Key Points:
- Azure can acquire 100% ownership of Alacrán Copper Project
- Teck retains a back – in right for up to a 65% interest of the project
- Alacrán covers 54km2 of highly prospective exploration ground in the middle of North America’s premier copper producing province
- Historical drilling identified a large body of porphyry – style copper mineralisation on the property
- High grade polymetallic (silver – zinc – lead – copper – gold) deposits have previously been mined
- Alacrán lies adjacent to the world class Cananea Copper Mine, which has Ore Reserves of 8 billion tons @ 0.33 % copper
- Cananea produced 180,000 tons of copper in 2013, which is forecast to increase to 510,000 tons in 2015
- Azure expects to commence work in early 2015 with surface exploration, geophysical surveys and drilling planned
Azure’s Managing Director, Tony Rovira, welcomed the agreement with Teck, stating;
"We are delighted that Teck has agreed to enter into this agreement with Azure over the Alacrán Copper Project.
"I would describe Alacrán as the best under – explored copper project in Mexico. Located in North America’s premier copper producing district which stretches from northern Mexico into Arizona, this is one of the world’s great copper mining provinces and the Cananea – Alacrán district is right in the middle of it.
"This acquisition adds another very exciting, high quality asset to the Azure portfolio, and will allow us to continue to progress our copper-focused exploration and development program while concurrently benefiting from Rio Tinto’s exploration of our Promontorio Project."
