Azure Minerals (ASX: AZS) has finalised the acquisition of the El Magistral mineral concession, which forms an integral part of its flagship Promontorio copper-gold-silver project in Mexico.
The El Magistral concession hosts the emerging Risco Dorado copper prospect and covers the along-strike mineralised trend of the Promontorio and Cascada high grade copper-gold-silver deposits.
To secure full ownership of El Magistral, Azure exercised its option to purchase the concession by making a payment to one of the two vendors of US$540,000 while concurrently entering into a new agreement with the second vendor.
Under this new agreement Azure will make four half-yearly payments of US$50,000 with a final payment of US$370,000 due in June 2016, totalling US$570,000.
Following completion of this recent acquisition, Azure now has 100% ownership of the El Magistral concession, and the adjoining Promontorio concession which hosts the Cascada deposit.
Azure also holds the Hidalgo concession, which contains the Promontorio deposit, under an option to purchase agreement which is valid until April 2016.
Azure’s Promontorio Project comprises four mineral concessions totalling 10,698 hectares.
Impressive results earlier this year from from the Cascada prospect included 150 metres at 1.5 grams per tonne gold from 42 metres and 153 metres at 1.1 grams per tonne gold from 22 metres to end of hole.
Notably, the gold results are similar to those found at substantial operating gold mines in the district, for example the 3 million ounce Altos mine.
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