Azure Minerals Limited (ASX: AZS) (Azure or the Company) is pleased to announce further exceptional mineralised drill intercepts from the Companys Cascada copper-gold-silver project, located in the Mexican state of Chihuahua.
Assay results from the next batch of six holes confirm that the copper mineralised system at Cascada extends to the east and that there is confirmation of an extensive halo of gold mineralisation surrounding the copper-rich zone.
HIGHLIGHTS
o Extensive gold mineralisation surrounds the copper-rich zone, including:
APR-DD-094: 10m @ 4.6% CuEq
APR-DD-096: 5m @ 4.0% CuEq
APR-DD-097: 9m @ 2.3% CuEq
APR-DD-098: 19m @ 6.0% CuEq
APR-DD-099: 17m @ 2.3% CuEq
o Extensive gold mineralisation surrounds the copper-rich zone, including:
APR-DD-088: 27m @ 1.5g/t Au
APR-DD-094: 87m @ 0.9g/t Au
APR-DD-089: 129m @ 0.7g/t Au
APR-DD-095: 91m @ 0.9g/t Au
APR-DD-090: 90m @ 1.0g/t Au
APR-DD-096: 102m @ 0.5g/t Au
APR-DD-091: 70m @ 1.8g/t Au
APR-DD-097: 31m @ 0.6g/t Au
APR-DD-092: 100m @ 1.0g/t Au
APR-DD-098: 65m @ 0.7g/t Au
APR-DD-093: 114m @ 2.4g/t Au
APR-DD-099: 76m @ 0.5g/t Au
– Gold mineralisation commences at or close to surface
– High grade copper zone remains open along strike and down dip
– Copper mineralisation mostly chalcocite
– Considerable potential to expand the resource with further drilling
Managing Director, Mr. Tony Rovira commenting on the Cascada results stated: These latest drilling results show the exceptional potential of Cascada as it continues to deliver strong copper intercepts. The mineralised system continues to remain open to the east and west and at depth.
Our geologists have also recognised the presence of large intervals of gold mineralisation surrounding the copper-rich zone. It is possible that this gold formed as the result of a separate epithermal mineralising event. There are many large operating gold mines in the district which host similar style and grades of mineralisation. The Company will continue to investigate the potential of this gold mineralisation
RESULTS
Assays have now been received from the first 12 holes of the 18-hole program (see Figure 1 for locations). The most recent batch consists of holes APR-DD-094 to 099, with three holes drilled at different dips on each of two sections (382,410mE & 382,430mE) (figures 2 & 3). Details of drill holes and significant copper and gold mineralised intercepts are contained Tables 1, 2 & 3.
The high grade copper zone has now been intersected on four, 20-metre spaced cross sections, and the mineralisation remains open along strike to the west, east and also down dip. Azure believes there is considerable potential to expand the known boundaries of this mineralised system by additional drilling.
Copper sulphide mineralisation commences at 20 to 30 metres below surface and in the latest holes mostly comprises disseminated chalcocite. Surrounding the copper zone is a widespread halo of low to moderate grade gold mineralisation.
Gold mineralisation commences at or close to surface. In some holes it extends for more than 100 metres down hole, with over 60 metres in horizontal width. While silver has a strong spatial association with copper, gold is present in both the copper- rich zone and the surrounding vuggy silica.
The close-spaced drill pattern may allow Azure to estimate a mineral resource from this first phase drilling program, however further drilling will be required to delineate the strike and depth extensions and to define the boundaries of the overall mineralised system.
BACKGROUND
The Promontorio and Cascada deposits both form separate parts of a high- sulphidation, epithermal system where base and precious metal mineralisation comprises massive, semi-massive and disseminated copper sulphides hosted in vuggy silica and silicified host rocks.
High sulphidation epithermal deposits form above porphyry copper bodies with feeder zones connecting the porphyry and the overlying epithermal system. These types of deposits are common in northern Mexico and south-western US.
Azure believes that beneath Cascada and Promontorio is a porphyry copper body which was the source of the copper, gold and silver mineralisation and is likely to be mineralised in its own right. This makes the Promontorio Project an exciting porphyry copper exploration target.
Future exploration will follow up the depth extensions of the Cascada mineralised system to search for the feeder zone or connection to the porphyry copper target. We are currently working on applying geochemical and geophysical vectors to direct our exploration towards the mineralising source.
Promontorio contains a JORC-compliant Mineral Resource1 (Indicated + Inferred) of:
Resource Classification | Tonnes | CuEq (%) | Cu (%) | Au (ppm) | Ag (ppm) |
Reported Above 0.5% CuEq cut-off | |||||
Indicated | 610,000 | 4.4 | 2.7 | 1.7 | 56 |
Inferred | 230,000 | 3.3 | 1.8 | 1.5 | 56 |
Total | 840,000 | 4.1 | 2.5 | 1.6 | 56 |
