AVZ Minerals Limited (ASX: AVZ)

AVZ achieves a record intersection of spodumene bearing pegmatite: Up 10.5% on February 19, 2018, AVZ released an update on its initial 20,000 m resource drilling program at the Manono Lithium Project in the Democratic Republic of Congo. Work at drill-hole MO18DD001 commenced on 1 February 2018 and was completed on 14 February 2018 at a depth of 380.00m with 295.05m in spodumene-bearing pegmatite and 294.93m of the intersection being fresh pegmatite. The hole intersected a greater thickness of pegmatite than expected due to the top contact of the pegmatite which was intersected at 62.00m, shallower than expected. The lower contact was intersected within 7 m of expectations at 357.05 m down-hole. The Phase 1 drilling program is a part of AVZ’s goal of completing sufficient drilling at Manono to enable definition of a 2012 JORC-compliant Mineral Resource and Phase 1 is progressing well with good rates of drill advancement. Results suggested that Roche Dure Pegmatite was thicker than anticipated in this area. The down-hole intercept, based on geological logging, re-affirmed that the Manono Lithium Project is a world-class lithium asset. However, there may be some delays with regards to beginning commercial operations. Looking at the high run-up (128% rise in 6 months) and trading level, we believe that the stock is “Expensive” at the current market price of $0.315
 

Resource Drilling Image (Source: Company Reports)

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