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On 5 March 2019, AVZ Minerals Limited (ASX:AVZ) has announced dramatic drill results confirming very high lithium assay results greater than 4% lithium oxide (Li2O) at Carriere de lâEste prospect.
The results from the final 2 of 6 exploration drill holes at the Carriere de lâEste prospect confirmed high-grade spodumene Li mineralization including 68.0 m at 2.0% Lithium oxide & 858 parts per million Sn in hole CD18DD006.Â
Around 90 samples shown values more than 2% which included 5 individual samples grading greater than 4% lithium oxide where maximum value was noted from CD18DD006 hole with 181-182 m downhole under grading of 4.65% lithium oxide. The recent drill holes underpin grade continuity which comprises both down-dip along with a strike at Carriere de IâEste with both holes starting in soil cover again confirming blind pegmatite in the main deposits. It also confirmed pegmatite under sedimentary cover with narrow dipping high-grade interception present within highly extensive zones of well-mineralized spodumene pegmatite.
There is a high possibility of future amalgamation of high-grade mineralization from Carriere de IâEste with existing Roche Dure mineralization to decrease payback periods.
As per the company management, the last two holes drilled has same lithium grade tenor as reported on February 19, 2019. Both the drilled holes number 5 and 6 have high-grade zones comprising more than 2% lithium oxide. The hole 5 generated 56 by 1 m assays greater than 2% lithium oxide (maximum 3.97% Li2O) at 166-167 m depth, whereas the hole 6 returned 97 samples with values more than 2% Li2O (maximum 4.65% Li2O) at 181-182 m depth, including 5 samples with over 50% spodumene.
The company stated that Carriere de IâEste, unlike Roche Dure, has higher grade zones within well-mineralized pegmatite. AVZ expects that this development may open up the potential for future drilling for high grade blending with Roche Dure mineralization to cut payback periods.
As per company reports, mineral resource drilling at the Tin Project and Manono Lithium at the DRC (Congo) have shown good results. It has received results from the last two diamond drill holes at Carrier de lâEste. Results from the two holes show the diamond drill core from hole CD18DD006, 181 to 182 m downhole where the sample of 21822 assayed 4.65% Lithium oxide with abundant white lathes of coarse spodumene.
In another update on ASX, the company announced issuance of 137,250,166 Fully paid ordinary Shares (SPP), 257,486,844 Fully paid ordinary Shares (placement), and 15,000,000 Options in three Tranches i.e., 5,000,000 Options exercisable at 4.75 cents expiring on 5 March 2021, 5,000,000 Options exercisable at 5.7 cents expiring on 5 September 2021, and the remaining 5,000,000 Options exercisable at 6.65 cents expiring on 5 March 2022.
On stock information, AVZâs shares last traded at $0.044, up 2.326% during the daysâ trade with the market capitalization of $81.2 Mn as on March 5, 2019. Its loss per share stood at 0.003 AUD. Its 52 weeks high has been noted at $0.3 and 52 weeks low at $0.037. Its absolute return for 3 months, 1 year, and 5 years are -48.81%, -81.30%, and 577.8% respectively.
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