Azure Minerals to raise $1m for Mexican exploration

Mexican focused precious and base metals explorer, Azure Minerals Ltd, plans to raise $1 million, by placing 8.3 million ordinary shares with sophisticated and institutional investors at 12 cents per share.

The funds raised will be used to continue the company's exploration programs in Mexico and for administration expenses.

Drilling is currently underway at the company's Los Chinos project, with six diamond holes from a planned 10 -12 holes completed.

Future exploration activities will include drilling at Pozo de Nacho, where a substantial body of molybdenum mineralisation extends from surface to depths in excess of 300 metres.

Drilling will target potential higher grade zones at depths of up to 400m below surface, while also trying to define the overall extent of the mineralised system.

Azure executive chairman Tony Rovira said Mexico was continuing to deliver positive results, and the funds would enable the company to continue its intensive exploration efforts and further develop its portfolio of Mexican properties.