The Azure Minerals Ltd (ASX: AZS) share price has started the week in sensational form.
At one stage today, the ASX lithium stock was up as much as 74% to a 52-week high of $1.09.
This Azure Minerals share price has pulled back since then but remains up 33% at the time of writing.
Image source: Getty Images
Why is this ASX lithium stock rocketing higher?
Investors have been fighting to get hold of the ASX lithium stock today after the company released drilling results for the 60%-owned Andover Project in the West Pilbara region of Western Australia.
According to the release, broad intersections of high-grade lithium mineralisation have been returned from seven of the first eight diamond holes that are testing pegmatites.
Management believes these results demonstrate the potential for the Andover Project to host lithium resources of world-class scale and tenor.
Azure's managing director, Tony Rovira, commented:
These results highlight the exceptional thickness and high grades of lithium mineralisation within the Andover pegmatites, and the potential for Andover to host lithium resources of world-class scale and tenor.
It is pleasing that our visual estimates of the spodumene content observed within the drill core correlate very closely with the assays. The successful intersection of significant quantities of spodumene mineralisation over substantial widths demonstrates our potential to deliver more broad, strongly mineralised intersections. Further assay results are expected to be released within the next two weeks.
Rovira also highlights that there's still plenty more exploration to be done at the project. He said:
To date, we've only drilled along one kilometre of the strongly mineralised AP0010-AP0011-AP0012 corridor that has now been mapped and sampled over a strike length of more than two kilometres (including the AP0009 and AP0014 pegmatites), giving this prospect substantial volume potential.
Additionally, across the project area, our geologists have identified at least another eight zones hosting multiple outcropping spodumene-rich pegmatites with previously reported surface sampling returning high grades of lithium over significant strike lengths. More rigs are set to be mobilised to site to test these high priority targets.
