Azure Minerals Ltd (ASX:AZS, OTC:AZRMF) is trading higher after observing wide zones of spodumene in the first drill holes at Target (NYSE:TGT) Area 3 of the Andover Lithium Project in Western Australia, confirming the presence of fine to coarse-grained crystalline spodumene from shallow depths of between 15 and 65.9 metres.
The company also confirmed the presence of high-grade lithium in target areas 1 and 2 with assay results, which graded up to 23.7 metres at 1.51% lithium oxide from 76.2 metres of depth in Area 2, and 67.2 metres at 1.56% from 420 metres in Target Area 1.
Shares have been as much as 6.83% higher to A$2.19 on volume of more than 2.5 million within the first 45 minutes of ASX trading.
The company has seven drill rigs turning on site, with four seeking to further define mineralisation in Area 1, which has proved promising, and another three testing multiple stacked pegmatites in Area 3.
Full assay results
Results from Target Area 1 include:
- 69.9 metres at 1.22% lithium oxide from 430.4 metres;
- 67.2 metres at 1.56% from 420.7 metres;
- 32.7 metres at 1.00% from 377.8 metres; and
- 57.3 metres at 0.99% from 349.4 metres, including 27.6 metres at 1.53% from 349.4 metres.
Target Area 2:
- 23.7 metres at 1.51% lithium oxide from 76.2 metres; and
- 20.8 metres at 1.70% from 114.3 metres.
Visual estimates from Target Area 3:
- ANDD0285 intersected 37 metres containing visible spodumene mineralisation from 22.8 metres within a 39.6-metre-wide pegmatite in AP0004;
- ANDD0285 intersected 15 metres containing visible spodumene mineralisation from 144.9 metres within a 19.3-metre-wide pegmatite in AP0005;
- ANDD0289 intersected 65.9 metres containing visible spodumene mineralisation from 42 metres within a 76.6-metre-wide pegmatite in AP0004; and
- ANDD0292 intersected 36.6 metres containing visible spodumene mineralisation from 15.5 metres within a 37.2-metre-wide pegmatite in AP0003.