Highlights:
• Approval granted for next phase of drilling on the Alacrán Project
• Diamond drilling has started at Loma Bonita gold-silver prospect
• Drilling also planned for Cerro Enmedio and Cerrro Colorado
Azure Minerals Limited (ASX: AZS) (“Azure” or “the Company”) is pleased to advise that it has received approval for the Phase 4 drilling program at the Alacrán Project, located in the northern Mexican state of Sonora.
Targets to be tested in this program, as shown in Figures 1 & 2, include Loma Bonita (targeting epithermal gold-silver mineralisation), Cerro Enmedio (a geophysical target possibly representing intrusive-related mineralisation), and a newly identified prospect in the southern part of the project area called Cerro Colorado which has potential for porphyry-related mineralisation. The number of holes and meterage to be drilled is dependent upon results.
The first stage of this drilling campaign will be focused on testing the high priority Loma Bonita prospect, where extensive, highly significant gold and silver grades have been identified by surface sampling (ASX: 16 & 21 October 2015). This mineralisation is hosted in residual quartz (both vuggy and strongly silicified) similar to that which hosts the silver mineralisation at Mesa de Plata. The drill rig has been mobilised to site and drilling of the first hole has commenced.
Cerro Enmedio, located between one to two kilometres south of Loma Bonita, presents as a strong IP chargeability anomaly (ASX: 2 July 2015) situated at a depth of between 300m-500m below surface. Azure previously drilled one hole (LM-10) near this area (ASX: 6 October 2015), targeting the southwestern edge of the chargeability anomaly, but due to limitations with the drill rig, the hole was terminated at a down-hole depth of 290m, well short of the 500m target. Importantly, the hole intersected rocks with potassic alteration, pyrite mineralisation and abundant quartz veinlets, features that suggest the nearby presence of porphyry style mineralisation. The Company has been granted a permit for the construction of access roads and drill pads in order to test Cerro Enmedio and drilling will be undertaken following the Loma Bonita drilling.
-ENDS-
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.
