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    AVZ Announces Massive Hard Rock Lithium Resource

    AVZ Minerals Limited (ASX: AVZ) has confirmed the increased resource confidence levels of its Manono Lithium and Tin Project in the DRC’s Tanganyika Province in Central Africa, after announcing a significant upgrade in the current Mineral Resource.

    The company reported that its Roche Dure pegmatite now holds the world’s largest hard rock lithium resource, weighing in at 269 million tonnes with grades of 1.65% lithium oxide, 816ppm Sn, and 36ppm Ta. This is a 41.7% increase in combined Measured and Indicated Resources.

    The company said that drilling at Roche Dure is now completed with the exception of geotechnical and hydrogeological drilling and future resource drilling from the pit floor once de-watered.

    AVZ said that the confidence in the Tin and Tantalum Resource, combined with anticipated metallurgical test work, should allow tin and tantalum production to be included in future financial modelling of the Manono Project.

    Manono Lithium Project

    AVZ’s 60%-owned Manono Project covers about 188km2 and is located approximately 500km due north of Lubumbashi in the south of the Democratic Republic of Congo (DRC) in central Africa. The project hosts lithium pegmatites with a strike length of 13km+.

    Manono project includes five pegmatites of which the largest two are named Carriere de L’est Pegmatite and Roche Dure Pegmatite.

    41.7% Increase

    The company announced the upgraded Measured & Indicated Mineral Resource for Roche Dure pegmatite and confirmed Manona as the largest Measured and Indicated Lithium Resource in the World.

    AVZ reported a 41.7% increase in combined Measured and Indicated Resources, from 189.8Mt to 269.0 Mt grading 1.65% Li2O. This also includes tin and tantalum at 816ppm Sn (220kt Sn in cassiterite) and 36ppm Ta (9.6kt Ta as Ta2O5). The company also reported a reduction in average Fe2O3 content (a potentially deleterious element) from 0.99% to 0.96% Fe2O3.

    AVZ Minerals noted that even though overall tonnage remained unchanged at 400Mt, the Mineral Resource confidence improved significantly, as 67% of total Mineral Resources now classified as Measured & Indicated compared to the 47% previously.

    AVZ expressed confidence that the improved Resource category provides further certainty to production schedules and financial modelling for the 5Mtpa Scoping Study due for completion in the near term.

    It may be noted that a total of 27,466m of diamond core drilled was used in the Mineral Resources estimate that included assay data from 86 drill holes on 1,600m of strike length, and geological data from a further 5 drill holes to enable interpretation of a geological model.

    Drilling Within Roche Dure Pit

    The company said that additional drilling will be undertaken within the Roche Dure pit once the pit has been dewatered and after access is gained to the pit floor later this year. Currently, down dip extension of the Roche Dure pegmatite remains still under explored.

    DFS Update

    AVZ updated the progress on the Definitive Feasibility Study (DFS) and said that work is proceeding on site with geotechnical, hydrogeological and environmental impact assessment.  

    The company said that metallurgical core samples have arrived in Fremantle and once offloaded will be sent to Nagrom for the planned test work including reporting of Tin and Tantalum recoveries.

    Since only the Roche Dure pegmatite has been included in calculations made to date, this is expected to benefit the bottom line when both recovered tin and tantalum estimates are included in future financial modelling.

    The company said that metallurgical core samples have arrived in Fremantle and once offloaded will be sent to Nagrom for the planned test work including reporting of Tin and Tantalum recoveries.

    Since only the Roche Dure pegmatite has been included in calculations made to date, this is expected to benefit the bottom line when both recovered tin and tantalum estimates are included in future financial modelling.

    The DFS is planned for completion in Q1/2020 due to delays caused by transport issues.

    MD Statement

    AVZ’s managing director Nigel Ferguson said: “This resource upgrade represents another major step forward in the Company’s plans for development of the Manono Project. This update provides further assurances as to the demonstrated world-class scale, grade and nature of the Manono Project. We are encouraged by the results of the upgrade in resource categories which were expected given the results of the drilling program.”

    He also added: “With Manono confirmed as the world’s largest lithium deposit, we are increasingly confident that the project will continue to develop into production and potentially become a world-leading source of lithium and tin”

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    • Delayed Prices (USD) - Last Updated 20-09-2021
    • Gold $1,753.80
    • Silver $22.36
    • Platinum $934.00
    • Palladium $1,950.00
    • Dalian Iron Ore i2201 $97.28
    • Aluminium $2,885.50
    • Cobalt $53,380.00
    • Copper $9,312.00
    • Lead $2,181.00
    • Nickel $19,358.00
    • Tin $34,140.00
    • Zinc $3,088.00