Azzuro Resources PLC (“Azzuro” or the “Company”) (ASX: AZ9) is pleased to announce maiden JORC (2012) Exploration Target estimates at both its 100%-owned Oval Cu-Ni-PGE and the Red Hill (Maikhan Uul) Cu-Au-VMS projects, the Company’s two flagship assets located in southwest Mongolia.
HIGHLIGHTS:
- Maiden JORC (2012) Exploration Targets estimated at the Oval Cu-Ni-PGE and Red Hill CuAu-VMS projects — just 8km apart within a single exploration corridor — underlining the district-scale, multi-commodity potential of the Company’s southwest Mongolia portfolio.
- The project proximity supports the potential for shared infrastructure, camp facilities, permitting efficiencies and a unified development pathway as both projects mature.
- A combined 14 hole ~5,835m priority drilling program has been designed to test the highest-priority Exploration Target bodies at both projects.
- A separate, lower-cost pathway of 3 holes (290m) at Oval and 11 holes (1,760m) at Red Hill could convert a portion of both targets to JORC (2012) Inferred Mineral Resource status.
- Drilling is imminent and geophysical studies (DHEM and 3DIP) are commenced
Azzuro’s Managing Director, Gan-Ochir Zunduisuren, commented: “These maiden Exploration Targets confirm exactly what we’ve long believed — Oval and Red Hill aren’t two isolated discoveries, they’re one fertile mineralised corridor. That’s genuine district-scale exposure to copper, nickel, gold and PGEs in one of the world’s most under-explored, strategically located and low cost jurisdiction. We have a capital-efficient path forward to advance to a JORC resource.”
Two Adjacent, Complementary Projects
While the two systems host different styles of mineralisation — Oval a magmatic copper-nickelPGE sulphide system, and Red Hill a deformed volcanogenic massive sulphide (“VMS”) coppergold system — their proximity (merely 8km apart) gives Azzuro the opportunity to plan exploration, infrastructure and longer term development on a combined, district-wide basis rather than as two standalone projects. The Exploration Target estimates are:
Red Hill Cu-Au VMS – 15Mt to 30Mt at 0.71% to 0.9% Cu and 0.26g/t to 0.4g/t Au;
Oval Cu-Ni – 6Mt to 25Mt at 0.3% to 0.7% Cu, 0.26% to 0.6% Ni, for 0.59% to 1.5% CuEq.
The potential quantity and grade of the Exploration Targets is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource, and it is uncertain if further exploration will result in the estimation of a Mineral Resource. The Exploration Targets have been prepared and reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, 2012 Edition (“JORC Code”).
Oval and Red Hill are located just 8km apart within Azzuro’s southwest Mongolia project portfolio, connected by existing local infrastructure and situated within the same regional structural corridor of the Central Asian Orogenic Belt. The Exploration Target estimate suggests a potential of 21Mt to 55Mt of mineralisation.*
* Important Note on Combined Figures: The combined 21Mt to 55Mt range referred to in this announcement is the arithmetic sum of the separately estimated Oval and Red Hill Exploration Targets and is provided for illustrative, portfolio-level context only. The two Exploration Targets relate to different styles of mineralisation (magmatic Cu-Ni-PGE at Oval; VMS Cu-Au at Red Hill), are reported on different bases (copper-equivalent at Oval; copper-only at Red Hill) and have been estimated independently using different methodologies. They should not be read as, or aggregated into, a single Exploration Target, and each should be considered separately by reference to the detailed estimates, methodologies and cautionary statements set out below.
The Exploration Targets have been independently estimated by Mine Project Consult (“MPC”), with block modelling support from SLR Consulting Australia Pty Ltd (“SLR”), based on drilling, geological mapping and geophysical data compiled up to July 2026.
Whilst subject to future studies, the Company considers that the close proximity of the Oval and Red Hill projects offers the potential for:
- shared site infrastructure, camp facilities, roads and power as both projects are advanced;
- a single, consolidated environmental and community engagement footprint across the district;
- combined technical and drilling teams and equipment working across both projects, improving capital efficiency; and
- a broader range of future development pathways, including the potential to process multiple ore types through shared or complementary infrastructure.
Figure 1. Location plan map of Oval and Red Hill projects
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