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Highlights:
- Azure today (19 October) shared further high-grade lithium assay results from its Andover Project.
- The managing director of Azure, Tony Rovira, said that the results were very significant.
- Azure shares closed at AU$0.30 apiece today.
The shares of Azure Minerals Limited (ASX:AZS) have marked significant gains on the ASX today (19 October 2022), closing 37.21% higher at AU$0.30 per share.
Azure’s shares outperformed its benchmark index, the ASX 200 Materials (INDEXASX:XMJ), which closed 0.18% up at 15,776.90 points, and the ASX 200 (INDEXASX:XJO) closed 0.31% up at 6,800.10 points.
Why did Azure shares skyrocket today?
The Western Australian-focused mineral exploration organisation Azure on Wednesday (19 October 2022) shared that it had received high-grade lithium assay results from the Andover Project.
The Andover Project is a pegmatite exploration program located near Roebourne in the West Pilbara region of Western Australia.
Tony Rovira, Managing Director, Azure, referred to the assay results as “very significant”.
According to Azure’s ASX announcement, the latest assays returned substantial high grades of lithium, with one sample returning up to 3.32% lithium oxide, which Tony Rovira highlighted is the highest lithium grade reported till date. This sample was collected from a pegmatite outcrop situated 150 m from historical artisanal mines.
As per the company, a duplicate sample contains a minimum of 30% spodumene.
According to the ASX announcement, spodumene was observed in numerous other samples that returned high grades of lithium. Assays were received for 60 samples that were collected during the phase 2 pegmatite sampling program. Some of the results are as follows:
- APRK00046 – 2.65% lithium oxide
- APRK00050 – 1.31% lithium oxide
- APRK00051 – 1.19% lithium oxide
- APRK00049 – 1.13% lithium oxide
- APRK00086 – 1.13% lithium oxide
In a statement, Azure said that this is a high-priority target for follow-up drilling and additional surface sampling.
Road ahead!
The lithium exploration program of Azure is set to continue with geological sampling and geological mapping of the pegmatite swarm.
Tony Rovira commented on the development:
Share performance of Azure
Including today’s gain, Azure's share price has surged 28.26% in the past five trading sessions. In one month, it has zoomed up by 47.50%. In one year, the share price has fallen by 20.27%, marking a fall of 15.71% in the past six months. On a year-to-date basis, the share price has dropped 22.37%. In the last five years, it has dropped 7.81%.
