Azure Minerals visit to new Andover tenements offers high-grade nickel and copper along with first glimpse of PGEs
Proactive Investors
Published Oct 24, 2022 12:52
Updated Oct 24, 2022 13:31
Azure Minerals visit to new Andover tenements offers high-grade nickel and copper along with first glimpse of PGEs
Azure Minerals Ltd (ASX:AZS) is trading higher on identifying nickel and copper-rich gossans up to 3.75% nickel and 25.4% copper during the first field reconnaissance at its new Andover tenements near the town of Roebourne in the West Pilbara region of Western Australia.
Outcropping gossans on the new Andover tenements also contained highly anomalous palladium, marking the first evidence of significant platinum group elements (PGEs) at Andover.
There has been a positive response from investors to the findings with shares as much as 19.65% higher intraday to $0.335.
The reconnaissance was designed to find outcropping nickel and copper sulphide mineralisation within the north-eastern extension of the nickel-rich Southern Mineralised Corridor and to assess the numerous pegmatites present in the area for lithium potential.
Location of gossan sampling.
In the north-western part of E47/4700, outcropping gossans and loose gossan float was identified. Visually, these gossans were observed to contain significant quantities of copper minerals such as malachite and azurite.
Strong bedrock-hosted electromagnetic (EM) conductors were also present, indicating the potential for massive nickel and copper sulphide deposits.
All seven samples collected during the first reconnaissance visit returned significant assay results including:
- 1.44% nickel, 12.9% copper and 60 parts per billion (ppb) palladium;
- 0.38% nickel, 1.60% copper and 20 ppb palladium;
- 3.75% nickel, 25.4% copper and 120 ppb palladium;
- 0.37% nickel, 1.71% copper and 210 ppb palladium;
- 1.73% nickel, 3.43% copper and 40 ppb palladium;
- 0.19% nickel, 0.12% copper and 20 ppb palladium; and
- 1.01% nickel, 3.79% copper and 180 ppb palladium.
Close-up of strongly mineralised outcropping gossans on E47/4700.
Exciting start
Azure managing director Tony Rovira said: ”Our regional exploration program on Andover continues to deliver outstanding outcomes.
"The first visit to one of our new tenements to assess the potential for nickel-copper sulphides and pegmatite-hosted lithium mineralisation was no exception, with field geologists observing outcropping gossans that visually contained significant quantities of copper mineralisation.
"This was supported with high copper and nickel readings by handheld portable (pXRF) and later confirmed by laboratory analysis.
“It is also pleasing that we have, for the first time, identified significant grades of PGEs at Andover, in particular the high-value metal palladium. Obviously, this is an exciting start to our exploration in the new area and work is continuing.”
Busy time
New tenements E47/4700 and E47/4701 added an additional 38.4 square kilometres to the Andover Joint Venture owned 60% by Azure and 40% by Creasy Group.
Get The App
The nickel-focused team is continuing surface exploration on the new ground, while drilling is ongoing at the Seaview and Pipeline nickel-copper-cobalt prospects.
The lithium-focused team, meanwhile, is exploring the swarm of lithium-rich pegmatites and old mine workings throughout the Andover area.
Read more on Proactive Investors AU
Disclaimer
Written By: Proactive Investors
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.