Azure Minerals (ASX:AZS) and Rio Tinto (ASX:RIO) have started first stage exploration for copper porphyry at the Promontorio Project in Mexico.
This includes two extensive, district-scale airborne surveys, comprising:
- Aeromagnetic, radiometric and electromagnetic geophysical surveying;
- LiDAR surveying to produce detailed aerial photographs and digital topographic maps.
Geological mapping and surface sampling will also be carried out over the entire project area.
The scope of this planned work program has generated a budget of approximately US$750,000 for the March Quarter.
In December 2014, Rio Tinto subsidiary Kennecott Exploration Company executed an agreement to earn a 51% interest in the Promontorio Project by spending US$20 million within 6 years, and an additional 29% interest, for a total 80% interest, by spending a further US$25 million over the following 6 years.
Past exploration on a small area in the middle of the property resulted in the discovery of two high-grade copper-gold-silver deposits and several other mineralised zones, confirming Promontorio’s mineral potential.
To date, modern exploration on the Promontorio project area has focused solely on the central 200 hectares containing the Promontorio and Cascada copper deposits.
However the overall Promontorio project area, which covers approximately 10,520 hectares, is recognised as having excellent potential for large copper deposits.
Several different styles of precious and base metal mineralisation have been identified at Promontorio, including high sulphidation epithermal, hydrothermal breccia and porphyry-hosted.
Size potential ranges from large, bulk-tonnage resources to more modest-sized, high grade bodies, which bodes well for large scale, long-life mining operations.
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