Azure Minerals (ASX:AZS) has secured up to $3.25 million in funding from a leading New York-based investment fund.
Proceeds will be used to continue exploration of its Alacrán Copper Project in Sonora, Mexico.
Meanwhile, Rio Tinto (ASX:RIO) subsidiary Kennecott Exploration continues to sole-fund and earn-in at the Promontorio Copper Project in Chihuahua, Mexico.
The agreement provides Azure with the right to secure an equity investment from the fund of a minimum of $100,000 each month, and up to $250,000 subject to certain conditions, over the next 24 months at a price equal to 80% of the 5 day VWAP prior to any investment request.
Earlier this month, the company identified a high grade gold target at the Alacrán project with channel samples returning up to 7.9 grams per tonne gold.
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