Azarga Metals Corp (CVE:AZR) boss Dusty Nicol says he's looking forward to the firm's next phase of exploration on its Unkur Copper-Silver project in Russia as the firm filed the technical report supporting the maiden resource there.
As reported last month, consultant SRK put the inferred resource at 42 million tonnes containing 220,000 tonnes of copper and 52 million ounces of silver at 0.52% copper and 38 grams per ton (g/t) silver.
This equates to around 380,000 tonnes of copper equivalent at 0.90% or around 124mln ounces of silver equivalent at 91 g/t, assuming a copper price of US$3 a pound, a silver price of US$20 an ounce, and a 100% recovery rate.
Azarga reckons there is "strong potential" to further grow the resource beyond this maiden estimate.
The mineralization is open in both directions along strike and further exploration drilling will aim to extend it along strike as well as extend Zone 2 and test for a potential third zone of mineralization below this zone.
"Of key interest for growth potential is the zone of thicker and higher grade mineralization in the northern part of the inferred resource area," it said.
The next phase of work will focus on using geologic and geophysical exploration to target potential extensions of this higher grade zone.
In addition to the initial resource area, there are numerous additional occurrences of copper-silver mineralization and geochemical / geophysical anomalies within the 5,390 hectare Unkur licence, it noted.
The company is currently finalizing plans and budgets for the second phase of exploration at Unkur and will release these plans in due course..