- Azure Minerals has found “ultra-high-grades” of zinc and lead at its Oposura project, Mexico
- The tonnage and ore found has exceeded company expectations
- Azure’s share price is up 15.79 per cent today, currently sitting at $0.22 apiece
Shares in Azure Minerals have jumped this morning after the company uncovered “outstanding” results at its fully owned Oposura project, Mexico.
Up over 15 per cent to $0.22 apiece, shareholders continue to respond well to the identified high-grades of zinc and lead at midday trade.
The tonnage and grades recorded are above expectations, according to the company.
Of the 6100 tonnes of ore mined over the past two months grades are estimated to be 13.4 per cent zinc and 10.7 per cent lead.
It was first forecasted during a scoping study last year, grades at the open pit would be 5.1 per cent zinc and 2.6 per cent lead.
Additionally, roughly 2100 tonnes will be produced with the “ultra-high-grade” of 24 per cent zinc and 18.3 per cent lead.
“To be getting more tonnes and much higher graders than we had expected gives us great confidence in the project as we advance Oposura toward large-scale mining and on-site processing,” Managing Director Tony Rovira said.
It is expected ore processing will commence towards the end of the year and go for up to three months.
A delayed wet commissioning of the toll treatment plant is now underway, following a halt due to refurbishments.
The company has buyers lined up for its zinc and lead-silver concentrates and will be tapping into the spot market to attract local metal traders and smelters.
Azure informed the market today, once it hits positive cash flow, it intends to undergo a definitive feasibility study and turn the site into a large-scale mining and on-site processing operation.
A mineral resource of the Oposura project estimates it hosts 3.1 million tonnes of ore.
The company has nine projects across Mexico which additionally target gold, copper, cobalt and graphite, alongside silver, zinc and lead.