Azure Minerals has confirmed the finding of a “substantial” lithium deposit found at Target Area 3 in the Andover project in the West Pilbara region of WA.
According to Azure, the find confirms consistent thickness and grade of the lithium mineralisation within the AP0004 and AP0002 pegmatites.
This also confirms that a major lithium-mineralised system is present at Target Area 3, and that Andover has the potential to be a lithium project of global significance.
Chilean lithium giant SQM and Gina Rinehart’s Hancock Prospecting purchased Azure for $1.7 billion via a scheme of arrangement back in December 2023.
Given the backdrop of falling lithium prices, Azure said it was ecstatic to attract such a lucrative offer.
“The transaction delivers a fantastic outcome for Azure shareholders, including a significant uplift in value from the original SQM transaction despite elevated market volatility and the recent deterioration in lithium prices,” Azure managing director Tony Rovira said at the time.
Now, it seems the company and its associated Andover project is only continuing to grow.
“Encouragingly, latest assay results continue to confirm that high-grade lithium mineralisation correlates very strongly with visual spodumene observations,” Azure Minerals said.
“Moving forward, drilling at Target Area 3 is continuing with eight diamond drill rigs defining the lateral and depth extents of mineralisation in the AP0004 and AP0002 pegmatites, as well as infilling to
appropriate spacing to underpin the maiden mineral resource estimate.”