Location

KEY POINTS:

  • Results due shortly from 16 diamond holes drilled in 2017 by previous owner
  • Significant sulphide mineralisation (sphalerite and galena) observed in most holes
  • Planning and approvals underway for Azure’s first drilling campaign ahead of a maiden mineral resource estimate

Azure Minerals Limited (ASX: AZS) (“Azure” or “the Company”) is pleased to announce that the planning and approvals process for its upcoming maiden drilling campaign on the newly-acquired Oposura Zinc-Lead-Silver Project (“Oposura”), located in the northern Mexican state of Sonora, is well advanced. Results from this drilling program will be used by Azure to complete a JORC mineral resource estimate for the project.

Meanwhile, assay results from a diamond drilling program undertaken recently by the previous owner are expected shortly. Significant sulphide mineralisation, including massive, banded and disseminated, was observed in most holes.

Prior to the settlement of the acquisition, the previous Oposura owner (Grupo Minero Puma; “Puma”) carried out a 16 hole, 994m diamond drilling program. Puma planned and supervised the drilling, including designing the hole targets, collar locations and orientations (see Figure 1 for hole locations and Table 1 for hole details). The Puma drilling was focused on the eastern end of the Oposura Main Zone and these holes will provide further valuable information on the deposit.

As part of the Company’s due diligence and to ensure that results conform to JORC 2012 guidelines, Azure’s technical team assumed responsibility for surveying, logging, core cutting, sampling and assaying of these drill holes. Samples for all 16 holes were submitted to Bureau Veritas Laboratories in Hermosillo, Mexico. Results are awaited and are expected to be received shortly.

Commenting on the drilling, Azure’s Managing Director, Mr Tony Rovira said, “These drill holes are an added bonus at this early stage of the project. The significant quantities of sulphide mineralisation observed in most holes is very encouraging and will help in our interpretation of the geometry of the deposit. Meanwhile we’re in the process of finalising our application for the drilling permit, and I expect that drilling will commence in early to mid-October.”

Key terms of the acquisition and a summary of the Oposura Project were released to the ASX on 15 August 2017.

Figure 1: Puma drill hole locations and exploration potential of Oposura Projectd
 
Table 1: Location data for all diamond holes drilled by Puma on the Oposura Project
 
For further information, please contact:
Tony Rovira
Managing Director
Azure Minerals Limited
Ph: +61 8 9481 2555
 
Media & Investor Relations
Michael Weir / Richard Glass
Citadel-MAGNUS
PhL +61 8 6160 4903

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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.