Azure Minerals Limited is pleased to announce further high-grade zinc and lead assay results from its now-completed resource definition drilling program at the Companys flagship Oposura Project.
Almadex intends to use the proceeds of the private placement to continue drilling targets at its 100% owned El Cobre gold/copper porphyry project in Veracruz, Mexico, and for general working capital purposes.
Pete Dougherty, President & CEO stated: We significantly increased our Mineral Reserves and mine life at El Castillo through the purchase of, and exploration success on, the adjacent San Juan mineral concession. Furthermore, we feel we have more opportunity at El Castillo in the future with approximately an additional 220,000 gold ounces in Measured and Indicated Mineral Resource above and beyond the Mineral Reserve. With San Agustin now also having achieved commercial production, the El Castillo Complex boasts a Proven and Probable Mineral Reserve of 1.3 million gold ounces and 26.2 million silver ounces and across our Mexico operations we now have over 1.7 million gold ounces of Mineral Reserves. At La Colorada, we continue to demonstrate our ability to consistently replace the ounces we deplete annually through mining due to our successful exploration programs.
We are very pleased that the authors of the technical report have validated our exploration model for sediment-hosted copper on the Manto Negro property, stated Michael McPhie, Prizes President & CEO. Our initial work on the property has already returned very encouraging results with high copper and silver grades. We now intend to expand our exploration program to further demonstrate the district-scale and near term production potential of the project.
As one of the geologists on site commented, Finding these old mines that have been lost to the jungle for 100 years really has an Indiana Jones feel to it. Its easy to forget that were drilling off a paved road a few kilometers away.
Bradford Cooke, Endeavour CEO commented, We have made very good progress in enhancing many of the operating parameters and developing our working knowledge of this proposed mine. While we are waiting for the final government permits for Terronera, we will continue refining our studies over the next few weeks, and we plan to release an updated PFS once the permits are approved.
George Paspalas, President and CEO, commented, we saw the 2017 PEA strongly validate the enhanced project scope, size and economics of the Juanicipio project. We look forward now to completing the feasibility study which will trigger the production decision and set us on the path forward with our partner Fresnillo. As we progress through 2018, the strategy to commence exploration on some of the greenfield targets on the Joint Venture ground should materialize.
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