AVZ Minerals (ASX: AVZ) emerged from a trading halt today with its response to several ASX queries including one regarding Twitter images that revealed previously undisclosed drill core samples from Manono.
AVZ disclosed today more thick intersections with visible spodumene had been drilled at its flagship Manono lithium project in the Democratic Republic of Congo.
Today’s announcement came after the ASX issued the company a “please explain” notice regarding its share price hitting an intraday high of A$0.255 on 29 March 2018.
AVZ responded with a statement claiming the price was well within the company’s trading range of A$0.23 per share to A$0.30 per share during the last 20 days of March. The company also noted the share price movement had nothing to do with the Twitter images that had been published.
The ASX also asked AVZ to explain why it’s strategic advisor Michael Langford of Airguide International had circulated pictures of recent drill cores from Manono in two separate Twitter posts on 28 March 2018.
AVZ stated it had not authorised the images to be circulated and issued this morning’s announcement to shareholders regarding its recent drill intersections.
The company has now confirmed several more thick drill intersections up to 313.88m wide have recently been pulled out of the Roche Dure pegmatite at Manono.
Other intersections included 276.77m, 284.30m and 273.20m, with AVZ claiming all contained a high proportion of visible spodumene within the pegmatite.
The drill holes have been logged with most samples sent off for analysis.
“Ongoing resource drilling of the Roche Dure pegmatite is gaining momentum with four drill rigs operational on site and a further one rig enroute to site,” AVZ executive chairman Klaus Eckhof said.
“This additional drilling ability will allow AVZ to complete the initial 20,000m program of resource drilling in a timely manner,” he added.
Another three drill holes are almost complete with logging and samples due to be taken shortly.
Mr Eckhof said core recovery so far has been “excellent” with almost 100% of the core recovered.
“Geological logging of the core has proven yet again that the Manono lithium project is world class in size,” Mr Eckhof noted.
At the current drilling pace, AVZ anticipates a JORC-compliant resource for Roche Dure by the end of the current quarter.
Mid last month, AVZ clinched a memorandum of understanding with Beijing National Battery Technology regarding potential investment and offtake opportunities.
Beijing National Battery Technology representatives visited Manono earlier this week. The representatives were given a tour of the 13.5km pegmatite, historic mine pits, camp facilities, drilling operations and met with the company’s 40-odd staff it employs on the ground in the DRC.
AVZ owns 60% of the 188 square kilometre Manono tenement and a 100% in surrounding tenements that encompass 242.25sq km.
By mid-afternoon trade, AVZ’s share price had fallen almost 12% to A$0.225.