Azure Minerals (ASX: AZS) has been awarded a 100% interest in the Loreto Copper Project in the highly prospective Baja California Sur by the Mexican Government.
The Baja California peninsula is a strongly mineralised province hosting notable mining projects, including the 600 million tonne at 0.6% copper and 0.2 grams per tonne (g/t) gold El Arco and the 160 million tonne at 2% copper equivalent El Boleo deposits.
Azure had been actively looking for opportunities to acquire a foothold in the Mexican province.
The company recently participated in a Mexican Geological Survey auction for exploration projects considered prospective for precious and base metals.
Azure successfully bid for the Loreto Project, which covers 9,571 hectares on the east of the Baja California peninsula, and acquired it for US$137,000 plus a 1% net smelter royalty.
Loreto hosts porphyry copper targets with visible outcropping copper mineralisation.
Mexican Geological Survey previously carried out reconnaissance exploration comprising geological mapping and surface sampling.
Significant amounts of visible copper mineralisation and alteration typical of porphyry copper systems were located, and four separate prospective areas identified.
Surface sampling returned numerous anomalous copper and gold assays up to 10.1% copper and 7.6 grams per tonne (g/t) gold.
To date, Azure has completed acquisition and interpretation of satellite imagery, in conjunction with analysis of the Mexican Geological Survey data.
The company will begin field exploration in mid-February, involving detailed mapping and sampling.
Planning for geophysical surveys including aeromagnetics and induced polarisation is also in progress.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.