Azure Minerals Limited (ASX: AZS) ('Azure' or 'the Company') is pleased to report that nickel and copper sulphide mineralisation has been observed in each of the first three diamond core holes (ANDD0009, ANDD0010 and ANDD0011) drilled at the VC-23 target ('VC-23') on the Andover Ni-Cu Project (60% Azure / 40% Creasy Group).

HIGHLIGHTS

VC-23 comprises a high-order, yet separate and distinct group of surface fixed loop (FLTEM) and downhole (DHTEM) electromagnetic conductor plates located 3km northeast of the VC-07 conductor

Ni-Cu sulphide mineralisation was intersected at shallow depths in the first three holes drilled at VC-23; fourth hole ANDD0012 is in progress

Bands of massive sulphides in holes ANDD0009 and ANDD0011 host nickel and copper sulphide mineralisation, confirmed by pXRF and verified by Azure's on-site geologists

Downhole electromagnetic (DHTEM) surveying of VC-23 drill holes will commence shortly

At VC-07, mineral resource drilling is continuing on the 1,050m-long and +200m-deep main conductor with hole ANDD0008 nearing the target zone

Commenting on Azure's latest drilling success at Andover, Managing Director, Mr. Tony Rovira said: 'This is a very exciting result for Azure and highlights the potential of Andover to host multiple nickelcopper sulphide deposits.

'EM surveying has identified numerous conductors indicative of bedrock-hosted sulphide mineralisation and, geologically, Andover does not appear to have any physical characteristics that may generate false positives. Importantly, wherever we have drilled an EM conductor at Andover we have intersected nickel-copper sulphide mineralisation and this 100% hit-rate has continued with the successful drilling of the new targets at VC-23.

'While most of our drilling in 2021 will be focused on delivering a JORC mineral resource for the VC07 conductor several other significant, high-priority conductor targets have been identified and drilling of these will be tested concurrently.'

PROJECT OVERVIEW

Regional Targets

Based on FLTEM and DHTEM surveying, 10 first and second-order priority electromagnetic conductor anomalies have been identified within the Andover project area. Additional detailed FLTEM surveys were completed over several of these anomalies, providing specific targets for follow-up drilling.

VC-23

The first of the high priority targets to be tested in the regional diamond drilling program is VC-23, which comprises several discrete conductor plates identified by both FLTEM and DHTEM surveying. The VC-23 prospect was initially tested by the Creasy Group in 2018 with two Reverse Circulation (RC) drill holes. ADRC005 failed to intersect its target and ADRC006 intersected three zones of nickel-copper sulphide mineralisation associated with an EM conductor, including (ASX: 17 July 2020): 2m @ 2.10% Ni and 0.44% Cu from 15m downhole and 6m @ 0.45% Ni and 0.39% Cu from 22m downhole: and 6m @ 0.31% Ni and 0.55% Cu from 34m downhole

Azure's diamond drilling campaign on VC-23 is in progress have been completed for 345.4m. A fourth hole, ANDD0012, is in progress. Sulphide mineralisation, comprising pentlandite, chalcopyrite and pyrrhotite, was observed in the three completed holes in various forms, including banded massive, semi-massive, matrix and disseminated sulphides hosted in gabbro and similar mafic rocks. Testing of the drill core by hand-held pXRF indicates the presence of high nickel grades within the massive sulphide bands.

ANDD0009 targeted shallow, coincident FLTEM and DHTEM conductor plates, intersecting several zones of massive and matrix nickel-copper sulphides proximal to the geophysical anomalies, within an overall 8.6mwide mineralised envelope commencing at 65.8m down-hole, including: 1.2m of massive Ni-Cu sulphides from 65.8m and 0.9m of matrix to semi-massive Ni-Cu sulphides from 69.5m and 0.7m of semi-massive to massive Ni-Cu sulphides from 73.0m.

ANDD0010 intersected two broad zones of disseminated nickel-copper sulphide mineralisation approximately 40m to the south of hole ADRC006 completed by the Creasy Group in 2018, including: 6.0m of disseminated Ni-Cu sulphides from 61.3m and 10.8m of disseminated Ni-Cu sulphides from 73.2m.

ANDD0011 intersected 3.1m of weathered iron-nickel-copper-rich rocks from 4.1m downhole, which are interpreted to represent semi-oxidised sulphides. Another two narrow zones of partially oxidised nickelcopper sulphides were intersected at the base of this zone: 3.1m of iron-nickel-copper gossan (completely weathered) from 4.1m and; 0.2m of massive Ni-Cu sulphides (partially oxidised sulphides) from 7.5m and; 0.2m of massive Ni-Cu sulphides (partially oxidised sulphides) from 8.3m.

Further down-hole in ANDD0011, and coincident with the modelled EM conductor plates, two zones of massive and matrix to semi-massive nickel-copper sulphides were intersected. This was immediately followed by a broad zone of disseminated and blebby sulphide mineralisation, including; 1.3m of massive Ni-Cu sulphides from 32.7m and 1.7m of matrix to semi-massive Ni-Cu sulphides from 36.7m and 21.4m of disseminated and blebby sulphides from 36.7m.

All drillholes have been prepared for DHTEM geophysical surveys which will be completed as soon as practicable and will, in addition to detailed geological logging, enable geological interpretation of the mineralisation and provide a basis for targeting additional follow-up drilling. Detailed logging, cutting, and sampling of the mineralised intersections from ANDD0009, 0010 AND 0011 have been completed and the samples dispatched to the laboratory in Perth for analysis.

Contact:

Tel: +61 8 9481 2555

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