ASX lithium share Azure Minerals Ltd (ASX: AZS) is at it again.
And by ‘it’, I mean charging higher.
Shares in the lithium stock closed yesterday trading for $1.63. In earlier trade today, shares were changing hands for $1.76 apiece, up 8%.
That puts the Azure Minerals share price up an eye-popping 735% since this time last year.
There looks to have been a little profit-taking since this morning’s high, with the ASX lithium share currently trading for 1.66, up 2.15%.
Here’s what’s drawing renewed ASX investor interest today.
Why are investors bidding up Azure Minerals?
Investors are bidding up the Azure Minerals share price following another round of promising assay results from the ASX lithium share.
This morning the miner reported that its last batch of assays at its Western Australian Andover Project confirmed two more “very broad intersections” of lithium mineralisation.
Azure Minerals owns 60% of Andover, while Creasy Group holds the other 40%.
According to the release, the Andover pegmatite swarm extends over a 9km by 5km area. The company noted it comprised “hundreds of outcropping pegmatites with many containing high lithium grades identified from extensive surface sampling”.
The ASX lithium share has drilled 33 diamond core holes at the project so far, totalling 11,500 metres. It has also drilled 66 reverse circulation (RC) holes for a total of 12,164 metres.
The current drilling is focused on testing along a 2km-long strike containing six of the most promising pegmatites.
Azure Minerals stated:
In conjunction with the strongly mineralised intersections previously reported, the new results continue to define strong continuity of broad widths of high-grade lithium mineralisation, both laterally along strike for more than 1,200 metres and down-dip from near-surface to vertical depths in excess of 350 metres.
How has this ASX lithium share been tracking longer-term?
As mentioned up top, the Azure Minerals share price has shot the lights out over the past 12 months, soaring 735%.
That’s better than the five-year gains of 652%.
As for brave investors who bought the ASX lithium share in late March 2020 following the pandemic fuelled market crash, they’ll be sitting on gains of 3,210%.
Boom!
