Azure Minerals Limited (ASX: AZS) has announced a highly positive update on the mineral resource infill and extension drilling at the Loma Bonita gold-silver deposit within its Alacrán Project in Sonora, Mexico.
The company reported that better drill hits at Loma Bonita include 126m @ 2.0g/t Au & 26g/t Ag from 1.5m; including 34.5m @ 3.9g/t Au & 60g/t Ag from 76.5m; and 36m @ 1.0g/t Au & 13g/t Ag from 12m.
AZS said that 10 RC drill holes have been completed for 1,259.5m and drilling is continuing.
The company reported that drilling is now underway at Cerro San Simon and planned for other targets.
Alacrán project
The Alacrán project in Mexico is ideally located within the Laramide Copper Province, North America’s most prolific copper-producing district, and is close to several large operating copper mines, including only 12km from the world class, giant Cananea Copper Mine.
In December 2014, Azure had entered into an agreement whereby Azure could acquire 100% ownership of the Alacrán Project from Minera Teck S.A. de C.V., a 100%-owned subsidiary of Canada’s largest diversified resource company, Teck Resources Limited.
Alacrán hosts two epithermal silver and gold deposits – Mesa de Plata and Loma Bonita – which together host resources of 32Moz silver and 150,000oz gold.
Mineral resource
Mesa de Plata: 27.4Moz silver in 10.5Mt @ 82g/t Ag which includes an at-surface high-grade resource of: 15.5Moz silver in 1.8Mt @ 275g/t Ag.
Loma Bonita: 150,000oz gold & 4.8Moz silver in 5.4Mt @ 0.9g/t Au & 28g/t Ag.
The Loma Bonita deposit extends over 600 metres north-south, up to 200 metres east-west, and remains open to the north, east and south. Mineralisation starts at surface and in places the true width/thickness of the mineralised zone exceeds 100 metres.
Drilling at Loma Bonita
The company had recently commenced the mineral resource infill and extension drilling of the Loma Bonita gold-silver deposit within the Alacrán Project.
Azure said that the resource infill drilling is being undertaken to improve definition of internal high-grade zones and obtain samples for additional metallurgical testwork, while resource expansion drilling is stepping out from the eastern resource boundary to increase the resource size.
Azure said that the Reverse Circulation (RC) drilling program has, to date, completed ten holes (MDPC-138 to MDPC-147) for a total of 1,259.5 metres and drilling is continuing.
High-grade assays returned
The company reported that gold, silver and base metal assays have been received for the first six holes.
AZS reported that significant intersections of gold mineralisation over substantial widths commencing close to surface were returned.
Highlights from the Mineral Resource infill drilling include 126m @ 2.0g/t Au from 1.5m including 64.5m @ 2.8g/t Au, which includes 34.5m @ 3.9g/t Au (MDPC-143).
Significant hits from Mineral Resource expansion drilling include 36m @ 1.0g/t Au from 12m (MDPC-141).
Drill testing of mineralised zone
The company had recently reported encouraging surface sampling results from a strongly gold-mineralised breccia located in a road cutting approximately 400 metres southeast of the Loma Bonita resource boundary. The channel sampling of the exposed mineralised zone returned 35.5 metres grading 3.6g/t Au.
The company said that this zone has been drill-tested in the current program by hole MDPC-147 and assay results are awaited.
Drilling at Cerro San Simon prospect
AZS said that drilling is currently underway at the Cerro San Simon prospect.
It may be noted that the previous drilling had returned several wide intersections of low to moderate grade gold mineralisation, including MDPD-025: 29.6m @ 0.56g/t Au & 27g/t Ag (ASX: 21 December 2016); MDPD-035: 12.6m @ 0.37g/t Au & 8g/t Ag (ASX: 21 December 2016); and ALA-17-004: 63.0m @ 0.47g/t Au & 27g/t Ag (ASX: 10 May 2018).
The company reported that drilling is continuing and further results will be announced as they come to hand.
Next steps
Azure said that further work to better understand the mineralisation systems in the project area will be determined upon a full analysis and interpretation of results.
