Azure Minerals Ltd. has acquired the high grade zinc-lead-silver Oposura Project, located in the northern Mexican state of Sonora.
The project had been developed to high level, with previous drilling and exploratory underground mine development revealing massive sulphide-hosted zinc-lead-silver mineralisation in the deposit. Sampling by Azure confirms high-grade mineralisation with many samples grading greater than 40% combined zinc + lead (with a peak of 65%), the high grade material is immediately accessible via existing mine workings, meaning the project holds significant potential for additional exploration. This will take the form of physical exploration, metallurgical testwork and other development activities.
Azure’s Managing Director, Mr Tony Rovira said, “Throughout 2017, Azure has had the clear focus to acquire the next flagship project for the Company. This was all about getting the right project for the right deal, and with this acquisition we have done just that. Projects of this quality are rare and keenly sought after, and I’m pleased that we have succeeded in acquiring the advanced stage, precious and base metal project that we’ve been seeking.”
“The Company has been working on the property and liaising closely with the vendors for the past several months to ensure the quality of this project, and I thank them for their cooperation. We have gained a lot of knowledge of the project during the due diligence investigations and we’ll build upon this initial momentum by immediately commencing a resource drill-out program, while also undertaking activities such as metallurgical testwork, various mine development studies, and more widespread exploration.”
“I’m expecting that the rest of 2017 and the years ahead will be busy and very rewarding as we advance our exciting new project.”
Exploration and assessment work by two major companies was carried out between the 1940s to 1970s, including exploratory underground mine development, trial stopping for bulk sampling and metallurgical testwork.. The project has been privately owned since that time with little further activity undertaken.
As part of Azure’s technical due diligence program, sampling of the mineralised zone discovered in the 1970s was conducted within the underground mine workings, with most samples returning high grades of zinc, lead and silver mineralisation. Many of the samples returned zinc and lead assays above the upper limit for the ore grade analysis method, requiring these samples to be re-submitted for further analysis by the “concentrate grade” analytical method Also, the presence of significant silver mineralisation is an added bonus that is expected to provide additional value to the project.
Read the article online at: https://www.globalminingreview.com/finance-business/18082017/azure-minerals-ltd-acquires-oposure-project-in-north-mexico/