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Current resources at Greenbushes in Western Australia are 120 million tonnes grading 2.4% lithium oxide, while the maiden Earl Grey resource (also in WA) estimated late last year and described as “world class” by Kidman Resources totals 128Mt at 1.44% lithium oxide.
According to a review undertaken by AVZ’s consultant lithium specialist, Peter Spitainy, the “main characteristic of note with regard to the Manono pegmatites is that they are immense”.
Assays from an initial drill program are expected in early August.
AVZ said it would be seeking tenders for a significant drilling contract after which JORC resources will be estimated – expected to be early 2018.
AVZ started the June quarter with A$4 million cash, and received a further $2.5 million last month as part of a $5 million raising that was launched last quarter pricing new shares at 2c.
Shares in AVZ closed Thursday at 3.4c, capitalising the company at $49.5 million.
