• 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.

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