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AVZ Minerals in trading halt responding to ASX query, lithium drilling continues

The 20,000-metre drill program is working towards a maiden resource this quarter.

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The first hole in the program hit 295 metres of pegmatite from 62 metres

AVZ Minerals Ltd (ASX:AVZ) entered a trading halt yesterday pending the release of a response to an ASX query.

Notably, over the past 12 months, shares have rallied from 2.8 cents in April 2017 to a high of 37 cents in January 2018.

Shares last traded at 22.5 cents before being halted.

Focused on developing the Manono Project

AVZ is focused on developing the Manono Project in the south of the Democratic Republic of Congo (DRC).

Manono is potentially one of the world's largest lithium-rich LCT (lithium, caesium, tantalum) pegmatite deposits.

Drilling at its present rate will allow an initial JORC resource calculation by the end of the June quarter 2018.

20,000-metre resource drilling program progressing well

Most recently, AVZ provided a drilling update, where it outlined that four drill rigs were now on-site concentrating on the Roche Dure pegmatite.

The company’s 20,000-metre resource drilling program commenced in early February 2018 and is well funded considering AVZ raised $15 million later that month.

Following completion of drill holes MO18DD001 and MO18DD002, detailed on 19 February and 6 March respectively, progress has been made with the completion of six additional drill-holes.

Impressively, each of the first two holes intersected over 280 metres of pegmatites each.

Assay results are anticipated to be received before the end of the month.

Quick facts: AVZ Minerals Ltd

Price: 0.064 AUD

ASX:AVZ
Market: ASX
Market Cap: $175.04 m
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