AVZ Minerals is still hitting lithium in the Congo
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Lithium mineralisation just keeps going for AVZ Minerals in the Congo.
AVZ (ASX:AVZ) told investors this morning it had struck more lithium to the west of its “Roche Dure” pegmatite target, part of its major Manono project.
Pegmatites are rocks formed from lava or magma that are the primary source of lithium.
Drilling returned a hit of 67.15m at 1.45 per cent lithium oxide. It also uncovered “significant tin concentrations” of 1256 parts per million, or roughly 0.13 per cent, AVZ said.
Shares gained nearly 5 per cent to trade at 11c on Tuesday morning.
“The geological information being collected from the drill core continues to confirm the grade and continuity of the pegmatite and the expected leaching of lithium from oxidised zones nearer to surface,” boss Nigel Ferguson said.
AVZ last week notched a new record at the Manono project with its largest intersection so far of 341.62m.
The company is preparing to release a maiden resource for the Manono project this month.
MSA Consultants in South Africa will begin estimating a resource once all the drilling data is available.
AVZ currently has four drill rigs turning on the project and is undertaking a 20,000m program.
The company previously outlined an exploration target of between 300 and 400 million tonnes for the Roche Dure target.
Mr Ferguson says the initial resource will likely be a “healthy portion” of that target and will be followed up with a bigger resource about three months later, once the entire 20,000m drilling program has been completed.