Force Commodities Limited (ASX: 4CE), with base in Western Australia, is engaged in lithium exploration as well as development. Force Commodities Ltd has recently announced the assay results of company’s Phase 1RC Drilling Program at Kanuka Lithium Production Project, which is in Tanganyika province in the south east of the democratic Republic of Congo. Results confirmed of having the potential higher-grade lithium mineralization. They also confirmed that Kalombo Mushwima Prospect is highly prospective.
Force and Congolese mining company, MMR formed joint venture and that joint venture is known as Kanuka Lithium Production Project. Force holds 51 percent stakes and MMR holds 49 percent.
The phase 1 Rc drilling program was based on mapping and sampling across MMR’s existing mining operations. The program comprises a total of 45 drill holes and a total of 2733m of drilling. The drilling is conducted in July to September 2018.
The results now confirmed the drilling program that has successfully intersected multiple and stacked lithium and in addition, it is confirmed that Kalombo Mushwima Prospect which is a significant, shallow and broad lithium mineralized system has remained open in all directions.
In Kalombo Mushwima Prospect, total 16 RC holes were drilled. The array results confirmed that there is a heavy and high-grade lithium mineralized system which is open in all directions.
The array results show the potential of higher-grade lithium mineralization and drill holes mention improvement in lithium grades and expected to be ending in mineralization.
Company is planning further drilling for targeting potential extensions down-dip and strike the lithium mineralization which is currently delineated.
In Kania Main Pegmatite, a total of 29 RC holes were drilled. This comprises a series of stacked pegmatite veins which are parallel to the regional foliation and size of these range is between 1m to over 60m in width. The assay results confirmed that drilling program has successfully intersected multiple points. It indicates that current mineralization is open in all directions.
Company has engaged Geolabs Global (Pty) Ltd in Johannesburg so that it can complete XRD analysis of selected samples of high-grade lithium samples. Further, the company aims to extract more information on lithia minerology. The results of the analysis will be released accordingly.
The company has confirmed that they also transported the remaining samples to Lubumbashi, wherein samples will be prepared and used for assaying.
In last six months, the share price of the company plunged by 66.10 percent as on 5 December 2018; and as on 4 December 2018, 4CE shares were down about 59.18 percent. 4CE shares were trading at $0.018 (down 10%) with a market capitalization of $8.48 million as on 6 December 2018; and this is 52 weeks’ low level. It seems that the widespread mineralisation is not helping the stock while the group has to work around its key financials. The group has an earnings per share of -0.002 AUD and has been under a lot of discussion among investors.