Today, AVZ Minerals Ltd [ASX:AVZ] confirmed an increase in lithium resource confidence in its 60%-owned Manono lithium project and Tin project in the DRC’s Tanganyika Province.
At time of writing, AVZ minerals’ share price is trading at $0.040, down 2.44% despite initially opening higher.
AVZ Minerals’ share price reflects major Mineral Resource upgrade
AZV reported a significant upgrade of its current Mineral Resource, with a 41.7% combined increase in Measure and Indicated Resources, ‘up from 189.8Mt to 269.0 Mt grading 1.65% Li2O, 816 ppm Sn and 36 ppm Ta’.
Unsure on what exactly the above means for the company? AVZ’s managing director, Mr Nigel Ferguson, elaborates on the upgrade:
‘This resource upgrade represents another major step forward in the Company’s plans for development of the Manono project. This update provides further assurances as to the demonstrated world-class scale, grade and nature of the Manono project. We are encouraged by the results of the upgrade in resource categories which were expected given the results of the drilling program. This ongoing work shows us that Manono will continue to grow significantly and will be underpinned by a high grade Measured and Indicated Mineral Resource for the Majority of the Roche Dure pegmatite drilled to date.’
According to the announcement, the greatly increased confidence levels of the Roche Dure Mineral resource is ‘more than sufficient to support the production schedules and financial modelling within the 5 Mtpa scoping’, now close to completion.
AVZ Minerals share price 2019 outlook
Things are looking more positive for AVZ Minerals share price as we head further and further into 2019.
‘With Manono confirmed as the world’s largest lithium deposit, we are increasingly confident that the project will continue to develop into production and potentially become a world leading source of lithium and tin,’ Mr Ferguson said
Investors should keep watch of this company.
More to come.
For Money Morning
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