ASX-listed AVZ Minerals has updated the mineral resource of its Manono lithium and tin project, in the Democratic Republic of Congo (DRC), after generating new results from the 2022 to 2023 drilling programme at the Roche Dure pegmatite, with mineral resource delineation drilling at Roche Dure adding a further 268-million tonnes to the project.

The company avers that the mineral resource update reinforces AVZ’s 75%-owned Manono project, one of the world’s largest hard rock lithium projects.

Completion of mineral resource estimates, following on the early works 2022 to 2023 53-hole diamond drilling programme for 15 684.7 m, has generated a 47% increase in the Manono project’s (Roche Dure and Carriere de l’Este) measured, indicated and inferred mineral resource tonnage to 842-million tonnes.

It has also contributed to a 67% increase in the Roche Dure measured, indicated and inferred mineral resource tonnage to 669-million tonnes.

It has also resulted in an 82% increase in the Roche Dure measured and indicated resource to 500-million tonnes.

AVZ also highlights an increased confidence level, with 75% of the Roche Dure mineral resource now classified as measured and indicated.

The higher-confidence tonnages are expected to increase the potential life-of-mine, as will expected decreasing waste-to-ore stripping ratios resulting from the considerable flattening of the deposit in the northern 500 m of the newly completed geological model, AVZ points out.

“The Roche Dure drilling was carried out to the north-east of the previous geological model as part of the early works programme. This ‘bridging’ programme was established to maintain the project construction timetable that was committed to in the project’s definitive feasibility study lodged with the DRC authorities.

“Subsequently, we received the required technical approval, leading to the Ministerial Decree to award the mining licence, which was later revoked,” MD Nigel Ferguson says.

“The completion of the Roche Dure drilling programme brings this study to a conclusion and has added a further 268-million tonnes to the company’s overall mineral resource.

"Significantly, of this extra defined tonnage, an extra 216-million tonnes were added to the measured and indicated categories which may underpin future increases in mineable ore reserve re-estimates due to the relatively high level of confidence in the estimates of these new tonnages going forward,” he adds.

ACTIVITIES UPDATE

The company has also released a separate activities update for the quarter ended December 31, 2023.

AVZ’s securities remained in suspension during the December 2023 quarter pending a resolution and clarity on the mining and exploration rights for the Manono project.

AVZ continued its strategy to facilitate the development of the Manono project, including the affirmation of its legal rights to a 75% interest in Dathcom Mining SA, the entity holding legal rights to PR13359 comprising the Manono project and its continuing pre-emptive rights over 15% of the 25% interest held by La Congolaise d’Exploitation Minière (Cominière).

The company continued to work with its legal and corporate advisers in respect of International Chamber of Commerce (ICC) and International Centre for Settlement of Investment Disputes (ICSID) arbitration proceedings to confirm the company and its subsidiaries’ interests in the Manono project, which included several developments.

AVZ signed a binding term sheet to provide a pathway for the execution of a formal agreement for a general working capital and litigation funding facility of up to $20-million.