Azure Minerals Ltd (ASX: AZS) shares are pushing higher again on Thursday.
At the time of writing, the lithium share is up 5% to a new 52-week high of $1.31.
This latest gain means that Azure Minerals stock is now up 170% since this time last month.
In addition, as you can see on the chart below, its shares are also now up more than 400% over the last months.
Image source: Getty Images
Why are investors scrambling to buy Azure Minerals stock?
Investors have been buying the company's shares recently following the release of drilling results for the 60%-owned Andover Project in the West Pilbara region of Western Australia.
Those results showed broad intersections of high-grade lithium mineralisation from seven of the first eight diamond holes that are testing pegmatites. Management feels this demonstrates the potential for the Andover Project to host lithium resources of world-class scale and tenor.
The good news is that earlier this week, the company followed up this update with another promising one.
On Tuesday, the company revealed that broad intersections of high-grade lithium mineralisation continue to be returned from diamond drilling.
Azure's managing director, Tony Rovira, commented:
As our drill holes step out to the west, we're encountering very broad widths of mineralised pegmatites containing high grades of lithium. It's also pleasing that these latest assay results correlate closely with the presence of spodumene, supporting the Company's exploration model and allowing us to accurately plan and execute our drilling in advance of receiving assays.
Given the substantial widths and strike lengths of individual pegmatites, and the overall scale of the Andover pegmatite swarm with hundreds of outcropping pegmatites, we're confident that our project has the potential to host lithium resources of world-class scale.
All in all, this could make Azure Minerals a lithium stock to watch.
