Irvine, California, May 28, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Azure Holding Group Corp. (OTC PINK: AZRH) announced today it has finalized its acquisition of Eragon Mining, a precious metals exploration and mining company with mining property assets in Southern California.
“With our acquisition of Eragon Mining we can now begin gold extraction operations on its primary American-based mining asset known as the Mission Mine,” says Charles Townsend, President of Azure Holding.
Mission Mine is located in Riverside/San Bernardino counties in Southern California and is part of the world famous Dale Mining District. The region lies in an active gold belt known as the Mojave-Sonora Megashear. The region has been historically known to have large deposits of not only gold but other precious and rare earth metals. Over 200,000 ounces of gold have been extracted from the region since 1861.
“The area has a rich history of large alluvial and vein gold deposits. The temperate desert climate is excellent for year round mining operations and we can conduct environmental assessment studies routinely. Mining has most certainly been a lucrative venture for previous operations in the region,” adds Mr. Nawid Wadood, President of Eragon Mining.
Azure and Eragon Mining have made sure to conduct extensive due diligence on the Mission property by compiling historical geological studies and also commissioning their own geological analysis.
All reports indicate substantial gold deposits within Mission Mine in the form of methothermal veins. While gold has been extracted from the mine in the past, there exists, as evinced by the geological chip sampling studies, substantial gold veins remaining at depth. Several reports have indicated the grade range to be between .2 ounces per ton (ozpt) to 3.1 ozpt. The average from underground rock chip sampling at Mission Mine is around .5 ozpt which is far above the global gold mine average.
“Not only have we utilized extensive research from previous geological studies, but we have also conducted our own research with geologist Edward Harrington who is a certified geologist and has good standing with the Association of Professional Engineers and Geoscientists of British Columbia,” says Nawid Wadood, President of Eragon Mining.
“Rock chip sampling at different depths indicates close to 300,000 ounces or $383,000,000, as of today, worth of gold ready to be extracted down to a depth of 600ft. Our own geological reporting suggests even more gold vein systems exist beyond this depth,” adds Mr. Wadood.
“The great thing about this acquisition is that Mission Mine already has an excavation infrastructure in place that only needs updating. With timely investments Mission Mine will be fully operational and self-sustaining within a few months of operation,” says Mr. Wadood.
About Azure Holding Group Corp.
Azure Holding Group Corp. is a development-stage company incorporated on April 27, 2012 devoted to the exploration, acquisition, and mining of precious metal assets across the globe with current mining assets located in Southwest United States.
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