27/11/2020 - 14:00

Azure raises $37m for WA projects

27/11/2020 - 14:00

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Azure Minerals has raised funds to continue exploring its Andover nickel-copper project in the Pilbara, as well as begin its search for gold.

Azure raises $37m for WA projects
Azure is exploring its nickel-copper and gold projects in the Pilbara. Photo: Renata Wright

Azure Minerals has raised funds to continue exploring its Andover nickel-copper project in the Pilbara, as well as begin its search for gold.

Azure, backed by privately owned Creasy Group, will use some of the $37 million raised under a share placement to explore a large target (VC-07) at Andover.

One diamond drill rig currently operating at site will continue into 2021, Azure says, with further drill rigs to be deployed for additional regional target testing.

Managing director Anthony Rovira said the first five holes drilled at Andover had intersected substantial nickel-copper sulphide mineralisation.

The most recent hole intersected a 20.8-metre wide interval containing significant nickel-copper sulphides, as announced by the company earlier this week.

“We will immediately move to secure multiple drill rigs for the drill-out of the VC-07 target and to test the other 12 strong electromagnetic anomalies on the project,” Mr Rovira said.

He said Azure, which has projects in Mexico, would return its exploration efforts to Western Australia.

In July, the company purchased several gold projects from Creasy Group, which was issued with 40 million Azure shares in return. Creasy is now Azure’s largest shareholder, with a 19 per cent stake in the company.

“These projects tick all the boxes: right location, right commodities, right partner, and delivering outstanding results,” Mr Rovira said.

“The funding also allows us the capacity to commence exploration on the Turner River gold project, which is along strike of De Grey Mining’s Hemi and other gold discoveries.

“We are looking to expedite the grant of the exploration licences and start work as soon as possible.”

Azure will issue 50 million shares priced at 74 cents each, with Euroz Hartleys acting as lead manager to the placement.

After emerging from a trading halt this morning, Azure's shares closed up 20.7 per cent to trade at 99 cents.

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