By The Gold Report
Source: Streetwise Reports 09/07/2017
A miner exploring what it believes could be a major gold-copper prophyry just released its initial trenching results.
Aztec Minerals Inc. (AZT:TSX.V), which is exploring the Cervantes property in Sonora, Mexico, just announced the first trench assays on the project. According to the company, the “Penasco trench returned a weighted average of 0.89% copper and 0.59 grams per tonne (gpt) gold over a 20 meter (m) width and the Cardon trench, 30 m north of the Penasco trench, assayed a weighted average of 0.76% copper and 0.30 gpt gold over a 10.85 m width, both still open in all directions.”
According to the Sept. 5 news release, the copper values in the Penasco trench ranged “between 0.35% and 1.39% and the gold values range between 0.05 and 2.95 gpt,” while the Cardon trench samples ranged “between 0.35% and 1.05% copper and 0.09 and 0.778 gpt gold.”
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The company noted that the trench results “mark the first systematic sampling of copper mineralization on the Cervantes property. More trenching is underway at both Jasper and California to help target Aztec’s first drill program on the Cervantes property, to begin after the rain season ends in the next 1-2 months.”
The company has announced that the first phase of the drill program will “primarily target the surficial oxide gold zone with minor copper which overlies the main IP chargeability anomaly, interpreted to be a large porphyry copper-gold sulfide deposit.”
Kootenay Silver Inc. (KTN:TSX.V) acquired the Cervantes property in 2013 and conducted surface chip sampling that outlined an open-ended 800 meter by 800 meter area of gold-copper-molybdenite mineralization. Aztec Metals, a privately held prospect generator, acquired an option on the property in 2015. The terms included a $150,000 cash payment, $1.5 million in exploration expenditures and 700,000 shares for a 65% interest over four years. The company also maintains an option to purchase the remaining 35% interest.
Aztec Metals transferred the Cervantes property to Aztec Minerals in October 2016. Aztec Minerals began trading on the TSX Venture Exchange in early May. The company raised CA$4 million by issuing 11.5 million units at CA$0.35. Each unit consisted of one share and one half share purchase warrant; each full warrant buys one additional share at CA$0.50 within two years. Coeur Mining has a 9.9% holding in the company.
Aztec is led by an experienced team. Bradford Cook, Aztec’s chairman, is the founder of Endeavour Silver Corp. (EDR:TSX; EXK:NYSE; EJD:FSE) and Canarc Resource Corp. (CCM:TSX; CRCUF:OTC). President and CEO Joey Wilkins has 30 years of experience in porphyry copper-gold-molybdenite mineralization, with entities of Rio Tinto Exploration, such as Kennecott Exploration and US Borax, for many of those years. Director Patricio Varas was the founder and CEO of Western Potash Corp., and director Mark Rebagliati is a noted geologist who was involved with major porphyry discoveries for the Hunter-Dickinson Group.
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