THE BOURSE WHISPERER: Azure Minerals (ASX: AZS) has completed the acquisition of the Sara Alicia II mineral concession that adjoins the company’s 100 per cent-owned Sara Alicia property in the northern Mexican state of Sonora.
Azure Minerals was able to complete the acquisition with by overturning an historical cancellation of the Sara Alicia II mineral concession.
The acquisition of Sara Alicia II, when combined with the original Sara Alicia concession, brings the total project area to 49 hectares, which Azure says strengthens its land position in what it considers being a gold and cobalt-rich district.
Azure indicated it is continuing to monitor the surrounding land ownership situation with the view to increasing the company’s landholding in this district when additional land becomes available.
“Sara Alicia II adjoins our current holding and, importantly, the combined area covers the full footprint of the body hosting the high-grade gold and cobalt mineralisation,” Azure Minerals managing director Tony Rovira said in the company’s announcement to the Australian Securities Exchange.
“We have been working on acquiring this very strategic concession for over two years and exploration at Sara Alicia was suspended so as not to generate further interest in the area and to ensure the acquisition of Sara Alicia II was completed without interference or competition.
“The Sara Alicia project area is very prospective for high-grade gold and cobalt, as is evident by the exceptional hits from our previous drilling.
“The mineralised body hosting this high-grade gold and cobalt mineralisation is known to extend onto the newly acquired concession and we expect that further exploration will significantly enhance project value.
“The widespread presence of strongly altered carbonate rocks intruded by an underlying porphyry intrusive indicates the property also has good potential for the discovery of a gold-rich skarn of significant size.
“Exploration on Sara Alicia II will initially be reconnaissance in nature, as our primary focus remains on the near-term drilling campaign at Alacrán to grow the existing silver and gold resource base of the Mesa de Plata and Loma Bonita deposits, while continuing to advance the small-scale mining and processing of high-grade zinc-lead ore at Oposura.”