The company’s share price has increased sevenfold during the past six months, last closing at $0.275.
Last week, AVZ entered into a contract to complete an initial 20,000 metres of drilling at Manono.
The contract covers the initial 20,000 metre phase of a planned 40,000 metre drill program to define the resources at the Kitotolo and Manono Sectors of the Manono project.
The 20,000 metre program is expected to take 3 months to complete.
AVZ is planning to commence the drilling in December, and will initially target the Roche Dure pegmatite, Kitotolo Sector, where recent drilling returned the following results:
- 235 metres at 1.66% lithium oxide from 24.5 metres; and
- 202.8 metres at 1.57% lithium oxide from 65.5 metres.
Significantly, the results from preliminary drilling indicate that the Manono pegmatites could potentially be one of the largest hard rock sources of lithium in the world.