Australian mining firms Azure Minerals and OZ Minerals have signed US$13 million joint-venture agreement on Azure’s 100%-owned San Eduardo property in Sonora Mexico.
Azure’s executive chairman, Mr Tony Rovira, welcomed the interest of one of Australia’s premier mining companies as confirmation of the high quality of Azure’s Mexican projects.
Mr Rovira said, "We are delighted to have attracted OZ Minerals to the Sierra Madre Occidental district of northern Mexico, which is one of the world’s great mining provinces.
“To secure the involvement of OZ Minerals in this exploration project is a strong vote of confidence in Azure’s on-going program of regional exploration, target identification and project staking, confirming the effectiveness of our exploration team in Mexico. This Joint Venture will enable Azure to accelerate our exploration programs and develop our projects.”
To earn an initial 51% participating interest in San Eduardo, OZ Minerals will spend US$3,000,000 over the next 3 years, with a minimum commitment of US$300,000 to be expended within the first year. OZ can earn an additional 19% participating interest in the project by spending a further US$10,000,000, taking its total equity to 70%.
The San Eduardo property is a granted mineral concession covering 201km2. It adjoins Azure’s 100%-owned El Tecolote project and is situated 10 kilometres west of Azure’s La Tortuga property (subject to an earn-in joint venture with JOGMEC).
Historical sampling by the Mexican Geological Survey at Alejandra collected a 40 channel samples of wall-rock, returning an average grade of 25 g/t Ag, 7.34% Pb and 1.89% Zn, with maximum values of 80.9 g/t Ag, 20.04% Pb and 5.45% Zn.
Planning of the San Eduardo work program is at an advanced stage and field work will commence shortly. Phase 1 will comprise geological mapping and surface sampling, an airborne magnetic and radiometric survey, Induced Polarisation (IP) surveying and drilling.
This involves a minimum expenditure commitment of US$300,000, which will be sole-funded by OZ Minerals, and is expected to be completed by the end of 2010.
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