Azure Minerals Limited (ASX:AZS) is about to start drilling campaigns on both its new flagship Oposura zinc-lead-silver and the Sara Alicia gold-cobalt projects in the northern Mexican state of Sonora.
The company’s shares were trading circa 8% higher intra-day, at $0.014.
The projects, both recently added to Azure’s Mexican portfolio, have received all required approvals from the environmental authorities and drilling is expected to start within a week.
Azure’s drilling program at the Oposura zinc-lead-silver project is designed to define a resource towards the end of March 2018.
The drilling will cover an area of 1,400 metres x 400 metres to confirm the extent of the mineralised zone, as defined by historical exploration.
It is anticipated that about 120 holes will be drilled, totalling circa 7,000 metres, with an average depth of circa 60 metres.
Additional drilling will also be undertaken to explore potential extensions further to the north of the currently known mineralised zone.
Based upon historical exploration reports, Azure has an exploration target of 2.5 - 3.0 million tonnes grading 10% - 12% zinc+lead at Oposura.
Azure’s accelerated exploration program on the recently acquired Sara Alicia project has seen geological mapping, rock chip channel sampling, gridded soil sampling, and initial target identification completed.
Importantly, high grades of gold and cobalt were returned from the channel sampling, up to maximum values of 39 g/t gold and 7% cobalt.
Azure has identified a zone of high grade gold and cobalt mineralisation that is present at surface and in underground mine workings.
A first-pass reconnaissance drill program has been designed to test this zone with 5-6 holes totalling circa 450-500 metres of diamond core.
Further drilling may be undertaken, depending upon initial results.
The drill rig is currently being mobilised to site and drilling is expected to commence this week.