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Azure Minerals signs $13M copper exploration joint venture with Japanese state company

Azure Minerals, a Mexico-focused precious and base metals explorer, said today it has entered into an agreement to form a joint venture with a Japanese state-owned corporation to explore the El Tecolote Project in Sonora, Mexico.

According to the press release, Japan, Oil, Gas and Metals National Corporation (JOGMEC), a Japanese state-owned entity, will spend $US5 million over three years, in order to earn a 51% interest in El Tecolote. The company can earn another 19% stake by spending a further $8 million, which would take its total equity in the project to 70%.

The earn-in agreement announced on Thursday brings the total spent by companies earning an interest in its projects to $29 million, Azure stated in the release.

The 138 square kilometre  El Tecolote property contains the now-closed El Tecolote Mine, a significant skarn-hosted copper-zinc-silver mining and processing venture which operated in the periods 1939-1944 and 1978-1984.  Historical production is recorded as 1.4Mt @ 1.9% copper, 7.0% zinc & 47g/t silver.

Click here to read the full press release