Azure Minerals (ASX:AZS) confirms a ‘major’ lithium mineralised system is present within the target area 3 (TA3) within its Andover Project in Western Australia, demonstrating the potential to be a lithium project of ‘global significance’.
The $1.66 billion market capitalisation company is continuing drilling at TA3, with 8 diamond drill rigs currently refining the lateral and depth extents of mineralisation in the AP0004 and AP0002 pegmatites, alongside infilling to appropriate spacing to underpin the maiden Mineral Resource Estimate (MRE).
Drilling to date, has not closed off the lithium mineralisation in any direction and the deposit remains open along strike to the northeast and southwest and down dip.
Azure conducted a lithium-focused drilling program, with results returned so far, confirming ‘substantial’ lithium mineralisation is present in the AP0004 pegmatite along more than 2,100m of strike length.
The Andover pegmatite swarm extends over an area of 9km and up to 5km and comprises hundreds of outcropping pegmatites with many containing ‘high’ lithium grades uncovered from extensive surface sampling.
Andover is a joint venture project between Azure, which owns 60% and privately held Creasy Group, which owns the remaining 40%. The project covers a 108km-square area in the West Pilbara region of Western Australia.
Azure is a battery metals-focused explorer and developer with ‘high-grade’ nickel and lithium assets.
As of 31 December 2023, the company had $117.496 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Azure Minerals
