Azure Minerals Limited (ASX: AZS) (“Azure” or “the Company”) is pleased to announce that it has found several extensive zones of visible copper mineralization and historical mine workings at the La Morita prospect, located at the Alacrán Copper Project.
In addition to finding the La Morita mine workings, Azure has recovered historical information from the archives of the Mexican Government, internal records of several mining companies, and research theses from various universities, relating to previous exploration activities at Alacrán. A review of this information has highlighted additional prospective areas of the project.
- Six historical mine workings have been found at La Morita with visible outcropping copper mineralization
- Prospectivityof Alacrán to host large copper deposits has been significantly enhanced with important technical data recovered from historical records and archives
- Government geophysical (IP) survey from 1981 identified strong anomalies around the La Morita mine workings, indicative of sulphide mineralization at depth, with no follow-up exploration undertaken
La Morita Copper Mine Workings
Geological reconnaissance was made over the western part of the Alacrán project area, focusing on the La Morita prospect (see Figure 1). La Morita is located five kiometres to the west of the old Palo Seco and El Alacrán mines, where Azure’s sampling returned high grade assays ofup to 14.9% Zinc, 309 g/t silver and 1.5 g/t gold (see ASX release dated 19/01/15).
Six separate historical mine workings, ranging from small producing operations to exploratory diggings, were found at La Morita, all of which were previously unknown to Azure.
In the area containg these old mine workings, extensive zones of outcropping, strongly altered rocks, gossans and vuggy silica containing copper oxide and chalcocite (copper sulphide) mineralization were observed (see additional photographs in Appendix 1).
Azure found no evidence of drilling or other modern exploration activities at La Morita.
Historical Records from Alacrán
Azure’s technical team in Mexico have been undertaking extensive research for historical Alacrán exploration data in archives of the Mexican Geological Survey, various mining companies and universities. This investigation has identified and retrieved technical reports and data, including aeromagnetic survey data and academic theses, some of which may not have been available to previous explorers of the property.
Importantly, this research revealed that an Induces Polarisation (IP) survey was undertaken over the western part of the Alacrán project area by the Mexican Geological Survey in 1981, and some of this data has been retrieved from Government archives.
The IP survey area included coverage over the old mine workings at the La Morita prospect. A strong and coherent IP chargeability anomaly was identified beneath and extending for several hundred metres along strike from the La Morita mine workings. A second adjacent IP anomaly is also present immediately to the east of La Morita, trending north-south over approximately three kilometres (see Figure 1).
These IP anomalies suggest the presence of buried sulphide mineralization in this area, possibly associated with the La Morita mineralized zone. No drilling has been undertaken around La Morita or tested the IP anomalies.
La Morita is a high priority target for the Company’s first pass geophysical exploration program, and will be drill tested if the IP anomalism is confirmed.
Alacrán is located in northern Mexico approximately 50 km south of the USA border. The property covers 54 km2 of highly prospective exploration ground in the middle of the Sonora-Arizona Copper Province. This is one of North America’s most prolific copper-producing districts, extending from northern Mexico into the southern United States, and the second largest concentration of copper deposits in the world.
The property lies close to several large copper mines, including the world class, giant Cananea Copper Mine where annual copper production capacity is forecast to reach 510,000 tonnes in 2015.
Azure recently 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; (see ASX release dated 07/01/15). Teck is Canada’s largest diversified resource company and Grupo Mexico is Mexico’s largest and one of the world’s largest copper producers.
For further information, please contact:
Azure Minerals Limited
Ph: +61 8 9481 2555
Media & Investor Relations
MAGNUS Investor Relations
Ph:+61 8 6160 4903
Mob: +61 422 209 889
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.