The junior’s land package, which now exceeds 120 sq. km, is near the Alamo Dorado silver discovery of
Azco is earning a 70% interest in the Adelita project by spending US$500,000 over three years. It recently penned an agreement with Phelps Dodge (pd-n) to earn a similar interest in the Alamo claims surrounding Adelita by covering the US$9.6 million that the major has spent on the property to date.
Azco can pick up the neighbouring Silverado property from privately owned Minera Cortez Resources in exchange for US$20,000 cash and 30,000 Azco shares. The Silverado property wraps around the Alamo claims on three sides and abuts Corner Bay’s property on three sides.
Azco recently completed its first year of exploration at Adelita. The work included regional mapping, and soil geochemical and geophysical sampling. Results are expected in late November.
Elsewhere in Sonora, Azco and Phelps Dodge are proceeding with a US$3.6-million program at the Piedras Verde copper property, advancing it to the final feasibility stage.
Meanwhile, in western Mali, the exploration subsidiary of Randgold & Exploration (rangy-q) can earn up to a 65% interest in Azco’s Medinandi and Dandoko gold properties by spending US$2 million over three years. To complete the buy-in, the South African-based company must produce a feasibility study on at least one deposit of more than 1 million oz. The Malian government can acquire a 20% interest in both properties.
Azco incurred a third-quarter loss of US$285,161 (or 1 cents per share), compared with a loss of US$729,159 (3 cents per share) a year ago.
The company had US$10.1 million in cash and cash-equivalents at the end of the quarter.
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