AVZ Minerals reports it has received more promising results from its Mineral Resource drilling at the Manono Lithium Project in the DRC. In a released statement, the company reveals that it has received results from an additional eight diamond drill holes. The statement goes on to explain that none of the eight holes were included in the Maiden JORC Mineral Resource estimate reported in early August 2018.
Scoping studies update
Work has commenced on the now 5 and 10 Mtpa scoping studies for the Manono Lithium Project. Furthermore, AVZ has increased the scale of the 4 Mtpa study to 5 Mtpa as AVZ is now studying the use of 5 Mtpa modules. This is given the expected economies of scale from this strategy.
According to media reports, and as part of AVZ’s ongoing strategy to secure financing for the development of the Manono lithium project, executive level meetings have been held in the USA, Canada, China & Hong Kong over the past month.
AVZ has reportedly since been presented with a number of financing options. These include equity investment, off-take pre-payments, project debt as well as other variations of the same. As such, the company is considering these financing options along with other strategies. This is with a view to determine the best outcome for the Company and shareholders.
Test work drilling
AVZ has also commenced drilling large diameter drill holes to collect samples. These will be used for the planned test work associated with the imminent commencement of the Feasibility Study. Presently, a total of 5 holes are planned to produce sufficient material to allow more in-depth metallurgical test work studies to be undertaken later on in the excursion.
Placement of the drill holes has been assisted by the MSA Group with the aim of collecting a spread of mineralization types and oxidation states. AVZ’s infill drilling is expected to be completed late in November.