AVZ Minerals’ Share Price Up on Drilling, Shareholders Wait on SPP

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At time of writing, the share price of AVZ Minerals Ltd [ASX:AVZ] is up 5.26%, trading at four cents.

The latest news out of the company is in regards to further drilling results from its Manono Project.

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AVZ Minerals share price up as Roche Dure prospect ‘continues to impress’

AVZ reported ‘one of the best drill results from Manono’ with the highlight being the following:

AVZ Share Price

Source: AVZ Minerals Ltd

Investors warmed to the news of the drilling results, which found significant amounts of lithium and tin.

You can see a graphical representation of the MO18DD072 drill hole below:

AVZ Minerals Share Price

Source: AVZ Minerals Limited

AVZ’s Managing Director Nigel Ferguson greeted the results, saying:

The Roche Dure prospect continues to impress with excellent drilling results from the last 8 drill holes. These were specifically designed to upgrade resource confidence through resource category upgrades within the pegmatite mineralisation directly below the historical Roche Dure open pit. This data will be used in mining studies that are currently underway as part of the Definitive Feasibility Study.

Investors waiting on outcome of Share Purchase Plan

Since we last covered AVZ, the share price has slipped significantly.

Some investors may be waiting on the sidelines, waiting for further news on the outcome of the Share Purchase Plan.

The Share Purchase Plan was a capital raise designed to provide further funding to achieve a Definitive Feasibility Study (DFS).

The fact that Mr Ferguson mentioned the DFS could be seen as positive news.

We have previously highlighted how AVZ faces a number of hurdles, not least of which is the current political situation in the Democratic Republic of Congo.

We will keep you updated if more information on the SPP is released.

Regards,

Lachlann Tierney,
For Money Morning

PS: We profile three lithium stocks and the dynamics of the market in our free report. The report is available here (for free).

About Lachlann Tierney

Lachlann Tierney is an Analyst for Money Morning and has been investing for nearly a decade. With a Masters of Science from the London School of Economics, he brings a sound understanding of global markets to his writing. Lachlann is interested in emerging technologies, energy solutions and helping people invest…

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