Stocks of the Hour: Lord Resources, Viridis Mining and Minerals, Azure Minerals

Lord Resources (ASX:LRD) announced it has entered into a binding farm-in agreement with Mineral Resources Limited (MinRes) on the Horse Rocks Lithium Project. The Project is located 20km south of Coolgardie, in Western Australia. Both Lord and MinRes are interested in jointly developing the Project, where previous exploration by Lord has identified multiple stacked LCT pegmatite swarms, that display extensive fractionation. Commenting on the agreement, Managing Director Barnaby Egerton-Warburton said “We are extremely excited to secure a strategic partnership with MinRes. The agreement validates the strong work Lord has already completed at the Horse Rocks Lithium Project and provides the opportunity to collaborate with a world-class exploration team drawing on their knowledge and expertise of this highly prospective lithium region. Shares are trading up 115.69 per cent at 11 cents.

Viridis Mining and Minerals (ASX:VMM) announced today that it has completed initial metallurgical test work at its Cupim South project. The results indicate that the area hosts a high-quality Ionic Adsorption Clay body, which is expansive and high-grade, but also very low in impurities. Ionic Recoveries from the First Colossus Hole delivered 80% Average Ionic Recoveries. Chief Executive Officer, Rafael Moreno commented: “This incredible result is a significant milestone which confirms that Colossus indeed has the potential to be a world class ionic adsorption clay rare earth resource, with exceptionally high recoveries for both light, medium and heavy magnet rare earth elements throughout the clay intercept. VMM shares are trading up 4.64 per cent at $1.02 per share.

Azure Minerals (ASX:AZS) today announced that recent assays from drilling in Target Area 3 at the Company’s Andover Project confirm consistent thickness and grade of the lithium mineralisation within the pegmatites area. This confirms that a major lithium-mineralised system is present, and that Andover has the potential to be a lithium project of global significance. To date, drilling has not closed off the lithium mineralisation in any direction and the deposit remains open along strike to the northeast and southwest and down dip. Encouragingly, latest assay results continue to confirm that high-grade lithium mineralisation correlates very strongly with visual spodumene observations , as previously reported in January 2024. Shares in AZS are trading 0.28 per cent higher at $3.63.
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