Azure Minerals breakthrough at Andover lithium project spurs proximity opportunity for Raiden Resources
The west Pilbara region’s growing reputation as a Western Australian lithium hot spot has been highlighted by a number of recent significant announcements.
Already one of the world’s key iron ore producers, the Pilbara is attracting a growing number of major and junior mining companies looking to uncover potential battery metal riches in the remote north west of Australia.
The recent drilling success of Azure Minerals (ASX: AZS) at its Andover lithium project in the Pilbara has garnered significant attention.
Azure continues to build on Andover promise
Earlier this week, Azure unveiled some significant drilling results from infill and extensional reverse circulation and diamond core drilling at the Andover project.
The drilling confirmed broad zones of high-grade lithium mineralisation extend from surface to more than 400m vertically below surface over a strike length of 2,000m, indicating that the local pegmatites have the potential to host substantial lithium resources.
Earlier this month Azure announced a maiden Andover exploration target of 100 to 240 million tonnes grading at 1.0 – 1.5% lithium oxide from target areas 1, 2, and 3.
The company is now looking to progress those exploration target numbers to a mineral resource estimate by early next year.
Cashed up for expansion plans
Azure yesterday confirmed it now has the funds to take Andover to the next stage with the company receiving firm commitments to raise $120 million.
Managing director, Tony Rovira, said the company is now well-capitalised with a pro forma 30 June 2023 cash balance of around $137 million to accelerate exploration and resource drilling at Andover as the company advances towards announcing the maiden lithium mineral resource in Q1 2024.
“The strong support shown from both new and existing institutional investors in this placement is testament to Andover as one of the best lithium exploration projects globally.”
Raiden takes up proximity opportunity
Junior explorer Raiden Resources (ASX: RDN) noted the proximity to Azure’s discovery near the town of Roebourne in announcing it had finalised its due diligence for the acquisition for 80% interest in Welcome Exploration Pty Ltd.
The company is now set to complete its purchase of a number of tenements adjoining Azure’s Andover lithium project in the Pilbara.
Completion of satisfactory due diligence puts the company well down the path to completing the transaction to acquire an 80% interest in portfolio of lithium prospective tenements in the Andover complex.
The five tenements are adjacent to both the company’s Roebourne lithium project (E47/4603) and to Azure’s Andover discovery.
Fast-tacking project evaluation
Within days of completing due diligence, Raiden was reporting promising results from a new mapping and rock sampling program across the Andover South project.
Managing director Dusko Ljubojevic said the company’s initial investigations on the Andover South projects were already returning positive results.
He noted that widths of pegmatites of up to 30 metres in outcrop are providing plenty of encouragement that they may be onto a lithium find of significant size.
“Furthermore, multiple swarms of pegmatites are being noted throughout the license area with further areas to be mapped and sampled.”
“Our teams are now mapping and sampling the remaining tenements of the Andover South and Andover North project area and we hope to provide results to the market in the near term.”
After initially focussing on tenement E47/4062, Raiden’s mapping teams are now turning their attention to tenement E47/4061 where it is anticipated that pegmatites may outcrop in the prospective outcropping geology of that tenement.