AVZ Minerals Limited (ASX: AVZ) announced that it has received further strong results including 173m @ 1.63% Li2O & 1,134ppm Sn from the Mineral Resource drilling of its Manono Lithium and Tin Project in the Democratic Republic of Congo.
The company reported encouraging assay results from another two of the nine completed diamond drill holes at Roche Dure. AVZ said that the pegmatite in holes MO20DD005 and MO20DD009 were fresh from the pit floor and confirmed strong spodumene mineralisation from the top of the holes.
The company said that the nine-hole diamond drill program for 1,654 metres at Roche Dure pit floor “wedge” has been completed and sample preparation is well underway with samples ready to be transported to Perth.
AVZ announced that a new resource update is expected, pending all outstanding data being received in the First Quarter 2021. The assay results from holes five and nine, along with the first four holes reported in the targeted drill program were not included in May 2019 Mineral Resource.
Positive drill results from two DD holes
AVZ announced that positive drill results were reported from two completed diamond drill holes at Roche Dure in previously undrilled areas beneath the historical pit which was inaccessible and under water during the earlier resource drilling programs. AVZ said that both of the holes encountered pegmatite from the pit floor and confirmed strong spodumene mineralisation from the top of the holes.
Results from the two holes are as shown below.
New resource update planned
The company said that sample preparation is well underway with samples ready to be transported to Perth. Assay results from holes five and nine – along with the first four holes reported in the targeted drill program were not included in May 2019 Mineral Resource. The company said that a new resource update is expected, pending all outstanding data being received in the First Quarter 2021.
Optimized feasibility study
AVZ announced that it will collate the data and re-run the models to calculate both geological resources and then mineable reserves to be fed into the optimised feasibility study expected later this year.
Confirmation as Indicated Resources – benefits
The company said that the potential benefits from confirmation of the “wedge” pit floor material as Indicated Resources under the JORC code will possibly include increased Indicated Resources available for conversion to Probable mineable reserves; potential increase in the discounted cashflow as the previously assigned waste becomes mineable ore; a potential reduction in payback period; a potential reduction in the ore: waste strip ratio; an increased mine life with lower operating costs; an increased open pit volume; and an increased Life of Mine.
Updates and next steps
The company said that the drilling of 5 metallurgical test work drill holes has been completed. AVZ said that the diamond drill testing of the identified priority targets will be on-going.
AVZ’s Managing Director, Mr. Nigel Ferguson, said: “These latest two drill results from the ‘wedge’ provide us with further confidence about the thickness and tenor of the mineralised pegmatite on the Roche Dure pit floor.
We have now completed our targeted drill program of the pit floor ‘wedge’ with logging of all holes demonstrating thicknesses of pegmatite consistent with our current geological model.
We look forward to reporting the assay results from our final three drill holes and moving on to revisit our current geological resource model.
Our mine study will then be updated and our mining optimisation study refreshed using new data from multiple studies that have been completed since our original Definitive Feasibility Study (DFS) published last year.”
* Image source: AVZ Minerals Limited