Australia’s newest major nickel-copper discovery could be a monster
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The Azure Minerals (ASX:AZS) share price isn’t the only thing that has grown since the WA explorer hit the big one in its very first drillhole at the Andover nickel-copper project in October.
The VC-07 nickel-copper discovery – now 1km-long, ~ 200m thick and +400m deep – is currently being drilled ahead of a maiden resource in Q4.
But at Andover, unlike most sulphide discoveries , there are no ‘false positives’ from EM surveys.
That means find an EM conductor, find nickel-copper sulphides.
Azure has completed FLTEM surveying of multiple separate geophysical anomalies located throughout the Andover project area.
The upside is huge.
The explorer has now returned massive, semi-massive and matrix nickel-copper in multiple holes at the neighbouring ‘VC-23’ prospect, including:
– 5.8m @ 1.12% Ni and 0.71% Cu from 69.6m
– 4.0m @ 1.69% Ni and 0.21% Cu from 32.7m, and
– 7.0m @ 1.35% Ni and 0.45% Cu from 95.0m
Good continuity of nickel and copper sulphides has now been demonstrated over a ~200m by 100m area, with mineralisation open in all directions, the company says.
Further drilling is planned at VC-23 once heritage clearances are granted.
“The new VC-23 discovery is wide-open for further expansion with the mineralisation remaining open in all directions,” Azure managing director Tony Rovira says.
“The downhole electromagnetic (DHTEM) surveying identified multiple off-hole EM conductors that will be a major focus for the next round of drilling.
“With the sulphide mineralisation being remobilised from a primary source, we believe that VC-23 could potentially host a mineralised system similar to that at VC-07.”
With ~$34m in cash, the highly successful Azure team is well funded to test the size of this exciting new discovery.
“We’ve started 2021 at Andover with strong momentum on several fronts,” Rovira says.
“Drilling continues to expand the substantial body of Ni-Cu sulphide mineralisation at VC-07, while our first reconnaissance drilling on another high priority target has resulted in a new discovery of significant nickel and copper sulphides at VC-23.
“Furthermore, the company’s ongoing geophysical exploration continues to identify more prospective targets for drilling, demonstrating the highly prospective character of the entire Andover project.”
This article was developed in collaboration with Azure Minerals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.