The Azure Minerals Ltd (ASX: AZS) share price is ending the week with a bang.
In morning trade, the lithium explorer's shares are up 20% to a new high of $2.61.
This means that Azure Minerals shares are now up over 1,000% since the start of the year.
Image source: Getty Images
Why is the Azure Minerals share price shooting higher again?
Investors have been bidding the company's shares higher today after it announced more impressive drilling results from the 60% owned Andover Lithium Project in Western Australia.
According to the release, drilling has intersected the thickest zones of lithium mineralisation to date.
And when the company says thick, it means it. Management believes these intersections reflect some of the best lithium drill intersections globally.
Furthermore, the mineralisation now extends for more than 1,800 metres along strike and down-dip from surface to vertical depths in excess of 400 metres. But it may not stop there. The company highlights that mineralisation in the AP0011 pegmatite remains open along the strike to the west and is thickening down-dip.
'Andover amongst the best lithium exploration projects globally'
Azure Minerals' managing director, Tony Rovira, was very pleased with the drilling results. He commented:
These broad, high-grade intercepts firmly entrench Andover amongst the best lithium exploration projects globally. Encouragingly, the results suggest the mineralisation remains open along strike and to depth, providing Azure with the potential to produce similar, if not better, lithium intersections of such scale and tenor in future drilling.
The Andover project is an exceptional discovery given the abundance of outcropping mineralised pegmatites and substantial widths of high-grade mineralisation intersected in the drilling. With multiple drill rigs on site testing the numerous pegmatite zones, we are only beginning to realise the full scale of the project's potential.
