Azure Minerals Ltd (ASX:AZS) traded higher after uncovering a new mineralised zone at Skyline prospect within the Andover Project, with three drill holes intersecting nickel and copper sulphide-rich mineralisation coincident with electromagnetic (EM) conductors.
The company has also intersected more massive nickel-copper sulphides at the VC-07 West prospect.
Investors welcomed the news of further prospectivity at the project, pushing Azure Minerals' shares up 20.6% to an intraday high of $0.41 intraday while the company has a market cap of approximately A$105.7 million.
Skyline intersections include:
- ANDD0129:
- 7.4 metres of disseminated nickel-copper sulphides from 55.5 metres;
- 6.4 metres of disseminated nickel-copper sulphides from 64.2 metres; and
- 6.7 metres of disseminated nickel-copper sulphides from 81.4 metres.
- ANDD0131:
- 2.9 metres of disseminated nickel-copper sulphides from 70.0 metres; and
- 1.8 metres of disseminated nickel-copper sulphides from 73.8 metres.
- ANDD0132:
- 2.6 metres of disseminated nickel-copper sulphides from 106.8 metres; and
- 13.7 metres of blebby and disseminated nickel-copper sulphides from 115.2 metres.
VC-07 West intersections were confirmed with portable x-ray fluorescence (XRF), returning massive sulphide zones with high-grade nickel and copper:
- ANDD0128:
- 2.0 metres massive to disseminated nickel-copper sulphides from 245.8 metres;
- 6.2 metres of massive and semi-massive nickel-copper sulphides from 539.5 metres; and
- 4.8 metres of semi-massive to heavily disseminated nickel-copper sulphides from 546.7 metres.
- ANDD0127:
- 0.9 metres of massive to matrix nickel-copper sulphides from 356.6 metres;
- 3.2 metres of disseminated nickel-copper sulphides from 357.5 metres; and
- 4.9 metres of disseminated nickel-copper sulphides from 371.0 metres.
- ANDD0126:
- 0.8 metres of matrix and heavily disseminated nickel-copper sulphides from 389.3 metres;
- 21.9 metres of cloud nickel-copper sulphides from 390.1 metres; and
- 0.3 metres of matrix nickel-copper sulphides from 412.0 metres,
Across the project, sulphide-rich zones have coincided with strong and extensive downhole EM conductors. Drilling on site is continuing to test both conductors and mineralised extensions at the target prospects.
Targeting EM conductors for sulphides
Azure Minerals managing director Tony Rovira said: “We’re very pleased that our regional exploration drilling has got off to such a great start with a new nickel-copper sulphide discovery made at the Skyline prospect.
“The first three holes all intersected nickel-copper sulphide mineralisation coinciding with EM conductors, confirming that on the Andover Project, electrical conductance continues to be associated with sulphide mineralisation.
“Meanwhile our drilling continues to intersect substantial nickel-copper sulphide mineralisation within the VC-07 mineralised corridor, with the latest massive sulphide intersections at VC-07 West also coinciding with electromagnetic conductors.
“With multiple mineralised drill hits and extensions of the EM conductors that have yet to be drilled, VC-07 West looks promising for hosting significant nickel-copper sulphide mineralisation.”
About Azure Minerals
A Western Australian-focused mineral exploration company, Azure Minerals is rapidly progressing its Greenfields Andover nickel-copper-cobalt discovery while exploring its portfolio of gold projects.
The company’s project portfolio comprises:
- Andover Nickel-Copper-Cobalt Project: (60% Azure/40% Creasy Group) – ongoing diamond drilling continues to expand the Andover nickel-copper-cobalt sulphide deposits while development study activities are in progress.
- Turner River Gold Project: (70% Azure/30% Creasy Group) – covering 450 square kilometres, Turner River is near De Grey Mining Ltd’s Mallina project which hosts gold resources of 2.2 million ounces plus the large-scale Hemi gold deposit.
- Barton Gold Project: (100% Azure) – contains 200 square kilometres in the gold-rich Kookynie Gold District with nearby past production and current resources totalling over 4 million ounces of gold.
- Meentheena Gold Project: (70% Azure/30% Creasy Group) – explored by the Creasy Group since 1994 and drilled for epithermal gold mineralisation.
- Coongan Gold Project: (70% Azure/30% Creasy Group) – adjoins the operating Beatons Creek Gold Mine (over 1 million ounces of gold resources).