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AZURE MINERALS LIMITED

ASX: AZS

The data on Australian Shares.com is intended as a guide only and is compiled from information in the public domain. Data on this website should not be used to make an investment or trading decision.

Description

Azure Minerals, through its wholly-owned Mexican subsidiary Minera Piedra Azul SA de CV, has implemented a continuous program of regional exploration, target identification and project acquisition in northern Mexico in order to acquire 100%owned properties prospective for the discovery and development of precious and base metal deposits. The effectiveness of this program is enhanced by the presence of Azure's exploration and administration office in Hermosillo, the capital of Sonora.

Azure is committed to short term value-added growth by advancing its high grade Promontorio copper-gold-silver project to production. The Promontorio deposit has a JORC Code resource of 502Kt @ 4.7% copper, 2.1g/t gold & 99g/t silver.

Promontorio contains 23,400 tonnes of copper, 34,000 ounces of gold and 1,600,000 ounces of silver. There is excellent potential to significantly expand the resource through further drilling along strike and at depth.

Metallurgical testwork has returned very positive results indicating that a low risk processing route utilising conventional crushing, grinding and flotation technologies will produce a high grade copper concentrate with strong gold and silver credits.

Economic evaluation indicates that Promontorio can be developed and operated at a profit, with the high grade of the mineralisation providing a significant positive margin over operating costs, especially at today's metal prices.

Regional exploration around Promontorio has also identified several occurrences of epithermal quartz veining containing economically interesting gold and silver grades. These vein systems warrant further exploration, including drilling.

Elsewhere Azure has a Joint Venture with the Japanese government corporation JOGMEC to target large porphyry copper deposits on Azure’s 100%-owned La Tortuga and Los Nidos properties. JOGMEC is sole-funding the first US$3M of exploration expenditure within 3 years to earn a 51% interest in this project.

Azure has also entered into a Joint Venture with the Australian copper miner OZ Minerals Ltd to target large porphyry copper deposits on Azure's 100%-owned San Eduardo property. OZ Minerals is sole-funding the first US$3M of exploration expenditure within 3 years to earn a 51% interest in this project. It may then increase its ownership to 70% by spending a further US$10M.

Azure acquired ownership of the El Tecolote project as part of a property swap and joint venture termination agreement with Kiska Metals Corp (formerly Geoinformatics Exploration Inc). The historical El Tecolote Copper-Zinc-Silver Mine was a significant mining and processing venture operated by Grupo Mexico, Mexico's largest mining company. Production from this mine is recorded as approximately one million tonnes @ 1.8% copper, 6.9% zinc and 50g/t silver. Production ceased in 1984 due to low metals prices at that time. Potential for substantial mineralisation remains around the old mine workings and elsewhere within the property.

In addition, Azure holds numerous other 100%-owned properties and is seeking farm out / sale opportunities for these non-core properties.

Mine For

copper, gold, silver, zinc

Location of operation(s)

Mexico

Address

Level 1 , 30 Richardson Street
WEST PERTH, WA, AUSTRALIA

Phone

08 9481 2555

Email

Website


Last Updated

3/5/2011

 

The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.