- AVZ Minerals (AVZ) upgrades the JORC ore reserve estimate for the Manono Lithium and Tin Project in the Democratic Republic of Congo
- The JORC ore reserve is now estimated at 131.7 million tonnes, a 41.6 per cent increase from the 93 million tonnes reported in April 2020
- Additionally, the average lithium grade increased from 1.58 per cent to 1.63 per cent and the life of mine increased 47.5 per cent to 29.5 years
- The estimate was prepared by mining engineering consultancy CSA Global
- AVZ is up a slight 1.32 per cent on the market with shares trading at 19.3 cents at 10:34 am AEST
AVZ Minerals (AVZ) has upgraded the JORC ore reserve estimate for the Manono Lithium and Tin Project in the Democratic Republic of Congo.
The JORC proved and probable ore reserve is now estimated at 131.7 million tonnes, a 41.6 per cent increase from the 93 million tonnes reported in April 2020.
Of this, 65 million tonnes are in the proved category while 66.6 million tonnes are in the probable category.
Furthermore, the average lithium grade increased from 1.58 per cent to 1.63 per cent, contained tin metal increased 41 per cent and the tin grade remains the same at 990 parts per million (ppm).
The ore reserve estimate was prepared by mining engineering consultancy CSA Global.
As a result of the updated ore reserves, the life of mine increased 47.5 per cent to 29.5 years based on a 4.5 million tonne per annum operation.
Managing Director Nigel Ferguson is happy with the increase and states it will be beneficial for future work.
“This is a fantastic result for the Manono Project, with a 41.6 per cent increase in mineable reserves, a three per cent increase in head grade and a 47.5 per cent increase in the life of mine,” Mr Ferguson said.
“The upgraded JORC ore reserve estimates along with our optimised engineering studies and ongoing funding studies, have delivered a major step forward for the company as we strategically advance the Manono Project towards a full bankable status in the near future.”
AVZ was up a slight 1.32 per cent on the market with shares trading at 19.3 cents at 10:34 am AEST.