- AVZ Minerals (AVZ) has further extended its voluntary suspension on the ASX to July 29
- The company’s shares have been suspended since early May regarding the grant of a mining licence for the Manono project in the Democratic Republic of Congo
- AVZ is reportedly working closely with the DRC Government regarding the mining licence and its right to explore the Manono lithium and tin project
- In addition, the company recommences diamond drilling at the Roche Dure mineral resource area within Manono to increase the lithium resource and reserve
- AVZ shares last traded at 78 cents on May 10
AVZ Minerals (AVZ) has once again extended its voluntary suspension on the ASX over the grant of a mining licence for the Manono project in the Democratic Republic of Congo.
The company’s securities have been suspended from trade since May 10 while it waits for the grant of a mining licence and an update regarding its exploration rights for its flagship lithium and tin project.
AVZ has requested an extension to its suspension on the ASX numerous time since early May and said it “regrets” that the suspension period has lasted longer than planned.
Over the last few months, the $2.7-billion-dollar stock has reportedly been working closely with the DRC Government with respect to the mining licence being granted and its rights to explore at the Manono project.
AVZ announced today, though, that it would require more time to allow a decision to be made and, as such, has further extended the voluntary suspension until July 29.
The mining licence in question will cover the entire 401-million-tonne Roche Dure JORC mineral resource area and the Carriere de l’Este exploration target.
In addition to today’s suspension extension announcement, AVZ Minerals has said it had recommenced diamond drilling at Manono to increase the lithium resource and reserve at Roche Dure.
The 14,900-metre program will target “highly prospective” areas which were inaccessible the last time drilling was undertaken and will aim to extend the knowledge of the orebody by another 800 metres.
Geotechnical information collected from drilling will then be used to extend the current open-pit mine design to the northeast.
AVZ Managing Director Nigel Ferguson said that if the drilling program was successful, it would underpin the company’s plans to extend the project’s mine life.
“The company’s confidence in the Manono project and continuing lithium-ion battery demand provides a significant opportunity to further increase the known reserves at Roche Dure, which is designed to add long-term value for our shareholders and underpin the project’s credentials as the largest global undeveloped hard rock lithium deposit,” Mr Ferguson said.
AVZ shares last traded at 78 cents on May 10.