High Grade Lithium At Andover Spodumene-Rich Pegmatites Return Grades Up To 3.32% Li2o

Azure Minerals Limited (ASX: AZS) (“Azure” or “the Company”) is pleased to announce that 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.

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HIGHLIGHTS

• Assays received for 60 samples collected during phase 2 pegmatite sampling program
• Numerous outcropping spodumene-bearing, lithium-rich pegmatites confirmed
• Latest assays returned significantly high grades of lithium, including:

APRK00037 – 3.32% Li2O
APRK00046 – 2.65% Li2O

• Lithium field exploration continuing with drilling to commence upon receipt of approvals

Commenting on these latest results, Azure’s Managing Director, Mr. Tony Rovira 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.”

ANDOVER PEGMATITE EXPLORATION

Following release of results from the initial surface sampling program which returned anomalous lithium assays up to 1.62% Li2O (ASX: 12 October 2022), assay results from an additional 60 whole rock geochemical samples have been received (see Table 1).

Numerous samples returned high grades of lithium hosted in spodumene, including:

• APRK00037 3.32% Li2O
  
• APRK00046 2.65% Li2O
• APRK00050 1.31% Li2O
• APRK00051 1.19% Li2O
• APRK00049 1.13% Li2O
• APRK00086 1.13% Li2O

Sample APRK00037 contained a significant amount of coarse grained visible spodumene and returned the highest lithium grade (3.32% Li2O) received to date from the Andover Project. 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.

A duplicate sample of APRK00037, shown in Figure 1, contains at least 30% spodumene.

Spodumene was also observed in several other samples that returned high grades of lithium, including APRK00046 (2.65% Li2O), APRK00050 (1.31% Li2O) and APRK00051 (1.19% Li2O). These

samples were collected from a cluster of shallow dipping pegmatites that are exposed at surface over an area of more than 500m x 200m (see Figures 4 and 5). Previously reported pegmatite samples from this area (ASX: 12 October 2022) also returned anomalous lithium assays up to 1.62% Li2O in sample APRK00029. With so many anomalous samples, this is a high priority target for additional surface sampling and follow-up drilling.

The Andover pegmatite swarm extends widely across the project area, encompassing a zone approximately 8km long and up to 4km wide in the northeast part of the project area (see Figures 3 and 4). The pegmatite bodies typically trend in a southwest to northeast orientation and are generally horizontal to shallow dipping. Surface exposures range in size up to 100 metres across and hundreds of metres in length. Within the historical mine workings, vertical exposures of the pegmatites demonstrate true thicknesses up to five metres.

The strike of the pegmatites is generally parallel with Azure’s richly endowed Ni-Cu-Co Southern Mineralised Corridor, with most pegmatites lying within or adjacent to this mineralised horizon. It is interpreted that at the time of emplacement, the pegmatites were likely utilising pre- existing structures that also controlled the earlier emplacement of the mineralising intrusion responsible for the formation of the Andover Ni-Cu-Co deposits.

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