AZURE MINERALS LIMITED
ABN 46 106 346 918
Level 1, 34 Colin Street West Perth, WA, Australia, 6005
PO Box 493
West Perth, WA, Australia 6872
T: 08 9481 2555
F: 08 9485 1290
E: [email protected]
W: www.azureminerals.com.au
ASX: AZS 25 August 2016
LOMA BONITA GOLD ZONE CONTINUES TO GROW
Highlights:
-
Drilling significantly extends gold mineralised zone at Loma Bonita, now with lateral extent of 400m x 150m while remaining open in all directions
-
Best drill hole intercepts from Loma Bonita include:
-
MDPC-089: 49.5m @ 1.59g/t Au & 29g/t Ag from 54.0m; including
34.5m @ 2.03g/t Au & 34g/t Ag from 54.0m
-
MDPC-090: 111.0m @ 0.81g/t Au & 18g/t Ag from surface; including
30.0m @ 1.56g/t Au & 15g/t Ag from 34.5m
-
MDPD-020: 14.0m @ 1.59g/t Au & 36g/t Ag from surface; including
8.1m @ 2.45g/t Au & 39g/t Ag from 4.0m
-
Gold mineralisation commences at or near surface and is hosted in the metallurgically favourable oxide zone
-
Exploration drilling now completed at Mesa de Plata Norte and is continuing at Loma Bonita, Cerro San Simon and Cerro Enmedio
-
Drilling continuing at Mesa de Plata as part of development studies
Azure Minerals Limited (ASX: AZS) ("Azure" or "the Company") is pleased to advise that on- going diamond and Reverse Circulation (RC) drilling at its flagship Alacrán Project has delivered more significant intercepts of gold mineralisation at the Loma Bonita prospect.
Azure's Managing Director, Tony Rovira said: "These latest drilling results are very positive and supportive of our belief that Loma Bonita could become a substantial gold deposit, particularly as the grades and thicknesses of the gold zone appear to increase significantly to the south.
"Together with the ongoing development studies at Mesa de Plata, Loma Bonita is a very high priority for Azure and we'll continue to keep the drills turning there. Meanwhile, our grass roots exploration program is continuing with a diamond rig now drilling further to the south of Loma Bonita at Cerro San Simon and Cerro Enmedio testing substantial geochemical and geophysical anomalies."
DETAILS OF LOMA BONITA DRILLING
Following the discovery of significant widths of high grade gold mineralisation at Loma Bonita, drilling is now being undertaken on a 50m x 50m grid spacing to identify the lateral and depth extent of the mineralised zone and assess the internal continuity of the mineralisation. The early holes in the current program were collared on the crest of the Loma Bonita hill in the southern part of the prospect and the drill pattern extends to the north (see Figure 1).
As the core drilling was progressing slowly due to difficult ground conditions, the RC rig which was undertaking the infill drilling at Mesa de Plata was transferred to Loma Bonita to accelerate the exploration program. To date, six RC holes (MDPC-089 to 094 for 1,085m) and four core holes (MDPD-019 to 022 for 702m) have been completed. Drilling with the RC rig is continuing.
Large mineralised widths containing strong and consistent gold grades have been intersected in several holes in the southern part of Loma Bonita. In addition to the initial intersection in hole MDPD-012 which returned 48.0m @ 2.7g/t Au (ASX: 11 May 2016), significant gold intercepts have been made in MDPC-089 (49.5m @ 1.59g/t Au) and MDPC-090 ( 111.0m @ 0.81g/t Au) (see Cross Section in Figure 2). Both of these holes also contain good widths of higher grade gold mineralisation.
Significant gold mineralisation has now been identified over a length of 400m in a north-south direction and up to 150m east-west. No boundaries to the mineralised zone have been identified to date, with mineralisation remaining open in all directions.
Drill intercept lengths of gold mineralisation vary from 10m in the north to over 100m in the south. Most gold intercepts are situated either at or near to surface within the oxide zone, with previously reported metallurgical testwork demonstrating very high gold recoveries from cyanide leaching of this material (ASX: 14 July 2016).
Table 1: Significant gold and silver intercepts from Loma Bonita1
|
HOLE No
|
DEPTH (m)
|
INTERCEPT LENGTH (m)
|
GRADE
|
|
FROM
|
TO
|
Au (g/t)
|
Ag (g/t)
|
|
DIAMOND DRILL HOLES
|
|
MDPC-089
|
54.0
|
103.5
|
49.5
|
1.59
|
29
|
|
which includes
|
54.0
|
88.5
|
34.5
|
2.03
|
34
|
|
MDPC-090
|
0.0
|
111.0
|
111.0
|
0.81
|
18
|
|
which includes
|
34.5
|
64.5
|
30.0
|
1.56
|
15
|
|
MDPC-091 to MDPC-094
|
Assays awaited
|
|
|
|
REVERSE CIRCULATION DRILL HOLES
|
|
MDPD-017
|
No Significant Assays
|
|
MDPD-018
|
2.5
|
9.6
|
7.1
|
0.99
|
50
|
|
and
|
20.3
|
21.7
|
1.4
|
1.50
|
19
|
|
MDPD-019
|
0.0
|
33.9
|
33.9
|
0.41
|
12
|
|
MDPD-020
|
0.0
|
14.0
|
14.0
|
1.59
|
36
|
|
which includes
|
4.0
|
12.1
|
8.1
|
2.45
|
39
|
|
MDPD-021 to MDPD-030
|
Assays awaited
|
1 See attached JORC Table 1 for calculation and reporting of mineralised intervals
Figure 1: Drill hole location plan for Mesa de Plata and Loma Bonita
Figure 2: Cross section through Loma Bonita gold zone (see Figure 1 for location)