The Azure share price shot up this morning after the company announced positive drilling results at its Andover project in Western Australia.
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The Azure Minerals Limited (ASX: AZS) share price has rocketed up today after the company’s update on drilling at its Andover project in the West Pilbara region of Western Australia. In early trade, the Azure share price shot up 23% to 70 cents. It has since retreated to 66 cents, up 17.7% at the time of writing.
What was announced?
Azure announced that the latest diamond drillhole (ANDDooo4) had intersected a 38m-wide zone containing significant amounts of nickel-copper sulphides. This includes zones of massive sulphides which the company says are the likely source of the new EM conductor’s electrical signature. This particular drill was designed to test a strong conductor (VC7) identified by Azure’s recent surface electromagnetic (FLTEM) survey.
Azure advised that diamond drilling was also continuing in other locations, with ANDD0005 under way to test for potential up-dip extensions. Further holes are planned to test down-dip and along strike.
What did management say?
Commenting on the new nickel discovery, Azure managing director Tony Rovira said:
The key point to take away from our drilling successes to date, is that wherever we have targeted an EM conductor at Andover, we have intersected nickel-copper sulphide mineralisation.
The strongly mineralised intersection in ANDD0004 leads us to believe that if the 1km-long conductor plate is similarly mineralised throughout, there is excellent potential here for a major new nickel-copper deposit.
More on Azure Minerals
Azure Minerals is a minerals explorer primarily focused on its portfolio of projects in Mexico. However, it’s the Western Australia project that’s currently exciting investors. The company’s project up-to-date includes its flagship Oposura project which mines sulphide-hosted, zinc-lead-silver deposits in Mexico.
Today’s findings followed preliminary drill results announced in earlier this week that sent its share price surging by 44%. In that announcement, Azure Minerals reported that assays from the first 2 drill holes at Andover confirmed the presence of high-grade nickel-copper mineralisation.
How has Azure share price performed in 2020
Azure shareholders are no strangers to big share price swings in both directions. On 12 October, Azure’s share price surged up 70% in intraday trading after the company emerged from a trading halt to announce the results of its first drill hole at Andover. So far in 2020, the Azure share price has shot up by 400% since January. It commands a market cap of $137 million.
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