Azure’s drilling delivers extensions to mineralisation at Andover nickel-copper project

Azure Minerals Andover nickel copper Mexico silver ASX AZS
Azure revealed it has received unsolicited interest in its Mexican base and precious metals assets.

Three new holes drilled at Azure Minerals’ (ASX: AZS) Andover nickel-copper project in Western Australia’s Pilbara region have further extended the along-strike and down-dip limits of sulphide mineralisation associated with the VC-07 prospect.

Two of the holes hit significant nickel-copper mineralisation, with the first intersecting a 21.5m-wide interval containing multiple zones of sulphides from 455.3m downhole.

Results included 1.1m of massive and semi-massive sulphides from 455.3m; 1.1m of semi-massive sulphides from 457.8m; 1.5m of heavily disseminated and matrix sulphides from 466m; and 2.9m of semi-massive sulphides from 473.9m.

The second hole intersected two separate zones of nickel-copper sulphide mineralisation with results of 2.9m massive, matrix and disseminated sulphides from 369.6m; 18.5m of semi-massive, matrix and heavily disseminated sulphides from 432.7m; and 2.8m of matrix sulphides from 462.6m.

Azure said an expansion along-strike and down-dip of the nickel sulphide mineralisation at VC-07 highlights the potential for a “substantial mineralised system”.

Drilling continues

Meanwhile, the company’s 30,000m diamond drilling program is continuing with two rigs undertaking resource definition drilling within the VC-07 mineralised body and a third rig completing the final reconnaissance hole into shallow nickel-copper sulphide mineralisation associated with the VC-23 conductor target.

Further drilling will take place once follow-up geophysical surveys have been completed and interpreted.

Initial readings from these surveys show significant off-hole electromagnetic conductance indicating potential for extensions of the sulphide mineralisation along-strike and down-dip.

In addition, DHTEM (downhole transient electromagnetics) surveys have been undertaken at the three new VC-07 holes with results pending.

Azure said it would also carry out FLTEM (fixed loop transient electromagnetic) surveys using 600m by 600m loops over VC-23’s drilled area and further to the east and north to identify along-strike and down-dip mineralised extensions.

Mexico review

Yesterday, Azure announced it would begin a strategic review of its precious metals and base metals projects in Mexico, including the wholly-owned Alacrán silver-gold-copper and Oposura zinc-lead-silver assets.

The board of directors will determine how to best optimise the value of these assets with options including a full or partial sale, a de-merger or other alternative transaction structures.

Azure managing director Tony Rovira said the review comes at a time when the company’s focus has shifted to its Australian projects.

“We returned to exploration in Australia last year due to the COVID-19 pandemic and we have enjoyed outstanding success at Andover in that time,” he said.

“Our focus is now on advancing this new opportunity through the exploration and mineral resource stages, as well as exploring our newly-acquired gold projects in WA.”

Azure has received unsolicited approaches from a number of parties expressing an interest in its Mexican projects.

“As we are currently constrained in our activities in Mexico, these approaches provide new opportunities whereby the Australian and Mexican assets could be advanced concurrently,” Mr Rovira said.

“We are not entering this process with any predetermined outcome in mind … we will conduct a thorough review and explore all opportunities to deliver value to our shareholders.”

    Join Small Caps News

    Get notified of the latest news, interviews and stock alerts.