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Ionic Rare Earths (ASX:IXR) - Chairman, Paul Rovira - The Market Herald
Chairman, Paul Rovira
Source: The Australian
  • Azure Minerals (AZS) has discovered high-grade copper mineralisation at the Gregors prospect in Sonora, Mexico
  • The Gregors prospect is part of the Alacrán Project, where drilling also intersected significant gold mineralisation at Mina San Simon
  • Drilling at Gregors encountered significant visual quantities of copper sulphide mineralisation and results peaked at 7.03 per cent copper
  • Meanwhile, drilling at Mina San Simon unearthed a well-mineralised gold and silver intersection
  • Results returned two grammes per tonne gold and 64 grammes per tonne silver
  • Azure shares have dropped 15.4 per cent and are currently trading for 5.5 cents apiece

Azure Minerals (AZS) has discovered high-grade copper mineralisation at the Gregors prospect in Sonora, Mexico.

The Gregors prospect is part of the Alacrán Project, where drilling also intersected further significant gold mineralisation at Mina San Simon.

A total of 36 holes, for 3604 metres, were drilled as part of this program.

Gregors prospect

The Gregors prospect was originally found by Azure's geologists in early 2016 when mapping identified breccia and gossan outcropping over an area of 100 by 100 metres.

The iron-rich breccia suggested a sulphide-rich source, potentially representing base metal mineralisation.

However, geochemical sampling of the outcrop returned only low grades of precious and base metals, thus downgrading the priority of the prospect at that time.

Later in the year, Azure flew an airborne VTEM (versatile time-domain electromagnetic) geophysical survey over the entire Alacrán project area.

This detected a small and discrete intense electromagnetic (EM) response.

Modelling of this response indicated the presence of a steep east-dipping EM conductor plate located beneath the gossan.

No further exploration was undertaken over this anomaly until late 2019 when Alacrán regained full ownership and control of the project from Teck Resources.

In early 2020 detailed mapping, surface geochemical sampling and a ground EM survey were carried out over the gossan and VTEM anomaly.

This identified faults, shearing and strong alteration both within and around the gossan. Sampling returned weak anomalous copper grades.

This recently completed drill program consisted of four angled reverse circulation (RC) drill holes to test the EM anomaly beneath the gossan.

Two holes were drilled from the same position, but with different dip angles, and intersected wide zones of breccia and strongly altered volcanic rocks containing significant visual quantities of copper sulphide mineralisation.

Results from these holes include 30 metres at 0.68 per cent copper from 22.5 metres including six metres at 2.30 per cent copper, and 18 metres at 0.96 per cent copper from 21 metres including 1.5 metres at 7.03 per cent copper.

The remaining two holes intersected altered and brecciated rocks containing spread pyrite, pyrite in veins and minor amounts of dispersed chalcopyrite that returned anomalous copper grades.

Azure is now undertaking a detailed data review and interpretation, plus additional mineralogical and metallurgical studies, to assess potential and assist with planning a follow-up drill program.

Mina San Simon

One RC hole was drilled at Mina San Simon to test the historical mine located 700 metres southeast of the southern Loma Bonita resource boundary.

The area between Mina San Simon and Loma Bonita is largely untested by drilling.

This hole returned a well-mineralised gold and silver intersection of 21 metres at two grammes per tonne gold and 64g/t silver from 19.5 metres.

Further drilling to test this mineralised zone will be undertaken in the next drill program.

"Our exploration team has a strong and successful history of discovering new deposits at Alacrán," Managing Director Tony Rovira said.

"With this discovery of the buried mineralisation at Gregors, we are continuing to identify high-value precious and base metals targets, reinforcing the prospectivity of this exciting project," he added.

Azure shares have dropped 15.4 per cent, currently trading for 5.5 cents apiece at 2:26 pm AEDT.


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