AVZ Minerals has had to explain to the ASX why pictures of drill core from its Congo lithium project appeared on Twitter before results of recent drilling had been announced to the market.

The market darling (ASX:AVZ) received a query from the bourse in late March after its share price jumped 8.5 per cent.

Klaus Eckhof’s AVZ is working on a 20,000m drilling program at Manono in the Democratic Republic of the Congo, with an initial focus on a pegmatite site known as Roche Dure.

AVZ originally told the ASX the pictures were of previously released drill results. But in a follow-up ASX announcement, AVZ today conceded some the cores shown on Twitter posts were from holes that had not yet been reported to the market.

The tweets were posted on March 28 by Michael Langford, who is an executive director of Singapore-based consultant Airguide — which is engaged as an advisor to AVZ Minerals.

AVZ’s share price slipped nearly 13 per cent to 22.2c by 12.40pm AEST.

“Although the company does not consider that the photos from the Twitter posts contain material information, the company has since released an announcement,” AVZ said in its amended response to the ASX.

AVZ shares over the past year.
AVZ shares over the past year.

Drilling has confirmed thickness of the Roche Dure pegmatite, with intersections of 313.88m, 276.77m, 284.30m and 273.20m, respectively, of pegmatite. Four drill rigs are now operational and a fifth rig is enroute.

AVZ says all holes contain a high proportion of spodumene within the pegmatite.

Pegmatites are rocks formed from lava or magma that are the primary source of lithium. Spodumene is the main lithium bearing mineral mined from most hard rock lithium mines around the world.

Mr Eckhof has described Manono as hosting one of the “longest pegmatite intercepts ever reported”.

Mr Langford’s tweets appear to have been removed.

Here are some other tweets Mr Langford posted on the same day:


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