Drilling starts: We’ll soon find out how big a lithium discovery AVZ has on its hands
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Klaus Eckhof’s AVZ Minerals is preparing to begin drilling at its 60 per cent-owned Manono lithium project in the Democratic Republic of the Congo in early December.
In September, AVZ Minerals chairman Klaus Eckhof announced the Manono project as “one of the finest” pegmatite intercepts ever reported”.
Pegmatites are rocks formed from lava or magma that often contain rare earth minerals and crystals. They are the primary source of lithium.
“To our knowledge, this is the longest pegmatite intercept ever reported,” Mr Eckhof said at the time.
Now drill rigs are being mobilised to site to begin an initial 20,000m drilling campaign with the aim of defining maiden resources at the Kitotolo and Manono prospects.
AVZ expects the program to take about three months to complete.
AVZ shares have since rocketed into the stratosphere since the September announcement.
The shares this month hit a 52-week high of 30.5c — up from 1c a year ago.
Meanwhile, a Chinese affiliated investor group has agreed to fund the rehabilitation and bituminising of 466km of road from Luambo to Manono.
The estimated cost to complete the works is $US285 million ($376.8 million).