The Azure Minerals Ltd (ASX: AZS) share price has been a standout performer on Wednesday.
In morning trade, the lithium explorer's shares were up as much as 30% to 28 cents.
The Azure Minerals share price has since pulled back a touch but currently remains up 22% at 26.2 cents.
Why is the Azure Minerals share price rocketing higher?
Investors have been bidding the Azure Minerals share price higher today after the company released promising assay results.
According to the release, the company has received further high grade lithium assay results from the pegmatite exploration program on the Andover Project, located near the town of Roebourne in the West Pilbara region of Western Australia.
One of the samples contained a significant amount of coarse grained visible spodumene and returned the highest lithium grade received to date from the project of 3.32% Li2O. The release notes that it was collected from a pegmatite outcrop located 150m from historical artisanal mines and shallow surface workings from which beryl, tin, and tantalum were mined in the 1960s.
'Very significant results'
Azure Minerals' managing director, Tony Rovira, was very pleased with the results. He said:
It's pleasing to report that our lithium-focused exploration program at Andover continues to deliver very significant results. The latest batch of assays returned high grades of lithium up to 3.32% Li2O, which is the highest lithium grade reported to date. Encouragingly, our geological mapping is identifying the presence of the preferred lithium-bearing mineral, spodumene, in many of the outcropping pegmatites.
We're planning for the first drilling program to target the pegmatites and will commence as soon as we have received the necessary approvals. The lithium exploration continues in parallel with our Ni-Cu-Co exploration where drilling is currently in progress on the Seaview and Pipeline prospects.
