Australian mineral exploration company Azure Minerals reported an update on the diamond drilling program at its Promontorio Project in Chihuahua, Mexico.

High grade copper assays at 1.5 metres @ 11.9% Copper Equivalent and 1.1 metres @ 7.8% Copper Equivalent were reported at the site.

The company also said that the drilling operation at 33 holes is soon to be completed with 14 holes recording significant mineralization while sampling of the remaining 17 holes is underway.

"Assays results for the remaining 17 holes will be received progressively over the next two to four weeks," the statement said.

The company, meanwhile, has encountered new potential veins containing massive copper sulphide mineralization.

"Azure believes the discovery of these new veins will have a positive impact on the new Mineral Resource estimation for Promontorio, which is expected to be completed by April 2013," added the statement.

Further two other targets have been identified, where the company is to begin drilling process in the near future.