AVZ Minerals Ltd (ASX:AVZ) has drilled an exceptionally wide intersection of 235 metres at 1.66% lithium from 24.5 metres at its Manono Lithium Project in the Democratic Republic of the Congo (DRC).
The company’s shares were last trading circa 6.9% higher intra-day, at $0.155.
Importantly, the highlight drill-hole extends the proven length of the Roche Dure Pegmatite at the Manono Lithium Project to at least 2,100 metres.
The pegmatite’s average true thickness is interpreted to be 200 metres and the latest drilling has proven the pegmatite extends down-dip more than 250 metres and remains open.
The assay results for the samples from the Roche Dure Pegmatite included significant results for tin, with 37% of samples exceeding 1000 ppm tin and a peak concentration of 9110 ppm tin.
Following the breakthrough drilling, AVZ has upgraded the exploration target at Manono to between 1 to 1.2 billion tonnes at 1.25% to 1.5% lithium.
The latest results confirm that the Manono Lithium Project is world-class in both size and grade.
AVZ is now awaiting results from another drill hole, which intercepted pegmatite over at least a 240-metre true thickness.
The Manono Project is held by AVZ Minerals (60%), a DRC State-owned enterprise (30%) and Dathomir Mining Resources SARL (10%).
AVZ recently secured a commitment to raise $13.02 million from a subsidiary of Huayou Cobalt, the largest cobalt chemicals producer in China, via the issue of shares at $0.07 each.
The company’s share price has increased by circa 356% in the past three months.