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Azure Minerals (ASX:AZS) has signed a binding agreement to buy the Alacran Copper project, owned by Teck’s (TSX:TCK.B) Mexican subsidiary, Minera Teck S.A. de C.V.. Teck will retain a back-in right for up to a 65 percent interest in the project.
Azure Minerals (ASX:AZS) has signed a binding agreement to buy the Alacran Copper project, owned by Teck’s (TSX:TCK.B) Mexican subsidiary, Minera Teck S.A. de C.V.. Teck will retain a back-in right for up to a 65 percent interest in the project.
As quoted in the press release:
Azure believes that the Alacrán property has been only lightly explored and its potential for hosting large porphyry copper deposits and smaller higher grade deposits remains largely untested, due to:
- drilling was restricted to one small area of approximately 1,000m x 500m, with the size, grade and the extent of the mineralised body yet to be defined;
- most of the drilling was relatively shallow and did not test for primary, porphyry hosted copper sulphide mineralisation;
- the mineralised body outlined by the drilling remains open and untested along strike and at depth (see Figure 6);
- most of the drill core was not assayed for gold or molybdenum; and
- previous small-scale Induced Polarisation (IP) surveys identified strong anomalies – one immediately east of the known mineralised body at Alacrán and another beneath the La Morita mine workings – but neither has been drill-tested.
Azure managing director, Tony Rovira, said:
This acquisition adds another very exciting, high quality asset to the Azure portfolio, and will allow us to continue to progress our copper-focused exploration and development program while concurrently benefiting from Rio Tinto’s exploration of our Promontorio Project.
Click here to read the Azure Minerals (ASX:AZS) press release