PERTH (miningweekly.com) - ASX-listed Azure Minerals has acquired the Loreto copper project, in Mexico, for $137 000, along with a 1% net smelter royalty.
“We had identified the Baja Peninsula as a highly prospective area some time ago, and had been actively looking for opportunities to acquire a foothold in that province,” said MD Anthony Rovira on Wednesday.
“The acquisition of the Loreta project, for what we see as a bargain price, is a great first step in that area.”
The Loreta project contains occurances of outcropping copper mineralisation and artisanal mine workings. Surface samplings have returned several anomalous copper and gold assays, ranging up to 10.1% and 2.1% copper, and 7.6 g/t and 2.8 g/t gold.
The project covers some 9 571 ha and is located on the east coast of the Baja California Peninsula.
Azure said on Wednesday that a field exploration programme would start in mid-February.