AVZ Minerals Increases Manono Resource and Confidence

THE DRILL SERGEANT: AVZ Minerals (ASX: AVZ) has increased resource confidence levels of the company’s 60 per cent-owned Manono lithium and tin project in the Tanganyika Province of Democratic Republic of Congo (DRC).

AVZ Mineral’s heightened confidence stems from an upgrade in the current Mineral Resource for the project, so much so the company now claims Manono as being the largest Measured and Indicated lithium Resources in the world.

The new figures show a 41.7 per cent increase in combined Measured and Indicated Resources, up from 189.8 million tonnes to 269 million tonnes at 1.65 per cent lithium oxide (Li2O), 816ppm tin and 36ppm tantalum.

The improvement in Mineral Resource confidence comes from 67 per cent of total Mineral Resources now classified as Measured and Indicated, up from 47 per cent previously.

The improved Resource category also provides AVZ with further certainty to production schedules and financial modelling for the 5 million tonnes per annum Scoping Study currently underway.

“This resource upgrade represents another major step forward in the company’s plans for development of the Manono project,” AVZ Minerals managing director Nigel Ferguson said in the company’s announcement to the Australian Securities Exchange.

“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.

“This ongoing work shows us that Manono will continue to grow significantly and will be underpinned by a high-grade Measured and Indicated Mineral Resource for the majority of the Roche Dure pegmatite drilled to date.

“The greatly increased confidence level in sections of the Roche Dure Mineral Resource is more than sufficient to support the production schedules and financial modelling within the 5 million tonnes per annum scoping study, which is now close to completion.

“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.”


Email: admin@avzminerals.com.au

Website: www.avzminerals.com.au