Azure Minerals


Primary ticker: ASX:AZS
Stage of development: Exploration, Development
Primary minerals: Lithium, Nickel
Projects to promote: Andover Lithium and Nickel-Copper-Cobalt Project
Project location: Australia

Azure Minerals is a mineral exploration and mine development company focused on progressing its Andover lithium and nickel-copper-cobalt project in Western Australia to production. Azure has embarked on an accelerated growth strategy to rapidly advance the Company’s multi-commodity opportunity at Andover, with the major focus on assessing the lithium potential while still progressing the nickel sulphide project through exploration and development studies.


Andover Lithium and Nickel-Copper-Cobalt Project


Abundant outcrops of spodumene-bearing, lithium-rich pegmatites have been identified over an area of 9km (east-west) and up to 5km (north-south) within the central and eastern parts of the Andover project area. Surface sampling returned numerous high grade lithium assays between 1% to 5% Li2O. Exploration drilling has intersected broad intervals of spodumene-rich pegmatites containing high grades of lithium mineralisation. Going forward, the Company has accelerated the drilling to ensure rapid testing and delineation of potential lithium resources


This 70km2 project covers most of the Andover Mafic-Ultramafic Intrusive Complex and is located 35km southeast of Karratha and immediately south of the town of Roebourne. It has excellent local infrastructure such as airports, port access, railway, grid power, sealed highways, and support services readily available. 


The Maiden Mineral Resource Estimate for the Andover One deposit was completed in March 2022 reporting: 4.6Mt @ 1.11% Ni, 0.47% Cu and 0.05% Co (1.41% NiEq) Mineral Resource Estimate for 75,000 tonnes of contained metal; with further growth anticipated.


Cash: AUD18M (30 June 2023)
Debt: NIL


Major Shareholders:

SQM – 19.99%

Creasy Group – 13.38%

Deutsche Balaton / Delphi – 12.15%

Lowell Resources Fund – 1.27%

Resource Capital Funds – 1.04%

Management Ownership – 0.79%

Management Profile

Tony Rovira – Managing Director 


Tony is a geologist and company manager and director with 40 years’ experience in the mining industry. He has been responsible for the discovery of several gold and nickel deposits in Australia which have been developed into operating mines. His most famous discoveries are the fabulously rich Cosmos and Cosmos Deeps nickel sulphide deposits in Western Australia, for which he was awarded the Prospector of the Year Award by the Australian Association of Mining and Exploration Companies. The Cosmos nickel mining camp is still operating 20 years later.


From 2006 to 2020, Azure operated in Mexico where the company made several silver, gold and copper discoveries. Due to the onset of Covid-19, Tony made the decision to refocus back into Western Australia with the acquisition of the very exciting Andover Nickel-Copper-Cobalt Project. The maiden mineral resource for Andover was announced in March 2022, additional resources are currently being drilled, and development studies are underway.

What is your rationale for taking part in 121 Mining Investment?

At 121 mining investment, the company is seeking to introduce Azure’s Andover Lithium and Nickel-Copper-Cobalt Project to investors and analysts, with particular focus on raising equity, project finance and product off-take.

What recent news would you like to highlight to investors attending?

21 August 2023 – Substantial Lithium Intersections Continue at Andover

Azure announces infill and extensional Reverse Circulation (RC) and diamond core drilling continues to intersect significant lithium mineralisation at the Company’s Andover Project 

located in the West Pilbara region of Western Australia.

Encouragingly, drilling has now 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 AP0009, AP0011 and AP0012 pegmatites have the potential to host substantial lithium resources.

14 July 2023 – More Very Broad Lithium Intersections Returned at Andover

– Assays have confirmed another two very broad intersections of lithium mineralisation at the Company’s Andover Project (Azure 60% / Creasy Group 40%), located in the West Pilbara region of Western Australia. 

– Recent drilling confirms broad mineralised zones extend for more than 1,200m along strike and down-dip from surface to vertical depths in excess of 350m.

5 July 2023 – Andover Project Update

– New Exploration Licence (EL) E47/4700 (10 blocks / 32km2) granted; adjoins existing Andover tenement currently being drilled (E47/2481)

– New EL hosts abundant pegmatites prospective for lithium mineralisation

– Azure’s granted tenements now completely cover all identified pegmatites in the Andover district

– Lithium-focused drilling continues with two diamond core rigs and three reverse circulation (RC) rigs in operation

– Metallurgical testwork program for lithium extraction commenced

– All tenements granted or applied for are included in the Heritage Protection

– Agreement executed between Azure and the Ngarluma Aboriginal Corporation

30 June 2023 – More Broad High-Grade Lithium Intersections at Andover

– Broad intersections of high-grade lithium mineralisation continue to be returned from diamond drilling at the Company’s Andover Project (Azure 60% / Creasy Group 40%).

– Broad zones of lithium mineralisation demonstrate excellent continuity over 1,000m of strike extent and from surface to +350m down-dip

– Mineralisation is open along strike and down-dip with five rigs now undertaking both extensional and in-fill drilling along AP0011 / AP0012 / AP0014 pegmatite corridor

20 June 2023 – Broad High-Grade Lithium Intersections Continue at Andover

– Latest drill holes confirm lithium mineralisation extends from the pegmatite outcrops down-dip for more than 350m

– Broad, high-grade, lithium-rich AP0011 pegmatite confirmed over 400m length with drilling extending mineralisation further to the west with large step-outs

– Drilling is intersecting the AP0011 pegmatite close to perpendicular, demonstrating downhole intercepts are close to true thickness

13 June 2023 – Exceptional Lithium Drill Intersections from Andover

– Azure announces broad intersections of high-grade lithium mineralisation have been returned from seven of the first eight diamond holes testing pegmatites at its Andover Project.

– More recent diamond drill holes have intersected similar widths containing visible spodumene1 along the +2,000m of strike length of the AP0010 – AP0012 pegmatite corridor

– To date, 23 diamond holes and 8 Reverse Circulation (RC) holes have completed and further assays will be reported as they are received

31 May 2023 – Drilling Accelerates at Andover Lithium Project

– Reverse Circulation (RC) drilling has commenced with two rigs in operation on an initial 40,000m drilling program

– Two diamond drill rigs continuing with 20 holes for 7,332.6m completed to date

– Assay results from the first diamond holes expected to be released in mid-June

– Drilling is currently testing over the full 1,500m of strike length of the AP0011 and AP0012 pegmatites

What are your key goals in 3 months, 6 months, 12 months?

3 Months:
Exploration targeting at Andover Lithium in Q3 2023

6 Months:

Continue resource drilling at new deposits

Commence Pre-Feasibility Study for multiple mines feeding a central processing plant at Andover

12 Months:

Andover Lithium – mineral resource estimate in Q1 2024

What do you see as the key risks and challenges facing your company at the moment and how are you overcoming these?

A downturn in the general macro-economic conditions leading to a fall in commodity prices – considered unlikely in the battery metals space and with the current geo-political situation.

What do you think makes your company such a compelling investment?

With the Andover Project, Azure has the right commodities of high-value battery metals being developed  by a very experienced team of successful explorers and mine developers.

What are the top 3 key investor takeaways?

Azure is developing Australia’s newest Lithium project


Company is fully funded to progress Andover through to Feasibility Study stage


Azure is seeking engagement with financiers and potential off-take and downstream processing partners