Azure Mining has released an update on its 100 per cent-owned Alacrán project in Sonora, Mexico, with 2017 exploration program results suggesting “potential expansion” of its Loma Bonita-Cerro San Simon gold-silver corridor, as well as potential for porphyry copper mineralisation at the Cerro Colorado deposit.
The project is operated by Teck Resources subsidiary Minera Teck, which has an entitlement to earn back a 51 per cent share in the project by sole funding $US10 million ($13.4 million) of exploration and paying Azure $US500,000 in cash. Teck also has the option to increase its interest in the project to 65 per cent should it choose to fund the operation by $US5 million for an additional two years and pay Azure a further $US1.5 million.
Teck completed its first drilling program in December last year, comprising of 14 holes at a total depth of 4,907 metres. Results show “significant gold and silver mineralisation potential” according to Azure. Drill intecepts have returned grades as high as 27 grams of gold per tonne (g/t gold) for 4.5m at 72m, with several other intercepts posted between 10-24 g/t of gold.
Teck will continue to explore Alacrán throughout the first half, carrying out additional gelogical, geochemical and geophysical surveys in the first half of 2018, to be followed up with further drilling in the latter half of 2018.