Azure Minerals (ASX:AZS) has intersected high grade copper of up to 1.5 metres at 11.9% copper equivalent following resource extension drilling at its Promontorio project in Mexico.
Of the assays for the first 16 holes received, 14 showed significant mineralisation.
Sampling of the remaining 17 holes is ongoing and results are expected in the next two to four weeks.
The assays received to date are predominantly from extensions of known mineralised veins. But new veins containing massive copper sulphide mineralisation have been intersected in recent drilling, assays of which are pending.
These new veins will potentially have a positive impact on the new mineral resource estimation for Promontorio, likely to be completed by April 2013.
Two new targets separate from the resource area have been identified and will be drill tested in the current program. Drilling at Promontorio will be completed shortly, with the total program comprising 33 holes for approximately 3,550 metres.
The Promontorio is a high sulphidation epithermal deposit, which currently contains a JORC mineral resource (indicated and inferred) of 502,000 tonnes at 4.7% copper. 2.1 grams per tonne of gold and 99 grams/tonne of silver.
The deposit remains open along strike and at depth and Azure believes that the current drilling program has the potential to achieve the its near-term goal of doubling the existing resource.
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