EXPLORATION & DEVELOPMENT

Red metal discovery by Azure

Drilling hits blind copper in Mexico

 Azure's Alacran project in Mexico

Azure's Alacran project in Mexico

The discovery, called Gregors, followed geochemical and geophysics work carried out over a number of years due to changing ownership structures at the now 100% Azure-held prospect.

Azure's current interpretation is the drilling intersected a higher-grade, copper-rich core potentially representing a mineralised breccia pipe, and a lower-grade halo.

"The presence of strong copper mineralisation hosted by iron-rich breccia is very promising as numerous high-grade, copper-rich breccia pipes associated with nearby copper porphyry bodies have been discovered and mined in the Cananea mining district," Azure said.

"For example, the La Colorada breccia pipe (approximately 5 million tonnes grading 7% copper) was mined up to the 1930s, and the Maria breccia pipe (ore reserves of 1.6Mt at 6% copper) was discovered in 1979 and mined up to the 1990s.

"At the top of these breccia pipes the cross-sectional area is usually less than 100m x 100m and the mineralised bodies often extend to very significant depths (in the hundreds of metres)."

Follow-up drilling will be undertaken after further data assessment.

Elsewhere in the area, Azure hit 21m at 2 grams per tonne gold and 64gpt silver from 19.5m at an historic mining prospect.

Azure has various precious metal and base metal resources in Mexico and is working on defining a project of scale to develop.

It raised A$4 million late last year (by issuing new shares priced at 17c each), to relaunch its exploration efforts after reclaiming 100% ownership of Alacran from Teck.

Shares in Azure were down 23% to 5c in afternoon trade, capitalising the company at $8 million.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

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