Azure and OZ Minerals in Mexican JV
Azure Minerals Limited (AZS) and OZ Minerals Limited (OZL) have entered into a joint venture on Azure’s San Eduardo property, located in Sonora Mexico. Azure said the JV is a means of targeting major copper deposits, while OZ Minerals could earn a 70% interest in the project by sole funding US$13 million of exploration expenditure at the property.
The junior explorer said the project is prospective for porphyry copper deposits with associated high-grade breccia and skarn copper, lead and zinc mineralisation.
The company said to earn an initial 51% participating interest in San Eduardo, OZ Minerals would be required to spend US$3 million over the next three years, with a minimum commitment of US$300,000 to be expended within the first year.
The company can earn an additional 19% participating interest in the project by spending a further US$10 million.
Azure’s executive chairman, Tony Rovira, welcomed the strong interest of OZ Minerals.
”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,” Mr Rovira said.
”This joint venture will enable Azure to accelerate our exploration programs and develop our projects.”
The company said planning of the San Eduardo work program is at an advanced stage and fieldwork would commence shortly.
As at 1333 AEDT, Azure shares were up 0.8c to 4.4c, while OZ Minerals shares were down 1.5c to $1.155.
Leave a Reply