Azure Minerals identifies high-grade gold at Panchita project

THE DRILL SERGEANT: Azure Minerals (ASX: AZS) has completed a Stage 1 reconnaissance exploration program on the company’s recently-acquired, 100 per cent-owned Panchita gold project in Mexico.

Surface sampling conducted by Azure returned high-grade gold assays – some containing visible gold – including:

–    44.9 grams per tonne gold and 33 grams per tonne silver;

–     37.8g/t gold and 71g/t silver;

–    28.7g/t gold and 124g/t silver;

–    23.8g/t gold and 3 g/t silver;

–    23.8g/t gold and 5 g/t silver; and

–    20.7g/t gold and 13g/t silver.

Azure said 50 per cent of the samples returned grades greater than 0.5g/t gold, while the company was also able to identify a number of mineralised zones, ranging from 300 metres to 500 metres strike length.

“We’re very pleased with these strong results from our first exploration program at Panchita, especially considering we acquired the project less than a month ago,” Azure Minerals managing director Tony Rovira said in the company’s announcement to the Australian Securities Exchange.

“I believe we have already added significant value and anticipate that this will continue in the coming months.

“Panchita is situated within the hottest gold mining district in Mexico and our on-ground exploration has already confirmed the area is highly prospective for significant gold mineralisation.

“It not only has potential to host mineralisation of the style currently being exploited nearby by major gold mining companies like Newmont, but it is now evident that Panchita could also host high-grade gold deposits.”

 

Panchita project location. Source: Company announcement

 

The Panchita project comprises two mineral concessions covering an area of 136 hectares, located approximately 350 kilometres northwest of Hermosillo, the capital city of the Mexican state of Sonora.

The project is situated within the northwest region of Sonora and is considered by Azure to be prospective for shear-hosted bulk tonnage and vein-hosted high grade gold deposits.

The company explained its confidence by indicating gold mineralisation is widespread in the district with several major gold mines nearby.

Follow-up exploration has commenced, with the current work program comprising additional detailed sampling and geological mapping in preparation for drill testing.