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AVZ Minerals joins $500M club as investors bet on lithium potential in Africa

Manono could potentially be one of the largest hard rock sources of lithium in the world.

lithium on the elementary table
20,000-metre drilling commencing soon

AVZ Minerals Ltd’s (ASX:AVZ) market cap crossed $500 million intra-day on Thursday as it prepares for drilling at the world-class Manono Lithium Project in the Democratic Republic of Congo.

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.

READ NOW: AVZ Minerals to start drilling world-class lithium project in Africa

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.

Quick facts: AVZ Minerals Ltd

Price: 0.061 AUD

ASX:AVZ
Market: ASX
Market Cap: $166.84 m
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