Just six weeks after closing on four new projects in Western Australia, Mexico silver explorer Azure Minerals (ASX: AZS) has already started its exploration work at one of those acquisitions.
Field exploration is under way at the 60%-owned Andover nickel-copper project – starting with ground electromagnetic surveying to discover nickel sulphide mineralisation.
Andover was one of the projects acquired from a major shareholder Creasy Group, the vehicle run by renowned prospector Mark Creasy. Mr Creasy retains 40% of Andover, along with minority positions in the other three projects, all gold ones.
In return, Creasy Group (a shareholder in Azure since 2003) has become the largest shareholder in Azure, with a 19.1% stake.
Azure’s flagship project is the Oposura zinc-lead-silver deposit in Mexico made the West Australian move due to the COVID-19 virus in that country – turning to Western Australia in order to maintain its exploration impetus.
Despite COVID-19 challenges, Azure has resumed some work in Mexico by sending ore samples from the Mesa de Plata silver deposit for gravity separation test work in Canada.
Back at Andover, the ground EM is proceeding, while environmental approvals have been secured for reverse circulation and diamond drilling. Initial drill sites have been planned and a drilling contractor confirmed, with that work due to begin mid-September.
The new holes will follow up intersections reported by the Creasy Group, namely: 7m at 2.62% nickel and 0.65% copper; 2m at 2.1% nickel and 0.44% copper; and 4m at 1.1% nickel and 0.8% copper.
Shareholders support move back to Australia
Azure managing director Tony Rovira says the company is excited to get on the ground at Andover and begin the exploration program.
“Mark Creasy and his team have provided strong foundations for a successful project and Azure is looking forward to building on this initial work,” he added.
Mr Rovira said the company’s shareholders have expressed “significant” support for the Andover project and for the reasoning behind the move back into Australia.
Apart from EM at the two location where previous drilling hit mineralisation, the exploration program at Andover will include surveys to follow up other targets, 12 diamond drill holes, downhole surveying and geological mapping and sampling.