Azure spots more world-class assays from Andover discovery

Azure Minerals reports up to 1.33% Li2O from world-class Andover lithium discovery
Earlier this week SQM and Hancock Prospecting joined forces to acquire the explorer
Maiden mineral resource expected in Q2 2024
Drilling will resume in January with eight diamond drill rigs on site

Special Report: Azure Minerals has flagged more +100m wide zones of lithium mineralisation at its world-class Andover discovery which all but confirm its potential to become a lithium project of global significance.

Earlier this week, Azure Minerals’ (ASZ:AZS) announced Sociedad Química y Minera de Chile S.A. (SQM) and Hancock Prospecting were joining forces to acquire the Tony Rovira-led explorer via a scheme of arrangement for A$3.70 per share.

That implies a fully-diluted equity value for AZS of ~A$1.70 billion.

AZS expects to release a maiden mineral resource for the discovery in the June quarter next year – following completion of the joint takeover. An exploration target of 100-240Mt at 1-1.5% Li2O has been stated for the West Pilbara asset.

Now the company is even more confident of the project’s potential, with the latest assays returning results up to 1.33% Li2O, among several more +100m wide intersections – a feat very few other lithium companies have achieved to date.

High-grade mineralisation and visible spodumene

Broad zones of high-grade mineralisation continue to be intersected in the AP0011 pegmatite, including:

165.2m at 1.33% Li2O from 306.6m (ANDD0295) including 46.7m at 2.08% Li2O from 345.0m;

97.6m at 1.19% Li2O from 459.4m (ANDD0305) including 48.7m at 1.42% Li2O from 508.3m;

80.2m at 1.37% Li2O from 242.3m (ANRD0135); and
54.8m at 1.42% Li2O from 386.7m (ANDD0204).

Numerous additional very broad (>100m) intervals of visible spodumene mineralisation in AP00011 have also been observed, with assays pending.

All drill rigs have now demobilised for the Christmas-New Year period, with drilling to resume in early January 2024 with eight diamond rigs on site.

At least 90,000m of drilling to go into maiden resource estimate

Since lithium-focused exploration drilling commenced at Andover in March 2023, 192 diamond core holes have been completed for 57,878.4m, 97 RC holes for 19,267m, and 27 holes comprising RC pre-collars and diamond tails for 12,070.7m, for a combined total of 89,216.1m.

The results received to date and others expected over the next few months will be incorporated in a mineral resource estimate, which the company expects to be completed in Q2 2024.

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.