In its September 2017 quarterly report, AVZ Minerals (ASX: AVZ) confirmed exploration for the three-month period at its Manono lithium project had produced “outstanding results”, while off-take discussions progressed.
During the September quarter, drilling tested four of the six large pegmatites at Manono and returned lithium grading 1.48% at Carriere d L’Est, 1.66% at Roche Dure, 1.51% at Tempete and 1.51% at Mpete.
The diamond cores also contained tin ranging between 913 parts per million to 1230 parts per million.
Meanwhile, initial mineral characterisation announced last week, revealed the potential for “high value” ore within the Roche Dure pegmatite, which has confirmed spodumene with low waste.
This was closely followed by securing a 20,000m drilling contract which is due to kick-off imminently at the project. Once complete, a further 20,000m drilling campaign has been planned, with AVZ Minerals hoping to define a resource.
The first drill target is the Roche Dure pegmatite which has an anticipated 220m thickness across 2,100m of strike. Another priority drill target is the Carrier de L’Est pegmatite located in the northern region of the project.
Although purely conceptual at this stage, AVZ Minerals is aiming for a mineral resource of around 1.2 billion tonnes grading 1.5% lithium oxide for the entire project.
Based in the Democratic Republic of Congo, AVZ Minerals owns a 60% interest in a tenement at Manono which encompasses 188 square kilometres in landholding and the historic Manono and Kitotolo mines. The company also has a 100% stake in tenements surrounding the historic mines and includes 242.25 square kilometres of prospective area.
While advancing its exploration activities during the quarter, AVZ Minerals inked a memorandum of understanding with Shanghai Greatpower Industry regarding off-take opportunities.
AVZ Minerals is also in discussions with other potential off-take partners, and has invited Shanghai Greatpower Industry and other interested parties to see the project.
Additionally, during the September quarter, Huayou International Mining (Hong Kong) acquired an 11% interest in AVZ Minerals for $13.02 million.
Between July and September 2017, AVZ Minerals’ stock sky rocketed more than 250% from $0.04 on 3 July to $0.14 in mid-September.
Then, this month, AVZ Minerals scaled new heights with its share price sitting at $0.24 on 26 October – a whopping 500% rise on the $0.04 level in July.