Australian (ASX) Stock Market Forum

AZS - Azure Minerals

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Latest from AZS:

http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01326185

Mr Anthony Rovira, the Managing Director of Azure Minerals Limited (“Azure” or the “Company”) has this week announced the positive results from the Pre-Feasibility Study (“PFS”) carried out at the company’s high grade Promontorio Copper-Gold-Silver Project and the Company’s intention to conduct a Share Purchase Plan.
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Share Purchase Plan: upto $15,000 @$0.018
 
Wow!

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hmm - I read yesterday's announcement and though those references to "Copper equivalents" were unusual. Especially where minute traces of Au and Ag were treated as if they were 100% recoverable to add in full to the Cu%. After doubting that much, I didn't even analyse what prices might have been used to arrive at the stated "equivalents". Today's 5-minute chart seems to display some serious profit taking; so I guess that others have also taken the news with a similar grain (or bagful) of salt.

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Why would a 1m tn resource be of interest? Good grades but low tonnage isn't it. Those widths don't look very exciting in that ann. I'm confused. :confused:

BACKGROUND

Promontorio is a high sulphidation epithermal deposit which currently contains a JORC Mineral Resource (Indicated + Inferred) of:

502,000 tonnes @ 4.7% Copper, 2.1 g/t Gold and 99 g/t Silver2

The deposit remains open along strike and at depth and Azure believes that the current drilling program has the potential to achieve the company’s short-term goal of doubling the existing resource (Exploration Target3).
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burglar said:
You may be right, but I trade this doggie purely on price action.
And I don't average-down any more!!

So bring on the announcements.

Not currently holding.
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Yeah, well, I just must not be understanding this deposit at all. Good grades, but where's the tonnage... Anyway, would have been nice to be part of those recent little ticks up...
 
AZS put out a few drill and channel sampling results since last posts, does no one keep an eye on this anymore?

There are too many shares on issue for me to be interested, but when they acquire a project they don't mess around getting samples or a drill in the ground. Cash burn will be high on a company that acts in that way, but so will results (or lack of them).
Last cap raising over subscribed.

High Grade Gold Identified at Panchita
● Stage 1 reconnaissance exploration program completed
● Surface sampling returned numerous high grade gold assays (some containing visible gold) including:
o PAN-1063: 44.9g/t Gold & 33g/t Silver
o PAN-1004: 37.8g/t Gold & 71g/t Silver
o PAN-1014: 28.7g/t Gold & 124g/t Silver
o PAN-1070: 23.8g/t Gold & 3 g/t Silver
o PAN-1071: 23.8g/t Gold & 5 g/t Silver
o PAN-1001: 20.7g/t Gold & 13g/t Silver
● 50% of samples returned grades greater than 0.5g/t gold
● Several mineralised zones identified, ranging from 300m to 500m strike length
● Potential for high grade, vein-hosted and bulk tonnage, shearhosted gold deposits
● Panchita is surrounded on all sides by the Newmont-Peñoles JV which operates several large gold mines in the district
● Stage 2 detailed sampling and mapping program under way

High Grades from Loreto Copper Project
● Stage 1 reconnaissance exploration completed
● Significant outcropping copper mineralisation observed
● Surface sampling returns numerous anomalous values, with some very high grades of copper and precious metals, including:
o LOR-1030: 27.90% Copper, 1,390g/t Silver & 0.32g/t Gold
o LOR-1002: 13.65% Copper, 36g/t Silver & 21.6g/t Gold
o LOR-1037: 12.85% Copper, 26g/t Silver & 0.32g/t Gold
● 24% of all samples contained values >1% Copper
● Several targets for sediment-hosted and structurally-controlled copper deposits identified
● Stage 2 exploration has commenced

BEST DRILL INTERCEPT FOR AZURE 70.0m @ 2.7% CuEq
● 70.0m @ 2.7% Copper Equivalent (CuEq1) at Cascada – 200m northwest of Promontorio
Including:
o 35.9m @ 4.8% CuEq which also includes:
o 11.25m @ 10.5% CuEq
● Significant copper intersection also made at the newly identified Risco Dorado – 600m northwest of Promontorio
● Promontorio drilling delivered multiple intercepts of economically significant mineralisation, confirming potential for resource expansion
● JORC resource update on track for early Q2 2013
 
burglar said:
Up today from AUD$0.031 in the open, to AUD$0.045 intraday high!

http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01543325
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Opened at 3.9 on the news announcement and finished very weak at 3.5. I tried to trade this and managed an average buy price of 4.116 and an average sell price of 4.1348. Just paid for commission plus a cup of coffee :bad:

3.4/3.5 is an important support level so there's hope for tomorrow if it holds.

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burglar said:
Rio doesn't think it looks like dirt! :p:
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I am no good with explorers / juniors and farm in deals, but at face value the content of the news appear to hold a bit of value. However, farm-in is a bit like a cheap option for Rio. They can drill... and if they don't like what they find they'd just stop.
 
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