Azure spots more world-class assays from Andover discovery
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.
Broad zones of high-grade mineralisation continue to be intersected in the AP0011 pegmatite, including:
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.
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.