Location

Azure Minerals Limited (ASX: AZS) (“Azure” or “the Company”) is pleased to report exceptional results from the ongoing sampling program on the Alacrán Project, located in the northern Mexican state of Sonora.

Highlights:

  • Channel sampling of La Morita underground mineralised zones returns:
    • 17m @ 4.3% Cu (includes 2.5m @ 20.5% Cu; 2.2m @ 2.7% Cu & 1.5m @ 3.1% Cu); and
    • 117m @ 0.33% Cu1
  • Surface sampling at several new areas returned bonanza silver grades plus high grades in other metals, including:
SilverOther High Grade MetalsSample Type
2,191 g/t

3.1 g/t Gold

7.5% Lead

1.5% Zinc

5.0 m mine dump trench sample
886 g/t4.9% Copper4.0 m mine dump trench sample
401 g/t5.8% CopperMine dump grab sample
215 g/t1.9 m rock chip channel sample
213 g/t

Outcrop rock chip sample – Mesa de Plata

187 g/t2.5% Copper0.8 m channel sample
186 g/t1.0 g/t GoldMine dump grab sample
161 g/t46.3% Lead1.5m mine dump trench sample
  • Multiple high grade silver values (up to 213g/t Ag) returned from systematic outcrop sampling across Mesa de Plata zone

Azure’s Managing Director, Tony Rovira, stated: “While the IP and soil sampling surveys are in progress at La Morita and San Simon, we’ve continued our exploration activities across the wider Alacrán property. Results continue to exceed our expectations, with several new areas returning strong precious and base metal mineralisation which we are following up.

“Specifically, at the Mesa de Plata prospect, which is located nearby to San Simon, we’ve discovered an extensive new zone of high grade silver mineralisation at surface, where almost every sample returned silver grades in the 30g/t to 100g/t range, and even up to 213g/t.

“In addition, high silver, copper, lead and zinc assays, including bonanza silver grades, have been returned from sampling around newly identified, artisanal mine workings in the north and east of the Alacrán project area.

“La Morita, San Simon, Mesa de Plata and Palo Seco are all exciting drill targets. We will start drilling there as soon as all the necessary approvals are received, which are expected in July.” 

EXPLORATION ACTIVITIES

Surface mapping and sampling continued across the Alacrán property, identifying several new areas prospective for precious and base metal mineralisation (see Figures 1 & 2).

Mesa de Plata

Mesa de Plata is located approximately one kilometres northwest of San Simon, and forms a large plateau of outcropping vuggy silica. Its prospectivity was initially identified by grid soil sampling, with 50 metre spaced samples on 200 metre spaced lines.

Portable XRF analyser readings of soil samples returned strongly elevated values of silver (up to 64ppm Ag), lead (up to 5,929ppm Pb) antimony (up to 5,251ppm Sb) and bismuth (up to 877ppm Bi) . These are all pathfinder elements indicative of epithermal mineralisation.

A 500 metre long traverse, collecting 15 channel samples of outcrop across the plateau, was undertaken to follow-up the anomalous soil samples. Consistently high grades of silver were returned from all samples, ranging from 16g/t Ag to 213g/t Ag, and averaging 63g/t Ag.

Similarly, elevated levels of the pathfinder elements were returned from the outcrop sampling (up to 1.13% Pb, >4,000ppm Sb and 1107ppm Bi).

The vuggy silica outcrop that caps the plateau is an intensely silicified, flat-lying volcanic unit, approximately 20 metre to 30 metre thick and covering about 15 hectares in area. Similar silica-capped ridges occur further to the north, and Azure is currently undertaking exploration in these areas by extending the soil sampling grid and undertaking additional outcrop sampling.

The Company is currently planning a drill program to test the grade, thickness and lateral extent of this vuggy silica unit.

No historical mine workings or evidence of modern exploration activities have been observed in the Mesa de Plata area.

La Morita

Final assays have been received from the systematic sampling of the La Morita underground mine workings.

Sampling of the northeast-trending off-shoot tunnel near the end of the adit returned high grade copper assays from exposures hosting moderate to abundant exotic copper mineralisation and mixed sulphide mineralisation. This tunnel returned 17m @ 4.26% Cu, with the better individual channel samples returning 2.5m @ 20.48% Cu, 2.2m @ 2.71% Cu and 1.5m @ 3.12% Cu.

In addition, final assays from sampling of the main tunnel extended the continuous mineralised length to 117m @ 0.33% Cu. This mineralised zone contains variable amounts of copper oxide mineralisation.

Geological controls and orientations of La Morita mineralisation are not confirmed at this time. However the presence of significant lengths and widths of copper mineralisation in the adit and the cross-cutting tunnels indicate that it is extensive in at least two dimensions.

The next stage of exploration at La Morita will comprise drill testing down dip extensions of the mineralised zones.

North East Alacrán

Reconnaissance exploration was extended out from the Santa Barbara prospect in the northern and eastern parts of the property. This identified several occurrences of old artisanal mine workings containing visible alteration and base metal mineralisation in and around the workings and on the old mine dumps.

Grab and channel sampling around these workings returned some very high silver assays (up to 2,191g/t Ag), with strong grades of copper (up to 5.8% Cu), lead (up to 46.34% Pb) and zinc (up to 3.38% Zn).

Further detailed mapping and sampling work is required to determine the prospectivity for significant mineralisation in these areas.

Induced Polarisation and Soil Sampling

The Induced Polarisation (IP) survey and detailed soil sampling program covering the northwestern part of the Alacrán property have been completed and final results are awaited. These results, together with results from the mapping and surface sampling, will be used to target drill holes in the upcoming drill program.

BACKGROUND

Alacrán is located in northern Mexico approximately 50km south of the USA border. The property covers 54km2 of highly prospective exploration ground in the middle of the Laramide Copper Province. This is one of North America’s most prolific copper-producing districts, extending from northern Mexico into the southern United States.

Alacrán lies in close proximity to several large copper mines, including being 15km from the world class, giant Cananea Copper Mine. Annual copper production capacity at Cananea is expected to reach 510,000 tonnes in 2015.

Azure has signed an Agreement with Minera Teck S.A. de C.V. (“Teck”), a Mexican subsidiary of Teck Resources Limited to acquire 100% of the property, subject to an underlying back-in right retained by Teck and a 2% NSR retained by Grupo Mexico S.A.B.de C.V.; (refer ASX release dated 07/01/15). Teck is Canada’s largest diversified resource company. Grupo Mexico is Mexico’s largest and one of the world’s largest copper producers.

-ENDS-

For further information, please contact:

Tony Rovira
Managing Director
Azure Minerals Limited
Ph: +61 8 9481 2555
 
Media & Investor Relations
Rupert Dearden / Richard Glass
Citadel-MAGNUS
Ph:+61 8 6160 4903
Mob: +61 422 209 889

or visit www.azureminerals.com.au

Information in this report that relates to Exploration Results is based on information compiled by Mr Tony Rovira, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Rovira is a full-time employee and Managing Director of Azure Minerals Limited. Mr Rovira has sufficient experience which is relevant to the styles of mineralisation and types of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Rovira consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Information in this report that relates to previously reported Exploration Results has been crossedreferenced in this report to the date that it was reported to ASX. Azure Minerals Limited confirms that it is not aware of any new information or data that materially affects information included in the relevant market announcement.

Original Article including Maps and Figures: http://www.azureminerals.com.au/azs//assets/2015/06/Bonanza-Assays-from-Alacran-150603.pdf

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Layne, A Granite Company, provides sustainable solutions for water resources and mineral exploration. Originally established in 1882, Layne offers a rich history of delivering safe, professional, and reliable water and minerals solutions throughout North and South America. Granite acquired Layne and its subsidiaries in the fall of 2018, to further Granite’s strategy to grow through acquisition and diverse end market expansion.