Azure Minerals (ASX: AZS) has received a green light from the Mexican Federal Government for the company's next stage drilling at the Promontorio project in Mexico, with environmental approval granted.
Azure will now kick off a 40 hole diamond drilling exploration program for 6000 metres, as the JORC Indicated and Inferred Resource of; 502,000 tonnes at 4.7% copper, 2.1 grams per tonne (g/t) gold and 99g/t silver, remains open.
Drilling will focus along strike, as well as testing deeper extensions.
Providing the potential for high grade hits, drilling will also target two wildcat drill holes completed in the last drilling campaign at Promontorio, which intersected; 1.1 metres at 3.8% copper, 22.1g/t gold and 168g/t silver.
A second hole 200 metres along strike intersected a mineralised structure with anomalous copper, gold (up to 3.5g/t) and molybdenum values
Azure also said drilling will explore the nearby Cascada prospect, where historical drill intercepts include:
- 7.6 metres at 19.8g/t gold from 56.4 metres;
- 48.4 metres @ 1.47g/t gold from 4.6 metres; and
- 24.4 metres @ 1.86g/t gold from surface.
Tony Rovira, executive chairman, finds dealing with the Mexican authorities a easy process, saying, "The straightforward approvals process in Mexico again demonstrates the attractiveness of the country for mineral exploration and mining.
"We compiled a comprehensive Environmental Impact Statement (EIS) to ensure compliance with environmental laws and received prompt approval from the regulatory authorities as a result.”
Promontorio comprises the adjoining Hidalgo, Promontorio & Magistral mineral concessions, collectively known as Promontorio Central, and the surrounding 105 square kilometre mineral concession, Promontorio Regional.
Promontorio Central covers 187 hectares and is subject to an option to purchase agreement whereby Azure will pay US$4.0 million over four years to acquire the concessions, with no royalties payable to either vendors or government.
Azure has 100% ownership of the surrounding Promontorio Regional concession.