EXPLORATION & DEVELOPMENT

Azure gets a buzz from another battery metal

AZURE Minerals’ shares burned up the Australian Securities Exchange yesterday, closing up 37% at A29.5c, after the Pilbara explorer defined high-grade lithium rock chips within its flagship Andover project.

 Outcrop at Andover

Outcrop at Andover

The project, in Western Australia's north, has resources of 51,700 tonnes nickel, 21,700t copper and 2290t cobalt defined over the past two years, and multiple follow-up targets.
 
Yesterday it refined Andover's claim to being a battery metals hub by defining spodumene-rich pegmatites.
 
The area was historically mined for beryl, tin and tantalum in the 1960s, so finding lithium was considered likely, but the proof of the pudding is in the eating, or rather assaying, of the rock chips.
 
Over 60 additional samples were collected from outcropping pegmatites, returning up to 3.32% lithium oxide, with a significant amount of coarse grained visible spodumene.
 
With the confirmation of the mineral in the pegmatites, Azure plans to get drilling to see what kinds of grades and thicknesses it can define. 
 
A priority cluster of shallow-dipping pegmatites associated with the best samples is a priority target.
 
Managing director Tony Rovira said the drilling will begin as soon as it gets the nod from the state government.
 
It will be run in parallel with its nickel-focused work, which is focused on the Seaview and Pipeline prospects.
 
The Andover pegmatite swarm extends over a zone some 8km long and up to 4km wide in the northeast part of the Andover project area. Most pegmatites are within or adjacent to Azure's Southern Mineralised Corridor target.
 
The SMC is a visually distinctive mafic-ultramafic intrusive trend that could extend for 10km.
 
It raises some interesting questions about how Andover will shape up as a mining operation, given all of the Pilbara's lithium mines developed to date are singularly focused, with tantalum by-products.
 
Rovira said Azure was "only scratching the surface" at Andover.
 
Creasy Group is Azure's 40% partner in the project.
 
Azure's shares have traded at 16-47c over the past year.
 
At yesterday's close it was valued at $92 million.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

editions

MiningNews.net Research Report 2024

Access a multi-pronged tool to identify critical risks and opportunities in Australia’s mining industry.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.