'Blue sky' investors back Azure

AZURE Minerals has suggested it got a very strong reaction when it went looking for cash, with A$8.2 million raised for zinc-lead and cobalt-gold exploration projects in Mexico.

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The junior said fund raising, priced at 30c per share, was “heavily oversubscribed”, with investors from North America, Europe and Australia involved.

Piquing investor interest would be a recent hit at the company’s Sara Alicia prospect of 12.6m grading 16.8 grams per tonne and 6.4m at 3.6% cobalt – said by Azure to be the highest grade cobalt drill intersection in 2017.

Follow up drilling at the prospect is imminent, with a resource estimate expected later this year and metallurgical testwork underway.

While Azure’s MD Tony Rovira gave indications to MNN the resource wasn’t expected to be large, its grade, shallowness and favourable orientation could make for a very attractive developmen...