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Azure Minerals Ltd

Azure Minerals identifies gold, cobalt opportunity in Mexico

The acquired mineral concession contains historical gold-cobalt mine workings.

The flag of Mexico
Recent sampling of outcrops returned up to 6.94% cobalt and 39 g/t gold

Azure Minerals Limited (ASX:AZS) has strengthened its Mexican exploration portfolio with the purchase of the Sara Alicia gold-cobalt project in the northern state of Sonora.

Sara Alicia is located on the western flank of the Sierra Madre Occidental mining province which hosts major operating gold, silver and copper mines.

Historically, Sara Alicia was a small-scale producer of gold and cobalt in the 1930s from an underground mining operation.

The mineral concession covers nine hectares and contains historical mine workings and observed exposures of outcropping gold-cobalt mineralisation.

Azure has already carried out reconnaissance mapping and sampling within the Sara Alicia concession and in the surrounding district.

Sampling of outcrops, mine dumps and old mine workings returned many significant assay results, including grades of up to 6.94% cobalt and 39 g/t gold.

Azure’s forthcoming exploration program will start with the surveying of the old mine workings, geophysical surveys and detailed geological mapping and sampling.

This will be followed up by drilling to test identified targets. Azure’s first field activities have already commenced.

The company has made a payment of US$125,000 to the previous owners, a local Mexican family who had held title to the Sara Alicia mineral concession since the 1930s.

A further and final payment of US$125,000 will be made to the family upon the project achieving commercial production.

Importantly, no royalties are payable over future mineral production and there are no back-in, earn-back or other rights.

Quick facts: Azure Minerals Ltd

Price: $0.13

Market: ASX
Market Cap: $13.87 m
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