Azure Minerals (ASX:AZS) has encountered ‘very high-grade’ lithium mineralisation from an ‘extensive’ lithium-focused, pegmatite sampling program across its Andover Project in Western Australia.
The results, generated by a total of 709 samples (109 assayed), have returned a peak value of 4.87% lithium oxide (Li2O), with 20 samples also returning ‘high-grade’ values of lithium over 3.5% Li2O.
Spodumene has been visually identified in numerous pegmatite outcrops across the project area.
Key results include samples APRK00897 with 4.87% Li2O; APRK00867 with 4.39% Li2O; APRK00872 with 4.28% Li2O; APRK00895 with 4.44% Li2O; and APRK00874 with 4.41% Li2O.
The company says it has embarked on an accelerated growth strategy to advance its multi-commodity opportunity on the Andover project, and will fast-track lithium exploration with a 30,000m maiden reverse circulation (RC) and diamond drilling (DD) in late February.
It is also believed nickel exploration and mine development studies on the Andover and Ridgeline deposits will also continue throughout 2023.
Drilling has been designed to determine the scale and depth potential of the mineralisation already mapped and sampled at surface. The highest priority drill targets will be pegmatite outcrops containing high lithium grades and demonstrate potential for ‘significant’ volumes of mineralisation.
Commenting on the results, Azure Minerals Managing Director, Tony Rovira says: “We are extremely excited by these latest results which highlight the huge potential of the Andover Project to host substantial lithium resources.
It is particularly pleasing to see these types of results given the recent announcement that global mining and chemical company SQM would invest $20 million to take a 19.99% stake in Azure, which is not only an endorsement of our strategy and prospectivity of our projects, but also gives us the financial firepower to aggressively tackle this opportunity.
“We are extremely excited by these latest results which highlight the huge potential of the Andover Project to host substantial lithium resources”
Work completed by our dedicated lithium exploration team has built a strong foundation for future growth, with high-grade lithium identified in multiple pegmatites along a strike length of approximately 5km, within the now defined 9km-long extent of the Andover pegmatite swarm.
Several hundred pegmatite bodies remain to be sampled and mapped within the project area, and this work will continue in parallel with upcoming diamond and RC drilling programs.”
The company also notes that with over 600 pegmatite samples still pending, it believes many more ‘attractive’ targets will be identified over the coming months for priority drill testing.
In addition, ‘high-grade’ lithium grades between 1.2% and 4.9% Li2O were identified along outcropping pegmatites of 700m and 400m strike lengths respectively within the project’s AP0009 and AP0010 prospects. These 2 pegmatites, given their ‘substantial’ strike lengths and ‘high-grades’, represent 2 of the highest priority drill targets in the near term.
As of 10am AWST Azure Minerals’ share price has increased by 11.475%.
Azure Minerals’ Andover project contains more than 600 outcropping pegmatites occurring within a zone about 9km long and up to 4km wide in the eastern half of the project tenement, and generally strike parallel to Azure’s richly endowed nickel-copper-cobalt (Ni-Cu-Co) Southern Mineralised Corridor.
Other projects included in Azure Minerals’ exploration portfolio include the Barton Gold and Base Metals Project, Turner River Gold Project (WA), and the Coongan Gold Project, all of which are also located in Western Australia.
Images: Azure Minerals Ltd
