SYDNEY (miningweekly.com) – Mexico-focused explorer Azure Minerals was looking for a large copper producer to joint venture (JV) on its Loreto project, while the junior focused on the development of its flagship Promontorio project.
MD Tony Rovira told the first day of the Paydirt Latin America Downunder conference that the company had already received indications of interest from copper miners.
The Loreto project covers some 9 571 ha, with reconnaissance exploration identifying two areas with the potential to host significant copper mineralisation.
Rovira pointed out that developing the Loreto project could be costly, considering the physical size of the project, which necessitated the introduction of a JV partner.
Meanwhile, Rovira noted that the definitive feasibility study (DFS) on the flagship Promontorio project had recently started, and would continue for the next 12 months.
“If all goes to plan, we can be in production by 2015,” Rovira told delegates.
The Promontorio project currently has a mineral resource of some 840 000 t, grading 4.1% copper equivalent, with some 75% of the resource classified as indicated.
Rovira pointed out that all of the indicated resource was contained within two main veins, which would simplify the mining process, once undertaken.
Azure was also undertaking exploration work at the newly discovered Cascada deposit, which was some 200 m to the north of the Promontorio project, and had delivered Azure’s best copper intercept to date.
Drilling was currently under way at Cascada, and a resource calculation was expected during the second half of the year.