{"id":5805,"date":"2024-02-14T00:26:46","date_gmt":"2024-02-14T00:26:46","guid":{"rendered":"https:\/\/economicherald.net\/?p=5805"},"modified":"2024-02-14T00:26:46","modified_gmt":"2024-02-14T00:26:46","slug":"azures-andover-project-still-looking-the-goods-as-drilling-delivers-more-rich-100m-lithium-intersections","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=5805","title":{"rendered":"Azure\u2019s Andover project still looking the goods as drilling delivers more rich +100m lithium intersections"},"content":{"rendered":"<p>Drilling at the Andover project delivers more thick, high-grade lithium intersections\u00a0<br \/>\nResults highlight the significant scale of the AP0011 pegmatite in TA1<br \/>\nMore drilling is currently underway with eight rigs at TA3 and one rig at TA1<\/p>\n<p>\u00a0<\/p>\n<p>Special Report: Azure Minerals\u2019 ongoing drilling at the Andover project in WA\u2019s Pilbara region has delivered yet more stunning lithium intersections that really underscores its massive potential.<\/p>\n<p><span>While originally explored for nickel-copper-cobalt sulphides, the intersection of thick lithium mineralisation (105m grading 1.26% Li2O) at Andover in June 2023 transformed <\/span><a href=\"https:\/\/stockhead.com.au\/company\/azure-minerals-azs\/\">Azure Minerals (ASX:AZS)<\/a><span> into one of the hottest lithium juniors on the ASX.<\/span><\/p>\n<p><span>Subsequent drilling at the project, which is owned in partnership with legendary prospector Mark Creasy\u2019s Creasy Group (40%), proved t this was no fluke by returning multiple +100m intersections.<\/span><\/p>\n<p><span>Demonstrating just how prospective the company believes the project actually is, AZS has defined an exploration target of between 100Mt and 240Mt with a grade range of 1-1.5% Li2O, which would place Andover amongst the largest lithium deposits, even if the resource comes in at the bottom end of that range.<\/span><\/p>\n<p><span>Early stage test work has also resulted in the\u00a0<\/span><a href=\"https:\/\/stockhead.com.au\/resources\/test-work-returns-outstanding-5-59pc-lithium-concentrate-recovery-of-82-37pc-at-azures-andover\/\">production of spodumene concentrate<\/a><span>\u00a0with a grade of 5.59% Li2O at recovery of 82.37%.<\/span><\/p>\n<p><span>This was enough to convince Chilean lithium giant SQM, which had originally acquired a 20% stake in AZS at the beginning of 2023, to <\/span><a href=\"https:\/\/stockhead.com.au\/resources\/eye-on-lithium-azure-dispels-notion-of-sqm-takeover-and-lake-resources-resizes-extraction-techniques\/\">launch a $2.31 per share cash takeover offer<\/a><span> in August 2023 before increasing that bid to $3.52 per share by October 2023.<\/span><\/p>\n<p><span>While the upgraded offer was initially stymied by major parties such as Hancock Prospecting grabbing significant stakes in the company, SQM was able to reach a deal with the Gina Rinehart vehicle for a <\/span><a href=\"https:\/\/stockhead.com.au\/resources\/ground-breakers-azure-lithium-takeover-alive-again-as-sqm-and-hancock-join-forces\/\">joint takeover bid<\/a><span> of $3.70 per share, which values AZS at close to $1.7bn.<\/span><\/p>\n<p>Section A-AA through AP0011 \/ AP0012 pegmatites with reported lithium intersections. Pic: Supplied (AZS)<\/p>\n<p>\u00a0<\/p>\n<h2>More broad intersections of lithium<\/h2>\n<p><span>Further highlighting why the company is the target of the joint ~$1.7bn takeover by SQM and Hancock, continued drilling at Target Area 1 has returned numerous exceptionally thick spodumene-bearing intervals within the AP0011 pegmatite.<\/span><\/p>\n<p><span>Notable intersections from the diamond drilling are:<\/span><\/p>\n<p><span>112.9m @ 1.63% Li2O from a down-hole depth of 408.5m including 24.8m @ 2.17% Li2O from 424.7m;<\/span><br \/>\n<span>152.3m @ 1.15% Li2O from 330.7m including 34.7m @ 1.73% Li2O from 331.6m; and<\/span><br \/>\n<span>112.0m @ 1.24% Li2O from 299.1m including 40.6m @ 1.55% Li2O from 360.1m.<\/span><\/p>\n<p><span>The latest results are some of the thickest and highest-grade mineralised intersections received to date, and also correlate very strongly with previously reported visual spodumene observations.<\/span><\/p>\n<p><span>Drilling successfully demonstrating strong continuity of mineralisation within the eastern portion of the AP0011 pegmatite, while expanding the thickened portion of the mineralisation in the central part of the pegmatite.<\/span><\/p>\n<p>\u00a0<\/p>\n<h2>And there\u2019s still more to come\u00a0<\/h2>\n<p><span>While AZS has completed 217 diamond holes totalling 69,669.8m, 94 reverse circulation holes totalling 18,775m and 28 holes with RC pre-collars and diamond tails totalling 12,700.7m, the drill bit isn\u2019t slowing down at Andover anytime soon.<\/span><\/p>\n<p><span>The company currently has eight drill rigs operating at Target Area 3 to continue extensional drilling aimed at defining the extents of the mineralised pegmatites and infill drilling to provide sufficient density to support a maiden resource estimate.<\/span><\/p>\n<p><span>A ninth diamond rig remains on AP0011 to undertake large diameter core drilling to provide bulk samples for the metallurgical test work program.<\/span><\/p>\n<p><span>AZS expects to release the <\/span><a href=\"https:\/\/stockhead.com.au\/resources\/maiden-lithium-resource-for-andover-due-in-q2-as-sqm-and-gina-rineheart-join-forces-to-buy-azure\/\">maiden resource estimate<\/a><span> in the June quarter this year after the expected completion of the SQM\/Hancock takeover.<\/span><\/p>\n<p>\u00a0<\/p>\n\n<p><span class=\"mce_SELRES_start\">\ufeff<\/span><span>\u00a0<\/span><\/p>\n<p><span>This article was developed in collaboration with Azure Minerals, a Stockhead advertiser at the time of publishing.\u00a0<\/span><\/p>\n<p>\u00a0<\/p>\n<p><span>This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/span><\/p>\n<p><span class=\"et_bloom_bottom_trigger\"><\/span><\/p>\n<p>The post <a href=\"https:\/\/stockhead.com.au\/resources\/azures-andover-project-still-looking-the-goods-as-drilling-delivers-more-rich-100m-lithium-intersections\/\">Azure\u2019s Andover project still looking the goods as drilling delivers more rich +100m lithium intersections<\/a> appeared first on <a href=\"https:\/\/stockhead.com.au\/\">Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>Drilling at the Andover project delivers more thick, high-grade lithium intersections\u00a0 Results highlight the significant scale of the AP0011 pegmatite in TA1 More drilling is <a href=\"https:\/\/economicherald.net\/?p=5805\" class=\"read-more-link\">[more&#8230;]<\/a><\/p>\n","protected":false},"author":0,"featured_media":5806,"comment_status":"","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-5805","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - 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