Azure Minerals (ASX:AZS) shares emerged from a trading halt today by gaining over 50% to A$0.02 after some stellar silver hits during recent drilling at the company’s Alacran project in Mexico.
The standout result was a 9 metre intersection grading 1,235 grams per tonne silver from only 3 metres depth, confirming mineralisation as contained in a thick horizontal layer at the site.
This reading was found within a broader 39 metre sample grading 347 grams per tonne silver from surface.
The drilling has established Alacran mineralisation over at least a 500 metre strike length with up to 300 metres of width.
Other notable intervals in the campaign included 21 metres at 513 grams per tonne silver from 28.5 metres depth, 18 metres at 408 grams per tonne silver from 3 metres and 18 metres at 698 grams per tonne silver from 1.5 metres.
The work represents the first drilling to be carried out at the project’s Mesa de Plata area and is being interpreted as a sign the zone could be developed into a large, economically significant deposit.
Although primarily focused on copper, Azure’s success in identifying meaningful silver mineralisation signifies an important diversification of the company’s immediate potential, especially in the context of the world’s leading silver production jurisdiction.
Mexico’s massive endowment of the white metal has resulted in pure-play silver companies representing a major presence in North American stock exchanges, particularly the mining-focused TSX.
Azure will continue to undertake further surface exploration to identify new areas prospective for silver mineralisation. The explorer has identified other similar-looking mesas to the north and east of Mesa de Plata, within the Alacran project area, and these have yet to be mapped and sampled.
The company believes there is potential for these to also host significant silver mineralisation, and work in these areas has already begun.
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