Australian-listed Azure Minerals has expanded its Mexican exploration portfolio with the acquisition of the the Sara Alicia gold-cobalt project.
Historically, the project – which is located in the northern state of Sonora – was a small-scale producer of gold and cobalt in the 1930s from an underground mining operation.
Its mineral concessions cover nine hectares and contain all historical mine workings and all observed gold-cobalt mineralisation. While the project had no production records available, historical plans showed that the mine was operated on six levels to a depth of around 60m below surface.
The company’s upcoming exploration program will begin with surveying the old mine workings, geophysical surveys and detailed geological mapping and sampling, followed by drilling to test identified targets.
The Sara Alicia acquisition comes shortly after the company acquired 100 per cent of the Oposura zinc-lead-silver project, also in Mexico.
Azure managing director Tony Rovira said the new project would build on the company’s portfolio.
“Cobalt deposits are virtually unknown in Mexico, which makes the identification by our exploration team of a property containing high-grade gold and cobalt mineralisation very commendable. This was an opportunity too good to pass up and its acquisition has added an extra dimension to our company’s project portfolio,” he said.
“I am very excited by this new project. The high grades of gold and the exceptionally high cobalt assays have encouraged us to start drilling at Sara Alicia as soon as possible.”