logo-loader

Azarga Metals' latest survey work at Unkur augurs well for scale of potential mineralization

Last updated: 10:25 17 Oct 2019 EDT, First published: 08:25 17 Oct 2019 EDT

Azarga Metals -
After a first phase exploration program in 2016-2018, Azarga published an inferred resource for the project of 62 million tonnes at 0.53% copper and 38.6 grams per ton silver

Azarga Metals Corp (CVE:AZR) unveiled positive exploration news on Wednesday from its Unkur copper-silver project in the Russian Far East, where it has identified multiple new drilling targets and potentially increased the scale of mineralization. 

The firm is currently undertaking a 6,000-meter core drilling program at the site in Zabaikalsky province but now has the results from recently completed geophysical surveys, including a property-wide ground magnetic survey and nine induced polarization (IP) traverses.

READ: Azarga Metals shares soar as it starts 6,000m drilling program at Unkur copper and silver project

Magnetic survey data already existed over the northwest part, or around 20% of Unkur, where all previous drilling and the current resource lies. Now, the remaining part of the property, about 41 square km, has been covered.

"The recently completed magnetic survey covers an area four times the area previously covered by similar studies and identifies potentially mineralized horizons more than three times longer than the previously drilled strike length," said Michael Hopley, president and CEO of Azarga Metals today.

"We also did an IP survey that revealed there could be four or five mineralized horizons where previously we thought there may be two or three. These revelations are significant for the potential scale of mineralization at Unkur!"

After a first phase exploration program in 2016-2018, Azarga published an inferred resource for the project of 62 million tonnes at 0.53% copper and 38.6 grams per ton (g/t) silver for the project, which remains open in both directions along strike and down-dip.

New ground magnetic data has mapped several so-called zones of contrast between magnetic and non-magnetic rocks, which are interpreted as having potential for copper-silver mineralization and Azarga said it plans to drill-test them in the current drilling program.

Moreover, these zones of contrast between high and low magnetism have been shown to occur both stratigraphically above and stratigraphically below the current inferred resource's boundary, the firm added.

Multiple levels

It is therefore believed that the Unkur copper-silver mineralization occurs at multiple levels within the sedimentary pile.

These new zones are known as Unkur East 1, Unkur East 2, and Kemen targets, which are above the Unkur stratigraphic level and are traceable for approximately 7.8 km, representing exploration targets of similar style to the one that hosts the current resource.

There are other targets in the southern part of the Unkur property, it added, and most of these targets will be drill tested during the ongoing 6,000-metre exploration program.

In a separate statement, Azarga said the TSX Venture Exchange has accepted for filing the proposal to issue over 1.47 million shares at a deemed value of six cents a share to settle outstanding debt to one creditor for C$88,227.

Shares were unchanged at C$0.06.

Contact the author at giles@proactiveinvestors.com

Novo Resources sees substantial upside potential at Nunyerry

Novo Resources Corp (TSX:NVO, OTCQX:NSRPF, ASX:NVO) co-chair and acting CEO Mike Spreadborough joins Jonathan Jackson in the Proactive studio to discuss promising gold outcomes from recent reanalysis of drill intercepts in a 2023 program at Nunyerry North in Western Australia. Using advanced...

9 hours, 35 minutes ago