Sara Alicia (AZS 100%)
The Sara Alicia Project is located on the western flank of the Sierra Madre Occidental mining province which hosts major operating gold, silver and copper mines. Access to site is good with a sealed road to the town of Alamos and the nearby Piedras Verdes Copper Mine, and then via gravel roads to site.
Historically, Sara Alicia was a small-scale producer of gold and cobalt in the 1930s from an underground mining operation. No production records are available, however historical plans and reports indicate that the mine was operated on six levels to a depth of approximately 60m below surface.
Azure acquired 100% ownership of the project in August 2017, and late in that year the Company completed a maiden drilling campaign comprising 6 diamond core holes for 480m to test around and beneath the historical mine workings.
Drill results exceeded the Company’s expectations, intersecting significant widths of very high-grade gold and cobalt mineralisation consistently assaying in the range of 10g/t to 60g/t for gold and from 1% to 6% for cobalt (see Tables 1 & 2 below and refer to ASX announcements dated 27 November and 7 December 2017).
Geologically, the Sara Alicia prospect hosts a sequence of carbonate rocks which have been intruded by a porphyry. Strong alteration and mineralising reactions in the limestones have formed a skarn horizon (or manto) enriched with garnet, magnetite and sulphides and containing high grades of precious and base metal mineralisation.
The Company believe there is good potential for a high-value body of gold and cobalt mineralisation to be defined at Sara Alicia. The next phase of exploration includes a ground magnetic survey (completed) and additional drilling will be undertaken to identify the size potential.