Newcrest-backed explorer hits porphyry at surface
Mexico-focused explorer Azucar Minerals (TSXV: AMZ) has reported porphyry mineralisation from surface in the latest results from an ongoing, two-year “intensive” drilling programme at its El Cobre copper-gold project in Veracruz state.
It intersected a "hypogene porphyry zone" of 168.1m of 0.56g/t gold and 0.29% copper from 5m, including 12.1m at 2.04g/t gold and 0.58% copper, at the Raya Tembrillo target at the northern edge of the Villa Rica zone.
The company believes it could represent the hypogene source of previously reported supergene mineralisation, where an intersection of 94m at 1.36% copper was reported in December 2017.
"This is a very exciting development in our exploration programme," chairman Duane Poliquin said.
Azucar is excited about El Cobre's potential, citing analogies to other projects hosting multiple porphyry discoveries across several kilometres of strike, including Newcrest Mining's Cadia Hill mine in Australia and Northern Dynasty Minerals' Pebble project in Alaska.
It now has five known copper-gold porphyry targets at El Cobre, namely Encinal, El Porvenir, Norte, Villa Rica and the recently-discovered Suegro zone.
The company formed in May 2018 as the rebadged Almadex Minerals, which spun out its early-stage exploration assets into a company of the same name.