Azure shares up on gold and cobalt find

Shares in Azure Minerals have risen more than 20 per cent after the miner announced high-grade gold and cobalt discoveries at its Sara Alicia project in Mexico.

The company said it had intersected a wide zone of near-surface high-grade gold and cobalt mineralisation during its first drilling project at the project, located in Sonora State.

Azure managing director Tony Rivara said the drilling had exceeded expectations.

“The spectacular cobalt grades in hole DSA-03 are up there with the highest I’ve ever seen and, encouragingly, the mineralisation starts at surface and remains open in all directions,” he said

“We believe there’s good potential for a high-value body of gold and cobalt mineralisation to be defined at Sara Alicia, and further exploration will be undertaken to identify the size potential.”

Azure shares finished up 23 per cent at 58.5 cents each.