1. Most Discussed
  2. Gainers & Losers
AZS $72.92

News: Azure Minerals, Rio Tinto start copper porphyry exploration in Mexico

  1. Azure Minerals (ASX:AZS) and Rio Tinto (ASX:RIO) have started first stage exploration for copper porphyry at the Promontorio Project in Mexico.

    This includes two extensive, district-scale airborne surveys, comprising:

    - Aeromagnetic, radiometric and electromagnetic geophysical surveying;
    - LiDAR surveying to produce detailed aerial photographs and digital topographic maps.

    Geological mapping and surface sampling will also be carried out over the entire project area.

    The scope of this planned work program has generated a budget of approximately US$750,000 for the March Quarter.

    In December 2014, Rio Tinto subsidiary Kennecott Exploration Company executed an agreement to earn a 51% interest in the Promontorio Project by spending US$20 million within 6 years, and an additional 29% interest, for a total 80% interest, by spending a further US$25 million over the following 6 years.

    Past exploration on a small area in the middle of the property resulted in the discovery of two high-grade copper-gold-silver deposits and several other mineralised zones, confirming Promontorio’s mineral potential.

    To date, modern exploration on the Promontorio project area has focused solely on the central 200 hectares containing the Promontorio and Cascada copper deposits.

    However the overall Promontorio project area, which covers approximately 10,520 hectares, is recognised as having excellent potential for large copper deposits.

    Several different styles of precious and base metal mineralisation have been identified at Promontorio, including high sulphidation epithermal, hydrothermal breccia and porphyry-hosted.

    Size potential ranges from large, bulk-tonnage resources to more modest-sized, high grade bodies, which bodes well for large scale, long-life mining operations.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

Before making any financial decisions based on what you read, always consult an advisor or expert.

The HotCopper website is operated by Report Card Pty Ltd. Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, you should before acting on the information or advice, consider the appropriateness of the information or advice in relation to your objectives, financial situation or needs. Please be aware that any information posted on this site should not be considered to be financial product advice.

From time to time comments aimed at manipulating other investors may appear on these forums. Posters may post overly optimistic or pessimistic comments on particular stocks, in an attempt to influence other investors. It is not possible for management to moderate all posts so some misleading and inaccurate posts may still appear on these forums. If you do have serious concerns with a post or posts you should report a Terms of Use Violation (TOU) on the link above. Unless specifically stated persons posting on this site are NOT investment advisors and do NOT hold the necessary licence, or have any formal training, to give investment advice.


Thank you for visiting HotCopper

We have detected that you are running ad blocking software.

HotCopper relies on revenue generated from advertisers. Kindly disable your ad blocking software to return to the HotCopper website.

I understand, I have disabled my ad blocker. Let me in!

Need help? Click here for support.