AVZ Minerals (ASX: AVZ) has secured JNS Capital North to undertake marketing and promotional services for the company throughout North America, as it reaches the half-way mark in its 20,000m drilling campaign at Manono.
The agreement is for six-months initially with room to increase it for a further six-month period.
JNS will promote AVZ to the North American market. In return for its service, JNS will receive 3 million performance rights issued under three tranches based on share price targets between November this year and May next year.
Manono lithium project
The engagement of JNS comes as the company reaches 9,452m of its initial 20,000m drilling campaign at its Manono lithium project in the Democratic Republic of Congo.
Four rigs at the project are running 24/7 with analysis of core samples underway at the Perth-based ALS laboratory.
Additionally, representatives from the laboratory will be arriving tat the project to assist with commissioning AVZ’s site preparation laboratory which is expected to ease congestion and bottlenecks.
Only last week, AVZ reported it had achieved “encouraging” results from metallurgical test work on its Manono spodumene.
The test work was able to create a 6.3% spodumene concentrate on Roche Dore pegmatite feedstock grading between 1.4% and 1.76%.
Several processing routes were trialled and were successful in generating the spodumene concentrate.
Additionally, AVZ executive chairman Klaus Eckhof said there were low levels of gangue elements.
Initial assays on drill samples confirmed the massive visible spodumene intersections pulled out of the project earlier this year.
Notable intersections to-date have been 295.03m grading 1.75% lithium and 856 parts per million tin from 62m, 283.06m grading 1.59% lithium and 807ppm tin from 63.1m, and 289.58m grading 1.63% lithium and 845ppm tin from 83.3m.
The remainder of the 20,000m drilling campaign is due to finish up this quarter with a regular flow of assay results anticipated.
AVZ plans to publish its maiden resource soon after.
The Manono lithium project covers 430 square kilometres and includes the Roche Dore pegmatite. AVZ has a 60% stake in the primary 188sq km Manono tenement and owns 100% of the surrounding leases.