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The trading halt in AVZ Mineralsâ securities uplifted in mid-day trade after the company confirmed the additional, world-class lithium potential at Carriere de lâEste Prospect. The stock price shot up massively by 18.182% to last trade at $0.052 on 19 February 2019.
AVZ Minerals Limited (ASX:AVZ) today released its initial drilling results for Carriere de lâEste Prospect, confirming the high-grade spodumene lithium mineralisation over thick intersection including 89.0m down-hole length @ 2.01% Li2O & 348ppm Sn.
The report read that results from 4 out of 6 wide-spaced reconnaissance demonstrate the possibility of another significant lithium deposit with shallow high-grade zones greater than 2.0% Li2O present within more extensive zones of well-mineralised spodumene pegmatite.Â
AVZâs Managing Director Mr Nigel Ferguson stated that âThe wide spaced reconnaissance drilling completed in late 2018 at Carriere de lâEste has confirmed the presence of thick, high-grade spodumene bearing pegmatite under thin alluvial cover between the original hole drilled there in mid-2017.â
The Carriere de lâEste prospect is approximately 5km along strike north-east of the Companyâs Roche Dure Project and forms part of its Manono world-class lithium project where the Company is currently working on a DFS which is expected to be completed in the second quarter of 2019.
In the drilling activity, the company discovered multiple âstackedâ thinner pegmatites underlying the main, thick Carriere de lâEste pegmatite with higher grades present nearer the surface and lithium grades tending to reduce below 200 metres vertical depth. The company informed that the pegmatites are shallower dipping than Roche Dure with an average dip of -25 degree to -30 degree SE. The strike of the main upper pegmatite is confirmed at 1500 metres long and up to 200m thick in places.
Given the size and mineralised nature of the pegmatites at Carriere de lâEste, the Company has set its exploration target tonnage to between 400 and 600Mt at grade between 1.5% to 1.70% Li2O within spodumene mineralised pegmatite. The estimation was reportedly calculated on the basis of mapped strike length of between 1,500 and 3,000m and thickness as it defined in drilling to date of between 200 and 240m. However, the estimates are reportedly conceptual in nature as the company is uncertain if further exploration will result in the estimation of a Mineral Resource.
AVZ has planned a 200m line by 100m hole spaced drilling program with four drill holes per line, of approximately 36 diamond drill holes for between 9,000 to 12,000m of predominantly PQ (25%) and HQ (75%) diamond core. Going forward, the company intends to undertake the drilling of the prospect for over the following three years, with limited additional drilling works planned for 2019, as it currently focuses on the completion of the DFS for Roche Dure.
The market capitalisation of the company stood at $83.09 million with the outstanding shares of 1.89 billion on ASX as on 19 February 2019. Over the past 12 months, AVZâs stock price has plunged by 86.03% including a negative price movement of 47.62% witnessed over the past three months.
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