AVZ Minerals Limited (ASX: AVZ) - Shares continue to plunge despite confirming significant lithium resource

  • Aug 03, 2018 AEST
  • Team Kalkine
AVZ Minerals Limited (ASX: AVZ) - Shares continue to plunge despite confirming significant lithium resource

Australian listed lithium metal company, AVZ Minerals Ltd has confirmed Manono as the world’s largest Hard Rock Spodumene Deposit while it aims to becoming a potential world leader in global lithium market.

Following a trading halt, AVZ Minerals released its long awaited maiden mineral resource estimates for the 60% owned Manono Lithium-Tin-Tantalum Project based in the Tanganyika Province of Congo. The group has identified an initial mineral resource at 259.9 mt at 1.63 per cent Li2O for Roche Dure pegmatite. The key aspect is that this has been contained within 50% of pegmatite’s total strike.

The results of ongoing drilling indicated the total resources of 259.9million tonnes containing 4.25 million tonnes of lithium oxide (Li2O), 219 kiloton of tin, and 11.2 kiloton of Tantalum.

In view of AVZ’s Managing Director, a significant amount of tin component would provide a valuable by-product credit which can be utilised to abridge operating cost.

The group is yet to work on the drilling test of the Mpete and Tempete pegmatites at Kitotolo Sector, north of Roche Dure and the Carrier de L’Est pegmatite at Manono sector.

Despite confirming the humongous lithium resource under its nose, AVZ faces sink in its share price based on concerns on progress to production and other challenges related to project location. The stock plunged by 10% to $0.117 on August 03, 2018.

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