Azure Minerals (ASX: AZS) has completed a drilling program on its Tecolote Project and will shortly commence a 500 metre deep hole targeting copper at the adjoining La Tortuga Project in Mexico.
The seven hole, 785 metre diamond drilling program on its 100%-owned Tecolote Project, located in the state of Sonora, is now complete and assay results are expected within two weeks.
Azure has now moved the drill rig to its 100%-owned La Tortuga Project where JV partner Japan Oil, Gas and Metals National Corporation (JOGMEC) has requested a single, 500m deep, hole to be drilled to test a porphyry copper target defined by coincident geochemical and geophysical anomalies.
Drilling on the La Tortuga Project is being funded by JOGMEC which can earn a 51% interest by spending US$3 million of exploration expenditure. JOGMEC has funded about US$1.65 million of expenditure.
The La Tortuga Project comprises the La Tortuga and Los Nidos properties, covering 213km2 and is situated only three kilometres east of the now closed El Tecolote Mine which is now owned 100 % by Azure.
The El Tecolote Mine produced 1.4 million tonnes at 1.9% copper, 7.0% zinc and 47g/t silver in 1978-1984, and is located 90 kilometres northwest of Hermosillo, the capital of Sonora State, where Azure has its exploration and administration base.
Azure has completed 12 diamond core hole at La Tortuga for a total of 4,060m. Anomalous grades of porphyry copper and skarn copper-zinc mineralisation have been intersected, with a best intercept of 156.9m at 0.2% copper and 0.2% zinc from surface.