Azure Minerals Ltd (ASX:AZS) is trading higher on identifying nickel and copper-rich gossans up to 3.75% nickel and 25.4% copper during the first field reconnaissance at its new Andover tenements near the town of Roebourne in the West Pilbara region of Western Australia.
Outcropping gossans on the new Andover tenements also contained highly anomalous palladium, marking the first evidence of significant platinum group elements (PGEs) at Andover.
There has been a positive response from investors to the findings with shares as much as 19.65% higher intraday to $0.335.
The reconnaissance was designed to find outcropping nickel and copper sulphide mineralisation within the north-eastern extension of the nickel-rich Southern Mineralised Corridor and to assess the numerous pegmatites present in the area for lithium potential.
Location of gossan sampling.
In the north-western part of E47/4700, outcropping gossans and loose gossan float was identified. Visually, these gossans were observed to contain significant quantities of copper minerals such as malachite and azurite.
Strong bedrock-hosted electromagnetic (EM) conductors were also present, indicating the potential for massive nickel and copper sulphide deposits.
All seven samples collected during the first reconnaissance visit returned significant assay results including:
- 1.44% nickel, 12.9% copper and 60 parts per billion (ppb) palladium;
- 0.38% nickel, 1.60% copper and 20 ppb palladium;
- 3.75% nickel, 25.4% copper and 120 ppb palladium;
- 0.37% nickel, 1.71% copper and 210 ppb palladium;
- 1.73% nickel, 3.43% copper and 40 ppb palladium;
- 0.19% nickel, 0.12% copper and 20 ppb palladium; and
- 1.01% nickel, 3.79% copper and 180 ppb palladium.
Close-up of strongly mineralised outcropping gossans on E47/4700.
Exciting start
Azure managing director Tony Rovira said: ”Our regional exploration program on Andover continues to deliver outstanding outcomes.
"The first visit to one of our new tenements to assess the potential for nickel-copper sulphides and pegmatite-hosted lithium mineralisation was no exception, with field geologists observing outcropping gossans that visually contained significant quantities of copper mineralisation.
"This was supported with high copper and nickel readings by handheld portable (pXRF) and later confirmed by laboratory analysis.
“It is also pleasing that we have, for the first time, identified significant grades of PGEs at Andover, in particular the high-value metal palladium. Obviously, this is an exciting start to our exploration in the new area and work is continuing.”
Busy time
New tenements E47/4700 and E47/4701 added an additional 38.4 square kilometres to the Andover Joint Venture owned 60% by Azure and 40% by Creasy Group.
The nickel-focused team is continuing surface exploration on the new ground, while drilling is ongoing at the Seaview and Pipeline nickel-copper-cobalt prospects.
The lithium-focused team, meanwhile, is exploring the swarm of lithium-rich pegmatites and old mine workings throughout the Andover area.