Azure Minerals has acquired the Sara Alicia gold-cobalt project, located in the northern state of Sonora, Mexico, in an attempt to expand its exploration portfolio in the country.

Underground operation was taken up at the project in the 1930s, with historical data indicating that the mine was operated on six levels to a depth of about 60m below surface.

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Covering nine hectares, the mine’s mineral concession contains all historical mine workings and all observed gold-cobalt mineralisation.

Azure Minerals managing director Tony Rovira said: “The high grades of gold and the exceptionally high cobalt assays have encouraged us to start drilling at Sara Alicia as soon as possible.

“Cobalt deposits are virtually unknown in Mexico, which makes the identification by our exploration team of a property containing high-grade gold and cobalt mineralisation very commendable.”

"Cobalt deposits are virtually unknown in Mexico, which makes the identification by our exploration team of a property containing high-grade gold and cobalt mineralisation very commendable."

Additionally, separate zones of copper-zinc-silver mineralisation were identified at the project, where follow-up exploration activities aimed at defining drill targets have begun.

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Rovira further added: “Spectacular grades returned from our first sampling programme indicate that this under-explored property holds potential for the definition of a body of high-grade gold-cobalt mineralisation, as well as for copper-zinc-silver mineralisation.”

Historical mine workings were previously cancelled by the Mining Registry and revoked recently, with the support of the project's previous owners.

Towards the services rendered, Azure paid $125,000 to the previous owners and is expected to make a further payment of $125,000 upon the commencement of commercial production at the site.

The company is planning to begin drilling campaign at the project, which comprises a thick sequence of carbonate rocks intruded by a granodiorite porphyry.