Azure acquires high-grade copper-gold-silver resources

Azure Minerals has reached agreement to purchase 100 percent of the Promontorio...

  Azure Minerals has reached agreement to purchase 100 percent 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.Drilling has intersected wide intervals of high-grade copper, gold and silver mineralisation. Better intercepts from the Promontorio deposit included 19.8m @ 7.7% copper and 4.11 g/t gold from 80.8m, 16.8m @ 7.9% copper, 3.36 g/t gold and 121 g/t silver from 100.3m, and 12.8m @ 8.0% copper, 3.50 g/t gold and 87 g/t silver from 66.1m. Better intercepts from the Cascada prospect included 7.6m @ 19.8 g/t gold from 56.4m, 48.4m @ 1.47 g/t gold from 4.6m, and 24.4m @ 1.86 g/t gold from surface. Azure has the option to acquire 100 percent ownership of the Promontorio Project with payments totalling US$2.5m staged over four years. Azure Minerals’ Executive Chairman, Tony Rovira said that the 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,” Mr Rovira said. “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 8,000m 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 said it also plans to start a formal program of metallurgical testwork and other requirements necessary to fast-track a pre-feasibility study. The Promontorio Project is located in the state of Chihuahua within the prolific Sierra Madre Occidental copper-gold-silver mining belt.