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:
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:
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.
For Money Morning