Assays confirm massive lithium intersections at AVZ Minerals’ Manono project
AVZ Minerals’ Manono lithium project in the Democratic Republic of Congo.
Assays have confirmed the massive visible spodumene intersections at AVZ Minerals’ (ASX: AVZ) flagship Manono lithium project in the Democratic Republic of Congo.
Official drill results from the Roche Dure pegmatite have revealed 295.03m grading 1.75% lithium and 856 parts per million tin from 62m.
Other notable drill intersections were 283.06m grading 1.59% lithium and 807ppm tin from 63.1m, 289.58m grading 1.63% lithium and 845ppm tin from 83.3m, and 276.72m grading 1.61% lithium and 947ppm tin.
“We are delighted with the progress of the resource drilling at Manono with four rigs now operational 24/7,” AVZ executive chairman Klaus Eckhof said.
“With our resource consultants having visited the site for independent reviews of the drilling program, we are well-placed to complete resource calculations as planned,” Mr Eckhof added.
These results are similar or slightly lower than the visible width estimates reported earlier this year, with initial observations indicating intersections of 295.03m, 283.06m, 313.88m and 276.72m in thickness.
According to AVZ, the assays also revealed the pegmatite was closer to the surface than first thought.
To assist with fast-tracking the resource definition program, AVZ has developed a camp which includes a large core yard, workshops, storage, accommodation, offices, kitchen and dining facilities.
Further assay results from ongoing drilling are anticipated shortly, with the company hoping to release its maiden resource for the project before the end of June.
AVZ’s Manono project encompasses 242.25 square kilometres, with AVZ owning 60% of the 188sq km Manono tenement and 100% of surrounding leases.
With the positive results flowing in, AVZ has attracted investor and offtake interest with the company recently securing a memorandum of understanding with Beijing National Battery Technology to explore potential offtake and investment opportunities.
Beijing National Battery Technology representatives toured Manono at the beginning of the month and were able to see the 13.5km pegmatite first hand as well as historic mining pits, drilling operations and camp facilities.
AVZ’s stock price was A$0.215 before market open.