Azure Minerals Ltd. on Dec. 21 released a maiden JORC-compliant mineral resource estimate for the Loma Bonita deposit of its Alacrán gold-silver project in Mexico.

The company estimates that the deposit hosts indicated and inferred mineral resources of 5.4 million tonnes at 0.9 g/t of gold and 28 g/t of silver for 150,000 ounces of contained gold and 4.8 million ounces of contained silver, using a gold cutoff grade of 0.21 g/t.

According to Azure, 85%, or 128,500, of the resource estimate's total gold ounces are in the indicated resource category.

The estimate is based on 3,933 meters of reverse circulation drilling and 3,122 meters of HQ diamond core drilling at Loma Bonita, with the company noting the deposit's potential upside as mineralization remains open and undrilled in several directions.

Loma Bonita's resource estimate is also considered a significant addition to the nearby Mesa de Plata deposit's 27 million-ounce silver resource, and both deposits' resource estimates can now be considered in combined production studies for the Alacrán project.

Teck Resources Ltd.'s Minera Teck SA de CV unit recently notified its intent to earn back an ownership stake in the Alacran project, initially reacquiring a 51% interest.