AVZ Minerals Ltd (ASX:AVZ) (FRA:3A2) (OTCMKTS:AZZVF) has received further strong results from several new mineralised zones outside the life-of-mine open pit design at the Manono Lithium and Tin Project in the Democratic Replic of Congo.
Drilling was undertaken in five of the nine piezometer holes drilled to observe water table movements during the first half of the mining operations.
Results returned included 98 metres at 1.79% lithium oxide and 1,174 parts per million tin, uncluding 44 metres at 2.01% lihtium oxide and 1,227 parts per million tin at the Roche Dure pegmatite.
Notably, the company is confident that the thick lithia zone intersected near surface could have the potential to provide a high-grade feedstock for the initial start-up mining operations.
Managing director Neil Ferguson said: “These unexpected results confirm the excellent prospects of extending the Roche Dure open pit into the neighbouring ‘Kyoni’ pegmatite.
“The Kyoni pegmatite is not actually a separate pegmatite to Roche Dure but is simply a local name given to the historical pit where mining previously occurred.
“It is very encouraging to note a significant and thick +2% lithia zone near the surface that can be optimised to provide a possible high-grade feedstock for start-up mining operations.
“We look forward to updating our mining optimisation study using all of the new data collected since our original definitive feasibility study (DFS) was published in April of 2020.”
Results from the five holes
Contract awarded to Mincore
AVZ recently awarded a 12-week Front End Engineering and Design (FEED) contract for the Manono Lithium and Tin Project in the DRC to Melbourne-based engineering company, Mincore Pty Ltd.
Key deliverables of the FEED study include confirming the process flow sheet, confirming all bulk material quantities to verify pricing, confirming selected equipment pricing, finalising the execution schedule and providing ‘Issued for Construction’ early works drawings.
Mincore has offered to accept part payment for the FEED study in AVZ shares, which will be issued using the last previous closing price on the day of final invoice.
The company views Mincore’s decision to accept part payment of the FEED study in AVZ shares as a strong vote of confidence in the viability of the Manono Lithium and Tin Project.