- Azure Minerals (AZS) hits three drill cores more than 100 metres in length with lithium mineralisation confirmed
- The company’s best result includes a 104-metre thick intersection at 1.6 per cent lithium, though at a considerable depth
- Back in July, a discovery of “very broad” lithium systems produced exceptional results and drilling is ongoing at target areas one and two with a third zone to see the rigs arrive next week
- AZS shares closed 12.32 per cent lower, trading at $2.49
Azure Minerals (AZS) has confirmed the discovery of further thick high-grade lithium intersections at its Andover project in Western Australia.
Among the three top results highlighted today was a 104-metre thick intersection at 1.61 per cent lithium; 132 metres at 1.25 per cent and a third core at a 101-metre thickness at 1.22 per cent lithium.
The company also discovered a 31-metre thick pocket in the first core at 1.95 per cent lithium, though, this was at considerable depths of over 360 metres.
All targets for which results were returned on Monday were sourced from the ‘AP0011’ pegmatite target, and drilling remains ongoing with more cores to be sunk at target area three next week.
The company also received its first assays from drilling in the ‘Target Area 2’ prospect called ‘AP015’, which turned over a six-metre intersection at 1.99 per cent lithium from only 50 metres depth.
The company has had its eye on Andover for some time. Back in July, the company reported it had discovered “very broad” lithium systems and reported exceptional results,
In August the company discovered more mineralisation on-site, allowing it to establish its first exploration target for Andover only days later.
The company remains confident in its forward operational strategy and even opted to shut down a takeover offer from SQM. It reiterated that position again last week, suggesting $900 million wasn’t enough.
AZS shares closed 12.32 per cent lower, trading at $2.49.