Azure has the option to acquire 100% ownership of the Promontorio Project with payments totalling US$2.5 million staged over four years. There are no royalties payable on these properties.
Azure Minerals’ Executive Chairman, Mr Tony Rovira, said that this acquisition will deliver full ownership of a high grade and potentially very profitable copper-gold-silver project at a time when all three commodities are at near-record high prices.
“This strategic acquisition meets our objective to secure a high quality, advanced stage project with early cash flow potential which will be complemented by our existing portfolio of Mexican exploration assets,” said Mr Rovira.
“This is the right project to fast-track Azure to the next stage of development. With high grades, multiple ore zones and excellent potential to expand the existing historical resource, we believe that Promontorio has all the characteristics of a deposit ready to be developed into a successful mining operation,” he said.
Azure will commence an 8,000 metre diamond drilling program to complete a JORC-compliant resource estimate, to expand the resource along strike and at depth, and to test other areas of known mineralisation within the project area. The Company will also start a formal program of metallurgical testwork and other requirements necessary to fast-track a pre-feasibility study.
AZS Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
