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Alacrán Project
- Teck advises planned exploration activities for Year 1 work program
- Field work in progress
Promontorio Project
- Project under review by third parties for possible investment
Business Development
- Assessment of new project opportunities is continuing
- Highest priority given to acquiring an advanced stage project
- Azure also seeks early stage, high potential exploration projects
Cash balance at end of quarter of $9.7 million
Minera Teck S.A. de C.V., a subsidiary of Teck Resources Limited (“Teck”), is earning an initial 51% interest by spending US$10 million by Decem er 2020.
A 2% NSR is retained by Grupo Mexico S.A.B. de C.V.
During the Quarter Teck commenced its 2017 exploration work program (ASX: 22 May 2017) and its early work has identified several targets that warrant either first-pass or follow-up exploration, including drilling.
Exploration activities include geochemical, hyperspectral and geochronological studies,
geological mapping and surface sampling, geophysical surveys, prior to drill-testing the identified targets.
Teck has informed the Company that diamond drilling is expected to start later in the third quarter upon receipt of the required environmental and other drilling approvals.
Work conducted during 2017 represents the first year of activity of a total four year, US$10 million program which will entitle Teck to earn back a 51% share in the project from Azure.
Promontorio Project
Azure 100% ownership
Expressions of interest continue to be sought for the possible joint venture or sale of this project.
Business Development
During the June Quarter Azure has continued its strategy of identifying and assessing opportunities to acquire precious and base metals projects in Mexico. As a high priority, the Company has sought advanced stage projects where previous work outlined mineral resources or demonstrated, by drilling, continuous zones of mineralisation.
Azure’s technical team has evaluated numerous projects with several undergoing detailed due diligence studies. It is expected that further updates on this process will be provided in the near future.
Corporate
At the end of the June Quarter, Azure had a cash balance of approximately $9.7 million.