Location

Mineral Resource Estimate Progressing Well

HIGHLIGHTS:

  • Further impressive assays received from final West Zone resource drill holes; including:
    • 10.85m @ 14.39% Zn+Pb in OPDH-142
    • 4.10m @ 17.34% Zn+Pb in OPDH-097
    • 4.95m @ 13.05% Zn+Pb in OPDH-109
    • 3.60m @ 15.60% Zn+Pb in OPDH-155
  • OPDH-142 is located in the northeastern part of the West Zone and opens up potential for additional thick, high grade mineralised extensions in this area
  • Massive sulphide mineralisation confirmed in the overlying Candelaria Formation
  • Mineral resource estimate in progress and on track to be completed in June 2018

Azure Minerals Limited (ASX: AZS) (“Azure” or “the Company”) is pleased to announce the final assay results for its 100%-owned Oposura zinc-lead-silver project following the completion of the resource drill-out of the West Zone (refer Figure 1).

A highlight of the latest assay results is the intersection of 10.85 metres @ 14.39% Zn+Pb in drill hole OPDH-142 located on the northeastern edge of the West Zone resource drilling pattern (refer Figure 2). There is currently no drilling immediately to the northeast of hole OPDH-142 providing an opportunity for additional mineralised extensions in this direction.

The mineralisation intersected in OPDH-142 is situated at a depth of only 100m below surface, and it can be accessed with less than 200 metres of level mine development through mineralisation from where the mineralised zone outcrops.

This highlights the advantages provided by the flat-lying nature of the mineralisation in both the East and West Zones at Oposura.

Confirmation of the presence of massive sulphide mineralisation within the upper Candelaria Formation provides an opportunity to identify and potentially exploit mineralisation additional to that which is typically hosted within the underlying Arenillas Formation.

Drill hole OPDH-056 (refer Figure 3) intersected 2.8 metres at 19.0% Zn+Pb from a depth of 12.30 metres in the Candelaria formation as well as 3.7 metres at 15.59% Zn+Pb from 78.25 metres in the Arenillas formation.

Furthermore, it has been confirmed that historical exploratory underground mine workings elsewhere on the Oposura property accessed only outcropping Candelaria-hosted mineralisation and did not exploit underlying Arenillas-hosted mineralised zones. This provides Azure with the opportunity to identify buried, Arenillas-hosted mineralisation with further drilling.

Azure’s managing director Mr. Tony Rovira stated: “Pleasingly, assays from the final drilling into the West Zone continue to identify thick, high grade mineralisation, with potential extensions still to be tested by future drilling. Furthermore, confirmation of the presence of mineralisation within the overlying Candelaria Formation provides additional opportunities, particularly when this knowledge is combined with information from historical mining at Oposura that indicates that potential Arenillas-hosted mineralisation remains untested.”

As with the East Zone, where the terrain rises to the north above the West Zone mineralisation (refer Figures 3), underground mining is expected to be carried out using a simple room and pillar mining method utilising industry-standard mechanised mining equipment. Some thick mineralised intersections in the West Zone comprise narrow bands of very high-grade mineralisation separated by lower grade or waste material.

Azure’s studies indicate that some of these thick mineralised zones may be more suitable to a “bulk” mining approach rather than “selective” mining, thereby reducing unit operating costs and maximising resource recovery. Metallurgical testwork results support this option.

MINERAL RESOURCE

The Oposura West Zone mineral resource drill-out comprised 68 diamond core holes totalling 5,218.05m. Refer to ASX announcement dated 22 March 2018 and Table 2 in this report for all significant mineralised drill intersections from Oposura West Zone.

The Oposura mineral resource estimate is expected to be completed this month.

Figure 1: Oposura drill hole locations and geology
 
Figure 2: Oposura West Zone drill hole locations
 
Figure 3: Cross Section A-AA looking northwest through the West Zone
 
 
TABLE 1: Significant mineralised drill intersections from Oposura West Zone (since the ASX announcement dated 22 March 2018)
 
 
Table 2: Location data for holes drilled in the Oposura West Zone (since the previous ASX announcement dated 22 March 2018)
 
-ENDS-
For enquiries, please contact:
 
Tony Rovira
Managing Director
Azure Minerals Limited
Ph: +61 8 9481 2555
Media & Investor Relations
Michael Weir / Cameron Gilenko
Citadel-MAGNUS
Ph: +61 8 6160 4903
 
 
Competent Person Statements:
 
Information in this report that relates to Exploration Results for the Oposura Project is based on information compiled by Mr Tony Rovira, who is a Member of The Australasian Institute of Mining and Metallurgy and fairly represents this information. Mr Rovira has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Rovira is a full-time employee and Managing Director of Azure Minerals Limited and 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 crossed-referenced in this report to the date that it was originally 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 announcements.
 
 

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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.