THE DRILL SERGEANT: Azure Minerals (ASX: AZS) has encountered a zone of strong and consistent gold and silver mineralisation in the first hole drilled on the Loma Bonita ridge, located 300m east of the company’s Mesa de Plata silver discovery in Mexico.
Drill hole MDPD-007 intersected:
20 metres at 1.52 grams per tonne gold and 62g/t silver (193g/t silver equivalent) from surface;
10.7m at 2.76g/t gold and 66g/t silver (287g/t silver equivalent) from surface.
Azure indicated this hole to be located mid-way along the Loma Bonita ridge in an area characterised by outcropping vuggy silica, silicified volcanic rocks and siliceous breccias, which returned numerous gold and silver assays from surface sampling in October last year.
Geological mapping carried out by the company has shown the rock units at surface are sub-horizontal, possibly with a shallow north-easterly dip.
Azure explained this meant it stood to reason that MDPD-007 should be drilled vertically.
The upper 15 to 20m of the hole is within an oxide zone, characterised by strongly weathered rocks with consistent gold and silver mineralisation throughout this zone.
Beneath this gold and silver mineralised zone, the rocks are predominantly silicified and quartzveined dacite and hydrothermal breccias.
Of note was the intersection of a 26.9m wide zone containing disseminated and veinlets of a copper sulphide (possibly chalcocite) mineralisation grading 0.29 per cent copper hosted in breccia between 75.1m to 102.0m, including a 3m wide zone which returned an intercept of 1.55 per cent copper.
It was not much of a surprise that Azure Minerals managing director Tony Rovira described the gold intersection as being, “very positive for the mineral potential of the project”.
“This result strongly complements the nearby Mesa de Plata silver deposit and confirms the prospectivity of the Mesa de Plata – Loma Bonita area for hosting a large precious metal mineralised system,” Rovira said in Azures Minerals announcement to the Australian Securities Exchange.
“Significantly, the mineralisation is situated at surface within oxidised rocks, as is the nearby Mesa de Plata silver mineralisation.
“I am confident that our ongoing exploration will continue to reveal more significant occurrences of silver and gold mineralisation in this locale and within the greater Alacrán project area.
“Further to the description of the geology provided in the announcement to the ASX on 7 March, the four holes completed to date all intersected near-surface silicification underlain by large widths of breccia.
“Preliminary interpretation is that this breccia represents part of a feeder system that may be the conduit for the introduction of the silver and gold mineralisation at Mesa de Plata and Loma Bonita.
“The intensity of brecciation, the degree of silicification, and the sulphide content appears to increase from south to north, into the area where we are currently drilling.
“The discovery of gold has significantly enhanced the Mesa de Plata – Loma Bonita area, and is testament to the enormous mineral potential within the overall property.”