Azure attracts North American support

Mexican focused precious and base metals explorer, Azure Minerals has reached...

  Mexican focused precious and base metals explorer, Azure Minerals has reached agreement to raise A$1.0m through the placement of 8.33 million ordinary shares at A$0.12 per share to a North American institutional investor.Azure's Executive Chairman, Tony Rovira said the funds raised will be used to continue the company's exploration programs in Mexico, particularly on the Pozo de Nacho and Los Chinos projects. “Our Pozo de Nacho molybdenum project is showing a lot of promise,” Mr Rovira said. “We are confident the next round of drilling will provide us with the information necessary to complete an initial Mineral Resource calculation by the fourth quarter of this year.” Mr Rovira said the North American capital markets remain a key priority in providing long-term support for Azure’s growth objectives. “Participation in Azure from this leading North American institutional investor is particularly pleasing, indicating their confidence in our programs and potential for success, and positions us well for further inroads in this market,” he said. At Pozo de Nacho, Azure has discovered a large body of molybdenum mineralisation. The company’s next diamond drilling program will commence shortly, targeting higher-grade zones and extensions of the current mineralisation. It is expected this will provide the further information required for an initial resource estimate at the project. Azure is also planning a second phase of drilling at Los Chinos. The company’s first drilling program discovered extensive zinc-rich polymetallic mineralisation with wide intercepts and high grades. All twelve drill holes intersected zinc mineralisation, with silver, lead, gold and copper credits also present.