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Azure Minerals Ltd.
Summary
| Project: | Alacran | |
|---|---|---|
| Deposit: | Alacran | |
| Location: | Mexico | |
| Commodities: | Copper | |
| Date: | 5/6/2019 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 6-5-2019: Azure Minerals Ltd. announces an Exploration/Drilling Update report for its Alacran deposit at the Alacran project. Drilling results incl. 177.3m @ 0.21% Cu from 587.20m . Azure Minerals Limited (ASX: AZS) (“Azure” or “the Company”) is pleased t | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Tony Rovira (Internal) | |
| ABSTRACT: | Azure Minerals Limited (ASX: AZS) (“Azure” or “the Company”) is pleased to provide an update on results from its 100%-owned Alacrán project (“Alacrán” or the “project”) located in Sonora, Mexico. Project operator Minera Teck S.A. de C.V. (“Teck”), a 100%-owned subsidiary of Canada’s largest diversified resource company, Teck Resources Limited, is currently earning back into the project. Work conducted during 2018 represents the second year of activity in a total four-year program which entitles Teck to earn back a 51% share of the project by sole-funding US$10 million of exploration expenditures and making cash payments to Azure totalling US$500,000. Upon reaching an initial 51% interest in the project, Teck may further increase its interest to 65% by sole funding an additional US$5 million in expenditures over a further two years and making cash payments to Azure totalling an additional US$1.5 million. Teck’s Year 2 work program comprised geological, geochemical and geophysical surveys, followed by the Phase 2 diamond drilling campaign. The major focus of the drilling was testing the porphyry copper potential at Cerro Alacrán with other targets including epithermal precious metals targets at Cerro San Simon and Cerro Colorado. At Cerro Alacrán, several drill holes intersected broad zones (greater than 100m drill width) of porphyry-style copper mineralisation containing low to moderate copper grades. Better drill intercepts include | |
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