An array of samples has been returned with 20 of those returning grades over 3.5% Li2O, paving the way for Q1 drilling to begin in late February.
Azure (ASX:AZS) is now embarking on an accelerated growth strategy in conjunction with the ongoing extensive sampling program which has identified numerous spodumene-rich pegmatites across the Andover (Azure 60%, Creasy Group 40%) Project area.
Some of these high-quality results include 4.87% Li2O, 4.39% Li2O, 4.44% Li2O and 4.39% Li2O.
With shares up 13% in early morning trade, AZS managing director Tony Rovira says 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.
“Not only is this endorsement of our strategy and the prospectivity of our projects, but it also gives us the financial firepower to aggressively tackle this opportunity,” he says.
‘Several hundred pegmatite bodies remain to be sampled’
Azure says its 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 around 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,” Rovira adds.
Lithium exploration will be fast-tracked with a maiden lithium-focused drilling program expected to commence in late February, while nickel exploration and mine development studies on the Andover and Ridgeline Deposits also continue through 2023.
Drilling and exploration details
The 30,000m drilling reverse circulation drilling program will be undertaken to determine the scale and depth potential of the mineralisation already mapped and sampled at surface.
Highest priority drill targets are pegmatite outcrops containing high lithium grades and which demonstrate potential for significant volumes of mineralisation.
With analytical results from 600 pegmatite samples still pending, Azure says it is very likely that many more attractive targets will be identified over the coming months for priority drill testing.
Additionally, project-wide geological mapping and rock chip sampling of the as yet unsampled pegmatites will continue in 2023 and are expected to define further drill targets.
Early stage metallurgical, heritage, environmental, hydrological, and flora and fauna studies will also be undertaken.
This article was developed in collaboration with Azure Minerals (AXS:AZS), 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.
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