Projects

100% OWNED PROJECTS

Azure, through its wholly-owned Mexican subsidiary Minera Piedra Azul SA de CV, has implemented a continuous program of regional exploration and target identification in northern Mexico in order to acquire 100% owned properties, both through application for mineral concessions over vacant ground and, where appropriate, by purchasing advanced stage projects.  The effectiveness of this program is enhanced by Azure’s establishment of an exploration and administration centre in Hermosillo, the capital of Sonora, where the Company has based its team of exploration geologists. 

In May 2008, Azure secured an option to purchase 100% ownership of the Promontorio Project in the state of Chihuahua.  Azure has completed an intensive first stage drilling campaign and has announced a JORC Code compliant mineral resource of 502Kt @ 4.7% copper, 2.1g/t gold & 99g/t silver.  With the deposit remaining open-ended along strike and at depth, further drilling will be undertaken to increase these resources. 

A fast track start has been made on a pre-feasibility study, with initial metallurgical testwork on a bulk sample of Promontorio ore returning very positive results, This supports the Company’s view that very high metal recoveries will be achievable during commercial scale production.

While Azure is focusing its resources on the development of Promontorio, opportunities to bring forward value on the Company’s other projects continue to be identified.  The Company has moved to accelerate exploration on its key, 100%-owned La Tortuga and Los Nidos projects by entering into a Joint Exploration Agreement (JEA) with the major Japanese Government organisation, Japan Oil, Gas and Metals National Corporation (JOGMEC).  JOGMEC will invest up to US$3.0 million in exploration expenditure over 3 years to earn a 51% interest in these two projects.

Throughout Mexico there are many areas containing strong evidence of mineralisation, including historical mine workings, anomalous surface geochemistry, and mineralized drill intercepts, which are currently vacant and available for staking.  Since arriving in Mexico in 2005, Azure has successfully applied for, and been granted, nine 100%-owned mineral concessions in highly prospective mineral districts.  In addition, two further mineral concessions are currently still in the application stage.

The Company is continuing its ongoing target generation program by monitoring several areas of interest, which it expects will result in the identification and staking of further prospective properties.  Particular attention is being paid to areas which are prospective for gold and silver mineralisation.

JOINT VENTURE PROJECTS

Azure has earned a 60% interest in 13 projects in Sonora, Mexico in a joint venture with Canadian-listed Geoinformatics Exploration Inc (TSX-V: GXL). Exploration has succeeded in identifying significant molybdenum mineralisation at the Pozo de Nacho Project and zinc-silver-lead mineralisation at the Los Chinos Project.

Pozo de Nacho contains a substantial body of porphyry-hosted molybdenum mineralisation which has been intersected over an area of 600m x 250m and from surface to depths in excess of 300m.  The mineralised system remains open in most directions, and further drilling will be carried out to produce a JORC Code mineral resource.

Azure completed the first ever drilling campaign at Los Chinos during 2008, with excellent results.  Extensive precious and base metal mineralisation was intersected, with all holes drilled identifying mineralisation.  The multiple mineralised horizons present at the property indicate a large mineralisation system with the potential to host significant polymetallic sulphide deposits.