In 2013, Azure acquired 100% ownership of the Panchita Gold Project, located in the northwestern state of Sonora, Mexico.
This is a well-mineralised, gold-rich district, home to many major gold mines and deposits, including the Fresnillo-owned mines Herradura (400,000oz gold produced in 2015) and Noche-Buena (158,000oz gold produced in 2015).
Azure’s first reconnaissance exploration program comprised surface sampling targeting outcrops, old mine workings and mine dumps, collecting a total of 66 samples. Thirty-three samples returned greater than 0.5g/t gold, with 25 samples returning greater than 1g/t gold. Significant silver values were also returned from many of the samples. Better results included:
PAN-1063: 44.9g/t Gold & 33g/t Silver
PAN-1004: 37.8g/t Gold & 71g/t Silver
PAN-1014: 28.7g/t Gold & 124g/t Silver
PAN-1070: 23.8g/t Gold & 3 g/t Silver
PAN-1071: 23.8g/t Gold & 5 g/t Silver
PAN-1001: 20.7g/t Gold & 13g/t Silver
Azure is seeking a joint venture or sale of the Panchita Project.
Panchita and other gold mines / deposits in northwest Sonora
Geological plan showing, sample locations with sample numbers, project boundary (in red), mine workings (in green) and historical drill holes