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Azure Minerals Ltd.
Summary
| Project: | Promontorio | |
|---|---|---|
| Deposit: | Promontorio | |
| Location: | Mexico | |
| Commodities: | Copper-Gold-Silver | |
| Date: | 1/13/2017 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 13-1-2017: Azure Minerals Ltd. announces an Exploration/Drilling Update report for its Promontorio deposit at the Promontorio project. Drilling results incl. 194.5m @ 0.05g/t Au, 1.2g/t Ag, 0.15% Cu from 1312.5m. Azure Minerals Limited (ASX: AZS) (“Azure” | |
| Resources: | (Resource, Total): 2.9Mt @ 1.4% Cu, 1.6g/t Au, 35g/t Ag at Promontorio project total | |
| CP/QP: | [Overall Report]: Tony Rovira (Internal) | |
| ABSTRACT: | Azure Minerals Limited (ASX: AZS) (“Azure” or “the Company”) provides results of the 2016 drilling program at the Promontorio Project (“Promontorio” or the “Project”) and advises that Kennecott Exploration Mexico S.A. de C. V. (“Kennecott”) has elected not to complete the Stage 2 commitments of the Earn in and Joint Venture Agreement (“Agreement”) required to earn a 51% interest in the Project. Azure retains 100% ownership and has resumed control of all activities. Kennecott, part of the Rio Tinto Group, has been conducting exploration programs over Promontorio since early 2015, with total expenditure of approximately US$4.0 million. While the results of these programs have confirmed the prospectivity of Promontorio, including the presence of a copper mineralised porphyry system, Azure understands they don’t meet the requirements of the Rio Tinto Group to progress with further exploration activity. As a result, and pursuant to the terms of the Agreement, Azure has resumed operational control of Promontorio and is currently assessing the drilling and exploration data provided by Kennecott before making plans for the next stage of exploration work. | |
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