AVZ Minerals’ (ASX: AVZ) is reviving its fortunes as ongoing drilling at the Manono lithium project in the Democratic Republic of Congo firms up more than 800m of strike across the Roche Dure pegmatite.
Latest drill results have returned 283.20m at 1.69% lithium and 905 parts per million tin from 75m, 155.75m at 1.41% lithium and 816ppm tin from 133m and 123m at 1.67% lithium and 898ppm tin from 138m.
“We are very pleased that drilling has now defined mineralised pegmatite over n 800m strike length at the Roche Dure prospect, including 300m to the south of the historic Roche Dure pit in unmined ground,” AVZ managing director Nigel Ferguson said.
“The thinning of the pegmatite towards the south-west was expected, however, thicknesses remain significant in terms of overall tonnage potential that can be added to the mineral resource estimate, to be reported soon,” Mr Ferguson added.
As drilling moved south-west at Roche Dure, intersections decreased to 69m at 1.38% lithium and 1,205ppm tin from 148m.
Additionally, AVZ noted the south-west region of the pegmatite included alternating high-grade and low-grade zones.
As anticipated, the company stated this became more prominent as drill intersections progressed further south-west.
However, AVZ pointed the tin grade increased as lithium grades diminished.
“Infill drilling continues towards the south-west and towards the north-east along strike from the initial due diligence hole,” Mr Ferguson said.
Secretary appointment and ASX hot water
In addition to AVZ’s exploration news, the company has appointed Leonard Math as a joint company secretary.
Mr Math’s appointment follows former executive chairman Klaus Eckhof’s notorious resignation in June as his share sell off earlier that month caused AVZ’s share price to plummet more than 30% during intraday trade, sparking ire and fear among investors.
Despite continuing positive drill and metallurgical results, AVZ had another hiccup this month after it attracted another “please explain” from the ASX.
Regardless the internal politics, AVZ’s drilling campaign at Manono is continuing with the much anticipated JORC-compliant resource for the primary Roche Dure pegmatite due imminently.
In mid-morning trade, AVZ’s share price was steady at A$0.10.