Azure Minerals (ASX: AZS) has unearthed new zinc and lead targets at its Mina Blanca Ranch prospect, part of its Oposura project, after mine dump samples returned high grade assays.
The single grab sample from the Mina Blanca Ranch historical mine dump in Mexico generated assays grading up to 2.81% zinc, 1.60% lead, 1,568 grams per tonne silver, 4.63% copper and 1.71g/t gold.
First phase exploration also identified a zinc and lead anomaly that was 500m long and 250m wide.
According to Azure managing director Tony Rovira, the assays were from the first ever modern exploration activities at the prospect, which was delivering “positive results”.
“This is obviously a strongly mineralised district, with our geochemical surveys identifying several anomalies with potential for zinc and lead mineralisation close to the Oposura resource area,” Mr Rovira said.
“Additionally, the high-grade gold, silver and base metal values returned from a sample collected from the historical Mina Blanca mine provides extra encouragement for structurally controlled mineralisation,” he added.
Resource drilling is underway at the Oposura zinc, lead and silver deposit and once this is completed, Azure will test for extensions to the deposit as well as exploring the Mina Blanca Ranch prospect.
Drilling at Oposura has returned multiple high grade intersections including 16.62m at 14.09% zinc and 7.95% lead, with a 9.32m interval containing 23.89% zinc and 13.03% lead.
Other high-grade intervals from other drill holes have comprised 2.05m grading 21.33% zinc and 21.23% lead from 37.5m and 2.90m grading 9.68% zinc and 6.45% lead from 18.9m.
A maiden resource for the project is due to be released next month, followed by a scoping study into the project by mid-year.
Azure anticipates a definitive feasibility study would then kick-off during the December quarter of this year.
The company acquired Oposura in August last year for US$1.5 million. Based on historical exploration data, Azure had developed a conceptual exploration target up to 3 million tonnes grading 12% zinc and lead.
Shares in Azure were steady at A$0.325 in early afternoon trade.