Azure Minerals (ASX:AZS) has acquired the high-grade Oposura zinc-lead-silver project located in the northern Mexican state of Sonora.
Oposura comprises an overall mineralised zone hosting massive sulphides containing zinc, lead and silver mineralisation in an interbedded sequence of limestones and volcanic tuffs.
Significantly, extensive channel sampling of the massive sulphide zones has confirmed high grades of zinc, lead and silver, with assays returning greater than 10% zinc, 10% lead and 40 g/t silver.
Separate samples returned maximum values of 49.6% zinc, 34.1% lead and 448 g/t silver.
Moreover, the project demonstrates potential extensions of the mineralised zones further to the north and repetitions of the mineralisation to the west.
Azure executed the deal for a payment of US$1.5 million and a net smelter return royalty of 2.5% on future production payable to the vendor Grupo Minero Puma, a private Mexican family company.
Azure has commenced an intensive work program to determine the economic potential of Oposura as quickly as possible and has commenced mapping and sampling the entire project area.
Interestingly, Azure’s share price went up by circa 15% in the past one week, closing at $0.015 on Tuesday.