Join our daily newsletter At The Bell to receive exclusive market insights
- Azure Minerals’ (AZS) shares have soared over 51 per cent after intersecting four metres of nickel-copper sulphide mineralisation at the Andover Project in WA
- Azure holds a 60 per cent stake in the joint venture project, with the remaining 40 per cent owned by Creasy Group
- The company is undertaking field exploration and a 3000-metre diamond drilling program at the project
- Cutting and sampling of the mineralised intersection has been completed and the samples are being sent for analysis
- Meanwhile, drilling is ongoing with first assays expected in the next few weeks, while downhole surveying will begin shortly
- Company shares have soared 51.1 per cent and are trading for 35.5 cents
Azure Minerals’ (AZS) shares have soared over 51 per cent after intersecting nickel and copper sulphide mineralisation at the Andover Project in WA.
Azure holds a 60 per cent stake in the joint venture project, with the remaining 40 per cent owned by Creasy Group.
The company began a 3000-metre maiden diamond drilling program at Andover earlier this month. Prior to this, Azure conducted field exploration work which included geophysical surveys over 10 target zones.
The first drill hole, ANDD0001, was designed to test for down-dip extensions of sulphide mineralisation that was intersected in a historical drill hole.
Pleasingly, this hole intersected significant nickel and copper sulphide
mineralisation within mafic-ultramafic intrusive rocks from a depth of 80.6 metres. This includes a four-metre zone of massive nickel-copper mineralisation starting from 94.5 metres.
“This strongly mineralised nickel and copper sulphide intersection from our first drill hole is an outstanding result and a great start to our maiden drilling program at Andover,” Managing Director Tony Rovira said.
Cutting and sampling of the mineralised intersection has been completed and the samples are in transit to a Perth lab for analysis. Meanwhile, detailed logging of the entire core is in progress.
“Due to excellent ground conditions and high drilling productivity, the second drill hole is already. underway to test the down-dip extension of the ANDD0001 mineralisation,” Tony added.
Drilling will continue at Andover for the rest of the year and assay results for the first holes are expected from later this month. Additionally, the company will commence downhole surveying sometime this month.
Company shares have soared 51.1 per cent and are trading for 35.5 cents at 1:01 pm AEDT.
