Azure in $5m JV deal with JOGMEC

West Perth-based Azure Minerals has entered into a near $5 million joint venture with Japanese government entity, JOGMEC, over two of its Mexican projects.

Under the JV deal, JOGMEC, will invest up to $US3 million ($A4.6 million) to earn a 51 per cent interest in the La Tortuga and Los Nidos projects. JOGMEC must spend a minimum of $US400,000 before the end of March next year.

"This is a strong vote of confidence in Azure's on-going program of regional exploration, target identification and project staking, confirming the effectiveness of our exploration team in Mexico," Azure executive chairman Tony Rovira said.

"The Joint Venture will enable Azure to accelerate our exploration programs and therefore potential discoveries on this project."

The JV will be managed and staffed by Azure out of its Hermosillo office, with JOGMEC to provide technical assistance.

Shares in Azure dropped 0.01c to 6c at 13:07 AEDT.